LandAmerica Financial Group, Inc.


LandAmerica was one of the largest providers of real estate transaction services with offices nationwide and a vast network of active agents, with revenue of approximately $4.0 billion and over 10,000 employees. The company served agent, residential, commercial and lender customers throughout the United States, Mexico, Canada, the Caribbean, Latin America, Europe and Asia.

LandAmerica experienced a liquidity crisis due to the significant declines in the global financial markets and specifically in mortgage originations, leading to a decline in revenue of over 40 percent. Also contributing to the liquidity situation were increased claims against title insurance policies and freezing of the auction rate securities market in February 2008.


In November 2008, a Zolfo Cooper senior professional was appointed Chief Restructuring Officer. The Zolfo Cooper team's immediate charge was to focus on managing the liquidity crisis and assessing the viability and salability of each business and operating unit. The significant activities included:

  • Developing and implementing a cash management and reporting system to control and measure daily cash activity by business and operating unit.
  • Assessing viability of each business and operating unit.
  • Sale of the underwriting title businesses that included negotiations with the insurance regulator, and the development and implementation of a transition service agreement to support the comingled operations during an unwinding period.
  • Developing business plans for viable operations and going forward operating and sale strategies.
  • Enhancing liquidity situation through austerity measures, including elimination of funding of non-performing assets, and rapid sale or closure of non-performing operation.
  • Restructuring and reorganizing operations to improve sales potential.
  • Rationalizing overhead structure in stages as sales were consummated.


LandAmerica's liquidity position was stabilized. Zolfo Cooper provided leadership through the bankruptcy and liquidation process. In addition, Zolfo Cooper managed the sale process for over 10 businesses and other assets that accreted sale proceeds of approximately $350 million. A controlled wind-down of the debtors was completed, culminating in a plan of liquidation.