Friday, November 7, 2008

Fidelity National to acquire LandAmerica

As an agent for LandAmerica, thanks to my ownership interest in River West National Title, I was wondering about the company's future. The stock was down about 90% this year and 3Q financials were delayed. I figured the company was looking for a buyer (no easy feat in this market) or a Chapter 11.

We got the former. Subject to the usual contingencies -- and presumably antitrust approval -- Fidelity National's buying the company. Here's the press release. You'll know Fidelity better in Chicago through brands such as Chicago Title and Ticor, just as LandAmerica is better known through Lawyers Title and Commonwealth.

I don't know what impact this will have on our operations, but I hope of course it will be a good one. We'll just have to see how this all plays out. So many people in the industry have lost their jobs lately that you need a scorecard to figure out who is left.


Anonymous said...

After going through many rounds of layoffs, the latest blow was a 10% paycut for those employee that are left. It would appear that this latest buyout (yes, there was a previous one) was looked on more favorably by LandAmerica since it keeps Ted Chandler on board, the previous one did not, so it was rejected. Latest word is that they are hopeful to continue to make payroll. They are in DIRE straights from a continuing culture of gross mis-management and horrific past spending practices.