LandAmerica seeks OK to sell Fidelity National Financial common stock

By Caroline Salls

Pittsburgh, Feb. 17 - LandAmerica Financial Group, Inc. is seeking court approval to sell its 3.18 million common shares of Fidelity National Financial, Inc., which were trading at $18.24 per share as of Feb. 12, according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

LandAmerica said it acquired the Fidelity shares as part of the December sale of its capital stock in Commonwealth Land Title Insurance Co. and Lawyers Title Insurance Corp.

The company said it expressed interest in selling the stock in January, but its creditors' committee said it did not want to sell the stock at that time.

LandAmerica agreed not to sell the stock and defer in large part to the judgment of the committee as to when and how the stock should be sold.

Since that time, the company said the committee has developed a protocol and formed a subcommittee to analyze the disposition of Fidelity stock.

Given the daily fluctuation in prices and the volatility of the market, LandAmerica said it wants to ensure that it has the ability to act quickly to liquidate all or a portion of the stock when the company and the committee agree it is advisable to do so.

When a sale of the stock is complete, the company said it will file a notice with the court regarding the net sale price obtained.

LandAmerica, a title insurance underwriter based in Glen Allen, Va., filed for bankruptcy on Nov. 26. Its Chapter 11 case number is 08-35994.

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