Via Mortgage Lender Implode-o-Meter: Meet Your Friendly Richmond Fed Lawyer
I can't get enough but with an important date on the LandAmerica bankruptcy timeline set for tomorrow, this could be the last of the issue.
Well that isn't fair, now is it? Oh well. Guess I will never know what really happened, nor what in the hell Richmond was thinking. That's fine.
In honor of tomorrow's big day in bankruptcy court, I did a feature over at the Mortgage Lender Implode-o-Meter that you might want to check out. Oh and, uh, I still saw what you did there. Just sayin.
"With her broad range of leadership experience and extensive legal expertise, I know she'll make great contributions to the Bank and to the Federal Reserve System," said Richmond Fed President Jeffrey Lacker in July of the Fifth District's new Legal Counsel Michelle Gluck. It leads one to wonder how thoroughly Lacker was briefed on Gluck's sordid history at Richmond-based LandAmerica Financial Group previous to his statement. I still can't understand why the Bank would hire her, maybe by the time I'm done with this I will.
For the not-so-quick background on Gluck and both previous and current employers, do check out LandAmerica: The final days appeared like a Ponzi scheme, The Good, the Bad, and the Less Bad for Richmond Fed and her bio that still sits on the LandAm web site:"Executive Vice President - Chief Legal Officer Michelle has more than 20 years of experience in the legal profession. As General Counsel, she contributes sound legal reasoning and practical insights into legal issues facing LandAmerica. As Corporate Secretary, she oversees the governance of our Board of Directors. Michelle joined LandAmerica in 2003 after serving Kmart Corporation as VP - Associate General Counsel & Assistant Secretary. She holds a juris doctor degree from the University of Michigan Law School and a bachelor's degree in English from the University of Michigan, where she graduated with honors."
This Tuesday is the deadline for LandAmerica 1031 exchange victims (LES - dubbed exchangers amongst themselves) to accept pennies on the dollar for funds lost in LandAm's bankruptcy proceedings. It is suspected that many Exchangers will vote for the plan, which guarantees at least some monies returned to victims instead of an excruciating court battle that many of LandAm's unsecured creditors simply cannot afford.
If you're dying to hear what went down on Richmond Fed's new top lawyer's watch at LandAmerica, you'll have to head over to the Implode-o-Meter for the rest. Oh and it's not Friday but you can also be find them on Twitter @implode_o_meter so you don't miss a single deliciously catastrophic moment.