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Regulators at the Nebraska Department of Insurance are likely to take over the two Land America underwriting operations until their sale is completed later this year, both companies indicated."I am deeply disappointed over the need to file for bankruptcy protection for the Land America holding company and the 1031 company," said Theodore Chandler, Land America CEO, in a press statment.I guarantee you even a n00b forensic accountant could sniff this one out.Land America Financial Group (LFG) will hereby be referred to simply as Land Am or Land America. As September rolls back around, it might be useful to take a look at some of the financial failures that , not just beneath Allen Stanford's golden toilet.It has everything to do with the way they do business," said Mr. Exeter, president and chief executive officer, Exeter 1031 Exchange Services, LLC.Common Sense is Important "Common sense must come into play here at some point in time.
KEYWORDS Acquisition Bankruptcy Business Commonwealth Land Title Insurance Company Company Location Entertainment Fidelity National Financial Finance Insurance Land Am Land America 1031 Exchange Services Inc.They are often taking undo risks with the clients' 1031 exchange funds. Exeter further stated, "Exeter 1031 Exchange Services, LLC has never invested any of its clients' 1031 Exchange funds in any type of securities, money market mutual funds, or other investment vehicles that can fluctuate in value.So, you need to ask specifically where the Qualified Intermediary invests the clients' 1031 exchange funds, and exactly what type of instrument or account they invest in? We have always invested our clients' 1031 exchange funds in commercial bank deposit accounts, and only if the commercial bank allows us to review their financial statements each quarter for safety and soundness.Land America 1031 Exchange Services' failure was due to a severe liquidity problem stemming from its investment of clients' 1031 exchange funds in Auction Rate Securities.Auction Rate Securities became completely illiquid earlier in 2008 essentially rendering the securities worthless until the Auction Rate Securities market achieves some degree of liquidity.