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from Local Attorney, Michael H. Wasserman

Friday, November 21, 2008

LandAmerica, we hardly knew you.....

Inman News Reports:

Fidelity National Financial Inc. has called off its plan to acquire troubled rival LandAmerica Financial Group Inc., the companies said Friday, calling into doubt LandAmerica's long-term prospects.

Fidelity and LandAmerica both issued terse statements at 8 p.m. Eastern Time Friday saying Fidelity had exercised its right to back out of the deal during a due diligence period.

LandAmerica lost $599.6 million during the third quarter and was in danger of defaulting on its debts, the company said in a recent regulatory filing.

Fidelity announced an agreement on Nov. 7 to acquire LandAmerica in an all stock deal valued at $128 million