Source: GlobeSt
Richmond, VA - After a roller coaster two weeks in which LandAmerica Financial Group though it would be acquired--and then found out it wouldn’t--the title insurer has declared bankruptcy.
It is now selling three subsidiaries to Fidelity National Financial Inc.--its erstwhile suitor and rival, which at the beginning of November offered to purchase LandAmerica in a stock transaction valued at $128 million. Citing the terms of the acquisition offer, Fidelity backed out after a two-week due diligence period. Under a newly-inked stock purchase agreement, Fidelity is now paying $298 million in total for Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Co., and United Capital Title Insurance Co. Specifically, it is grabbing LandAmerica’s two main underwriting subsidiaries--Commonwealth Land for $158.6 million and United Capital for $139.4 million. These transactions are subject to approvals by the bankruptcy court, the Nebraska Department of Insurance, and other state and federal regulatory agencies. The companies are hoping to close by December 2008 and are requesting an expedited approval from the Bankruptcy Court.
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Source: Multi Housing News
New York--Cushman & Wakefield has formed the Resolution Group, an interdisciplinary team of Cushman & Wakefield property investment and management professionals from across the U.S., to offer clients a coordinated approach --to maximize the value of individual assets, portfolios and loans that are facing a variety of challenges stemming from the ongoing financial crisis. The team comprises seven managers, one for each region in the U.S.
This group will bring together teams of seasoned and knowledgeable professionals with specialized expertise in the areas of asset management, financial analysis, valuation, leasing, property management, project management, investment sales, loan sales, debt and equity finance and litigation support.
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Source: CPN
The Dow Jones index started down, bumped up a little, then went down again, and then... the usual undulations, in other words. By the end of the day, however, the Dow was down 233.73 points, or 2.63 percent. The S&P 500 dropped 2.58 percent and the Nasdaq was down 2.29 percent.
Citigroup Inc. has unveiled plans to eliminate 50,000 jobs, or about 14 percent of its workforce, in the wake of four quarterly losses in a row totaling some $20 billion. The market was unimpressed: Citi stock fell in the morning, but rose toward noon back near where it started, then fell again down 0.63, or 6.62 percent.
Dallas Mavericks owner Mark Cuban has been charged by the Securities and Exchange Commission with insider trading. The SEC is alleging that Cuban, an Internet entrepreneur, sold 600,000 shares of Internet search engine company Mamma.com Inc. in 2004 on inside information that it would initiate a stock offering. Strictly speaking, this is a pre-Panic of 2008 sort of story, but it's nice to know that the SEC is still on task in wanting to slap billionaires on their wrists.
Speaking of high-net-worth individuals, Goldman Sachs Group Inc., famed for its exceedingly fat executive bonuses, has decided to cancel bonuses for its senior officers in 2008. Goldman CEO Lloyd Blankfein's bonus last year was nearly $70 million, so it's a considerable cut, though presumably he has some dosh stashed away for this unimaginably rainy day. Shortly thereafter, Swiss bank UBS followed suit in axing executive bonuses.
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