Title insurer LandAmerica has filed for bankruptcy. Three of its underwriting units will be sold, the company said. The stock is trading at $.20 a share, down 80% from the close yesterday. Fidelity National Financial said it would buy LandAmerica’s underwriting units Lawyers Title Insurance Corp and United Capital Title Insurance Co for $139.4 million…. Read more »
LandAmerica
Innsbrook empties out: Vacancy rate poised to double
Nearly 1 million square feet of class A office space in the Innsbrook area could be vacated as locally-based corporations downsize, driving down rental rates in the area but potentially making the Richmond area more attractive to corporations considering moving here. Almost every office building at Innsbrook has a “for lease” sign, and the situation… Read more »
LandAmerica to be sold
Updated 10:10 a.m.: LandAmerica, the struggling Glen-Allen-based title insurance company has agreed to sell itself to Fidelity National Financial in a stock deal valued at about $128.4 million.
LandAmerica postpones release of earnings
LandAmerica has postponed the release of its third quarter earnings, in what is likely an ominous sign for the struggling Glen Allen-based title insurance company. “The release has been delayed to allow LandAmerica additional time to complete the preparation and review of its financial statements for the third quarter ended September 30, 2008,” the company… Read more »
LandAmerica cuts 20 percent of Richmond office
LandAmerica Financial Group laid off about 120 of the 600 workers at its Richmond headquarters Monday, according to a company spokeswoman. Many of the affected packed up and left the company in the middle of the afternoon.
LandAmerica lays off 130
LandAmerica laid off around 130 of its 600 workers in Richmond today. Those who are still employed are bracing for a possible liquidation of the company, according to a source inside the Glen-Allen-based company. Employees who were let go on Monday were packing up their belongings and leaving for good. Late last week LandAmerica laid… Read more »