Bankruptcy
On November 26, 2008, LandAmerica filed for bankruptcy protection. LandAmerica's largest competitor, Fidelity National Financial, previously proposed a merger on November 8, 2008, following LandAmerica's posting multi-billion dollar losses in the third quarter. That deal fell apart following due diligence. Instead, Fidelity has acquired several LandAmerica units: Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Co., and United Capital Title Insurance Co.
LandAmerica sold the subsidiary, LandAmerica Assessment Corporation (LAC), to Partner Engineering and Science, Inc. (Partner) in March 2009. Partner is continuing to service the old LAC reports and is continuing to do business under the name "LandAmerica Assessment" until July 2009.
Read more about this topic: LandAmerica Financial Group
Famous quotes containing the word bankruptcy:
“You must get your living by loving. But as it is said of the merchants that ninety-seven in a hundred fail, so the life of men generally, tried by this standard, is a failure, and bankruptcy may be surely prophesied.”
—Henry David Thoreau (1817–1862)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)