LandAmerica to LES Victims: "Here, Split This $108.5 Million"
Timothy McVeigh was punished for his crimes by death.
What the Wall St Mafia have done thus far continues unchecked to this day.
Customers of the now-closed LandAmerica 1031 Exchange Services Inc. are slated to receive between 25 cents and 70 cents on the dollar owed when their claims are settled in bankruptcy court.
Who gets what depends on the type of agreement customers had with the company, a subsidiary of Henrico County-based LandAmerica Financial Group Inc.
"This thing is a scam, it's a rip-off," said Ret. Army Lt. Col. Tracy Ralphs of Suffolk, who put $81,666 with the exchange company. "I'm getting pennies on the dollars that should be mine to begin with."
LandAmerica and its 1031 subsidiary filed Chapter 11 in U.S. Bankruptcy Court in Richmond in November. A plan detailing how claims from creditors would be handled was filed last month.
About $108.5 million may be left over from the exchange company for creditors once costs, such as attorney bills, are deducted, court documents show.
A hearing will be held Tuesday on a disclosure document detailing LandAmerica's financial and administrative circumstances, as well as a request to send a letter to creditors seeking support of the plan. That letter contained the breakdown of what creditors may receive.
JDA has done LandAmerica a bazillion times by now:
What In The Hell Happened to LandAmerica?, DoJ Failures and the Continuing Saga of LandAmerica, LandAm "Exchangers" Are Still Pissed Off: Who Signed Off on These Legal Fees?, and The Good, Bad, and Less Bad for Richmond Fed.
LandAmerica: the final days appeared like a Ponzi scheme
LandAmerica: Victims of Bad Marketing or Ponzi Schemers?
Blah blah blah blah.
That feeling LandAm execs might be getting right now? Don't trip, that's just my hand gripping your balls. You'll get used to it, ask this guy.