Trustee Objects To LandAmerica Ch. 11 Plan

By Tina Peng

Law360, New York (November 16, 2009, 12:35 PM ET) -- A U.S. trustee has raised another objection to LandAmerica Financial Group Inc.'s proposed Chapter 11 plan, saying it provides overly broad releases to the debtors and others affiliated with the case and treats same-class creditors differently depending on how they vote on the plan.

In an objection filed Thursday in the U.S. Bankruptcy Court for the Eastern District of Virginia, W. Clarkson McDow Jr. said a provision that would release avoidance or recovery actions against exchange customers who hold allowed claims and “timely and properly voted...
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