LandAmerica Bankruptcy Update. It's Still Not Over
LandAmerica, motherfucker. Hold tight, if you remember this, we'll be coming back around to her in a moment after this LandAmerica bankruptcy update. Uh, indirectly. I don't want to hurt her feelings or anything, if she's paying attention, she probably wonders why the hell anyone cares. Sorry, not slithering off into the seedy corners of the Fed without getting a little spotlight that easily, lady.
More than 20 objections have been filed, including one from the U.S. trustee's office, which is charged with upholding bankruptcy laws. One of the trustee's objections had to do with treating creditors differently based on how they voted for the plan, which is not permissible.
"There are a number of substantial objections which are going to have to be decided upon by the court prior to confirmation," said Ronald A. Page Jr., an attorney with DurretteBradshaw PLC, who represents several creditors.
Page advised his clients to approve the plan because attorney and professional fees are mounting. Those fees are paid first and in full before creditors receive funds.
"It's going to stop the administrative bleeding in this case, which has been extreme, but unfortunately necessary," Page said.
Unsecured creditors are estimated to receive between 2 cents and 81 cents per dollar of what they are owed. The range depends on the subsidiary to which one is a creditor.
Bloody glove, anyone? Where is Michelle Gluck's PR team to clean this up? Maybe that Enron chick from the Board is available for Richmond to rent.
Where in the LandAmerica Code of Ethics did it say "sign off on excessive legal fees" and "screw a whole bunch of innocent people"?
Point is, it's not over. Indictments or it didn't happen.