Insurers Object To LandSource Ch. 11 Plan

Law360, New York (July 16, 2009, 3:06 PM EDT) -- Westchester Fire Insurance Co. and ACE USA have objected to LandSource Communities LLC's Chapter 11 plan of reorganization, expressing concerns that the reorganized company will duck out on the indemnification it owes them for loans to four of the debtor companies.

The companies filed their objection Wednesday in the U.S. Bankruptcy Court for the District of Delaware, saying they currently are the surety for four bonds totaling $795,500 and naming debtors Valencia Corp., Newhall Land and Farming Co., and Lennar Mare Island LLC as principals....
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