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More suitors for LandAmerica

Stewart applies to acquire LandAmerica underwriters

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Fidelity National Financial Inc. is not the only suitor hoping to snatch up LandAmerica Financial Group Inc.'s title insurance underwriting subsidiaries in bankruptcy court, according to creditors seeking to derail fast-track approval of the sale.LandAmerica says it hasn't received a better offer than the combined $298 million Fidelity is offering for Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Co. and United Capital Title Insurance Co., and has asked the bankruptcy court to approve the sale next week. LandAmerica filed for Chapter 11 bankruptcy protection Nov. 26, saying it planned to sell off the title insurance underwriting subsidiaries that account for up to 90 percent of its annual revenue in order to pay creditors. LandAmerica said it owed more than $650 million and was having difficulty paying creditors after a subsidiary that facilitated 1031 property exchanges invested proceeds in auction rate securities that had become insolvent (see story).With LandAmeri...