LandAmerica Disclosure Statement Garners Court OK

Law360, New York (October 13, 2009, 5:17 PM EDT) -- A bankruptcy judge on Tuesday approved the disclosure statement of real estate services and financing company LandAmerica Financial Group Inc., paving the way for a confirmation vote.

Tuesday's hearing was heavily contested, with about a dozen so-called 1031 exchange customers alleging that the plan infringed their right to litigate over an alleged auction rate securities fraud, according to Rachel Strickland, a partner at Willkie Farr & Gallagher LLP who is representing LandAmerica and its affiliated debtors.

But Judge Kevin Huennekens of the U.S. Bankruptcy Court for...
To view the full article, register now.