Pin the Tail on the Ponzi: LandAmerica's Last Days
Psst, LandAmerica, I saw what you did there. You too, Fidelity, so run scared if you want or strap in and hope you at least get a reacharound while you're getting bent over because the LandAm victims certainly didn't have that kind of good fortune.
Thanks to the folks over at Mortgage Lender Implode-o-Meter for letting Jr Deputy Accountant play Pin the Tail on the Ponzi on their turf:
On November 24th , two days before LandAm declared bankruptcy in the Commonwealth of Virginia, it refused to release $81,666 in funds placed in trust by one LandAmerica victim who'd placed said funds with the company on October 15th. The victim, like so many others, claims that this was his life savings. Meanwhile, LandAmerica lawyers were signing off on millions in lawyer fees for the bankruptcy ahead and LandAm execs were planning their own looting of the carcass.
Head over there to read to the rest. I might suggest a Xanax and shot or two of Everclear before jumping in as it really is a mess.
For more on LandAmerica from Jr Deputy Accountant check out: 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.
I believe I promised some months back when I discovered this little tale that I wouldn't be hopping off LandAm's nuts any time soon. So far, I'm glad I picked the right pair.