COCHRANE: IS BOA THE SOURCE OF FINANCING FOR LAWYER’S TITLE CORPORATION?

MOST POPULAR ARTICLES

DISCOUNT FOR EARLY BIRD REGISTRATION RUNS OUT ON JUNE 22

CLICK HERE TO REGISTER FOR 2 DAY GARFIELD CONTINUUM CLE SEMINAR

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE

LAWYERS TITLE CORPORATION (IRS 54-158961) – Registrant
‘S3′ and ‘S3/A’ Forms:

Lawyers Title Corporation, 6630 West Broad Street,
Richmond, Virginia 23230
TAKINGS OF Cash & Deposits & Securities & Stocks (Acquistions/Mergers0
Upon the consummation of such Acquisition, the Company will become the largest title insurer in the United States based on pro forma 1996 title operating revenues (premiums and title search, escrow and other fees) of over $1.3 billion.

S3 & S3A: 1/8/98, 2/3/98, 2/12/98, 2/24/98, 2/27/98, 2/27/98, 9/20/02, 2/23/04, 5/20/04, 5/26/04, 5/28/04, 8/6/04, 11/3/04, 4/6/05

CREDIT AGREEMENT WITH ‘BANK OF AMERICA’ SYNDICATE OF 11 OTHER BANKS ‘CREDIT FACILITY’ LOAN ‘PAYMENT TO ‘RIC’
‘CREDIT FACILITY’ 5-YEAR SENIOR UNSECURED REVOLING CREDIT FACILITY WHICH WILL TERMINATE WITH ALL OUTSTANDING AMOUNTS BEING DUE AND PAYABLE 11/7/2002, UNLESS EXTENDED, THE ‘CREDIT FACILITY’ WILL BE EXTENDED …The aggregate Credit Facility commitment shall be reduced by 100% of the net cash proceeds from the issuance of debt or 75% of the net cash proceeds from the issuance of any equity (excluding any equity issuances related to the Acquisition(http://www.secinfo.com/drV5e.759.htm

1998 (UNDERWRITERS) of ‘S3′ ‘S3/A’ http://www.secinfo.com/drV5e.75f.d.htm#1stPage
#1 of 4 Underwriters
As Itself, and as representatives of the several Underwriters named in Schedule I c/o Donaldson, Lufkin & Jenrette Securities Corp, 277 Park Ave, New York NY 10172. (DLJ Capital Corp does business ABS with SASCO, CMMC, Prudential Securities (see Wheat First Butcher SInger… 2003)

#2 Furman Selz (joining ING nascent investment business) (ING Furman Selz Asset Management ramping up alternatives business targeting institutional investors 2002); 2011 Furman Selz Capital Management LLC …

#3 Wheat First Butcher SInger (In August 1997, the privately held Wheat First Butcher Singer agreed to be acquired by Charlotte, North Carolina-based First Union bank; brokerage firm changed name to Wheat First Union. 4/99 First Union acquired Chicago-based investment bank and brokerage Everen Capital Corp. Prior History Wachovia Securities predecessor companies 1934
investment firm of J.C. Wheat & Co. Wheat fostered growth through mergers, including the 1971 merger with First Securities that created Wheat First Securities, Inc. and the 1988 merger with Butcher & Singer, a successful Philadelphia-based securities firm established in 1910; the firm then became known as Wheat First Butcher Singer.

#4 Ferris, Baker Watts Incorporated.

The net proceeds of this offering (the “Offering”) to the Company will
be used to fund part of the cash portion of the consideration for the pending
acquisition (the “Acquisition”) by the Company of Commonwealth Land Title Insurance Company and Transnation Title Insurance Company (collectively referred to as “Commonwealth/Transnation”) from Reliance Insurance Company (“RIC”), a subsidiary of Reliance Group Holdings, Inc. Consummation of the Acquisition is a condition to the consummation of the Offering. See “The Acquisition” and “Use of Proceeds.”

Principal operating subsidiary, Lawyers Title, is one of the largest companies in the United States issuing title insurance policies and performing other real estate-related services for both residential and commercial real estate transactions, based on premium and fee revenues. In addition to title coverage, Lawyers Title provides search, examination, escrow and closing services to a broad-based customer group that includes lenders, developers, real estate brokers, attorneys and home buyers. The Company has a strong presence in the residential real estate market and is a premier provider of title insurance for commercial transactio

January 7, 1998, the locations of the direct operations and national sales offices of both Lawyers Title and Commonwealth/Transnation, excluding offices of independnet agents and approved attorneys this map assumes consummation of the ‘Acquistion.’

Upon consummation of the Acquisition, Lawyers Title Corporation, the Company will own, directly or indirectly, all of the shares of capital stock of certain title insurancecompanies domiciled or deemed commercially domiciled in the states of Alabama, Arizona, California, Florida, Maryland, New Jersey, New York, Ohio, Oregon, Pennsylvania, Tennessee, Texas and Virginia. The insurance laws of such states require prior approval by their respective state insurance regulatory officials of any acquisition of control of a domestic (or commercially domiciled) insurance company or any company which controls a domestic (or commercially domiciled) insurance company. “Control” is generally presumed to exist through the ownership, direct or indirect, or the holding of proxies with respect to 10% (5% in Alabama and Florida) or more of the voting securities of an insurance company or of any company which controls an insurance company.

http://www.secinfo.com/dUyJm.7e.htm

(Free account on http://www.secinfo.com)
Create Account
Login
paste URL above

SCHEDULE II
PRINCIPAL SUBSIDIARIES OF LAWYERS TITLE CORPORATION

Lawyers Title Insurance Corporation
American Title Group, Inc.
Title Insurance Company of America
Oregon Title Insurance Company
Land Title Insurance Company
The Title Guarantee & Trust Company
Charter Title Company
Lawyers Title Company (f/n/a Continental Lawyers Title Co.)

SCHEDULE III
PRINCIPAL SUBSIDIARIES OF COMMONWEALTH LAND TITLE INSURANCE
COMPANY AND TRANSNATION TITLE INSURANCE COMPANY

Commonwealth Land Title Company
District-Realty Title Insurance Corporation
Industrial Valley Title Insurance Company
Commonwealth Land Title Insurance Company of New Jersey
Transnation Title Insurance Company of New York

Subsidiaries of Landamerica Financial Group Inc. 1997 link

Wender Herbert – Signatory:
Landamerica Finanical Group INc. formerly Lawyers TItle Corp
Radian Group Capital Trust I
Radian Group Capital Trust II
Radian Group Inc (formerly Cmac Investment Corp)

12 Responses

  1. Dear tnharry – please consider the ‘big picture’ here the 100,000 piece picture puzzel

    The business was not handled one transaction at a time!

    All of the ‘mortgage notes’ were acquired by commercial banks back in the 1990’s.

    The ‘mortgage note’ bifurcated back in the 1990’s on any property period! Check for yourself any S3 form back in the beginning of this ‘procedure’ if you will and you too will see how existing ‘mortgage note’ may be in ‘asset portfolio’ in name of the owners of the bank whose ‘Title Co’ insures and provides the cash for the increase of the asset – separate from the transaction related to the borrower with the temporary lender who is the servicer and on that ‘mortgage note’ recorded with the County Recorder/Clerk is filed to protect the Servicer of the debt period. The owner of the mortgage note does not need protection. Any of the loans not part of the assets of the loan trust are through ‘reference’ only not inside of the trust fund as an asset.

  2. Does anyone have any info on these two BOA Robosigners?: Yolanda Smith, Asst. VP, and Rhoena Rice, VP
    http://www.scribd.com/doc/58593366/BOA-Robosigners-6232011b

  3. http://www.msnbc.msn.com/id/31510813/#43515977

    Watch this from today’s Dylan Ratigan show–it’s AWESOME!!!
    Finally—publicity on a national TV media show about what is REALLY going on—this is fantastic…the “wall” is cracking!!!

    Neil—can’t you get on his show???

  4. OTM,

    You’re right. So is Christina Balandran for Oregon assignments. She signed as Recontrust , MERS, Bank of New York, Ameriquest assistant secretary, even thoug Ameriquest folded shop in 2007.

  5. @ tmharry:

    Are you sure it is all at arm’s length?

  6. RECONTRUST CO. A SWEAT SHOP FOR FORGED DOCUMENTS.

    *TEXAS,-NEVADA-ARIZONA*

    VERIFY YOUR SUBSTITUTION OF TRUSTEE
    VERIFY YOUR CORPORATION ASSIGNMENT OF DEED OF TRUST
    IF THE SIGNER WAS COURTNEY BULLARD, IT IS LIKELY A FORGERY

    Mr. Garfield I sent you the supporting recorded documents a few days ago, please open the attachment and share with all of us.

    At the darkest hour of the night there is just a minute away from daylight

  7. Stop Foreclosures NOW
    http://www.ipetitions.com/petition/smokeandmers911/

  8. people should spend some time on Mark Stopa’s blog. Very informative.

  9. Mark Stopa Esq. – Who needs an Attorney or Co-Counsel for Trial ?

    Posted on June 21, 2011 by Mark Stopa
    I’ve been doing this foreclosure defense thing pretty hot and heavy for a few years now. As a result, I think I know the industry pretty well. Generally speaking, nothing really surprises me any more. I know what the banks are doing, I know what their lawyers are doing, and I know what other defense lawyers are doing. Perhaps most importantly, I know what other defense lawyers are not doing.

    There are a lot of lawyers dabbling in foreclosure defense who are unwilling or unable to go to trial in a foreclosure case. That’s not meant as an insult. In fact, I think many would admit their unwillingness/inability to go to trial. For a variety of reasons (the perception they can’t win, lack of trial experience, whatever), many lawyers handling foreclosure cases just don’t feel comfortable going to trial. In recent days, I’ve talked to a few different court personnel (judges, judicial assistants, and case managers) who have echoed this sentiment.

    Candidly, I’m disappointed with this. In my view, trial is an essential part of a foreclosure case. In fact, a lot of my strategy hinges on forcing the bank to go to trial. In its simplest form, that’s what foreclosure defense is – work to defeat the bank’s motion for summary judgment and force them to win the case at trial. Many times, as we’ve seen, banks don’t want to have to go to trial, so this creates leverage for a prospective resolution. Hence, fearing a trial means giving up leverage for a prospective resolution or, worse yet, creating an easier path for the bank to foreclose.

    So what’s my point here? Simple. I don’t want to pound on my own chest, but I am perfectly comfortable going to trial in a foreclosure case. I understand the evidentiary issues, I’m comfortable with the arguments, and I’m more than willing to do it. Yes, I realize I’m going to lose some foreclosure trials, perhaps (if the banks’ lawyers wisen up and learn how to try their cases) the majority of them. But the foreclosure system needs lawyers who are willing to try cases, particularly since, if you know what you’re doing, it’s entirely possible for homeowners to win at trial. So if you’re a lawyer who is unwilling/unable to take a case to trial, then feel free to talk to me about acting as co-counsel. Or if you’re a homeowner without an attorney staring at a trial date, don’t give up! I’ll be happy to go to trial on your behalf. And it’s probably less expensive than you think – since the arguments are similar from case to case, I won’t have to re-invent the wheel each time.

    So give me a call – you have nothing to lose, except your foreclosure case.

    (Hat tip to Matt Weidner, who discussed this concept with me recently and correctly noted the need for lawyers such as he and I to try cases.)

    Mark Stopa

    http://www.stayinmyhome.com

  10. I’m just not seeing the significance here. So BOA either provided the financing for the merger and acquisition of Commonwealth and/or they provided a credit line for use afterward. That doesn’t constitute an ownership position.

    CREDIT AGREEMENT WITH ‘BANK OF AMERICA’ SYNDICATE OF 11 OTHER BANKS ‘CREDIT FACILITY’ LOAN ‘PAYMENT TO ‘RIC’
    ‘CREDIT FACILITY’ 5-YEAR SENIOR UNSECURED REVOLING CREDIT FACILITY WHICH WILL TERMINATE WITH ALL OUTSTANDING AMOUNTS BEING DUE AND PAYABLE 11/7/2002, UNLESS EXTENDED

  11. Will this be a conflict of interest? Will BOA seek to “fix” titles or put pressure on the title companies to “fix” or insure titles that are in fact uninsurable? What if one of these title companies says the title is insurable and down the road the next time there is a refinancing or sale the new title company says no–will BOA’s title companies “pay up” or will the next person be in a pickle quieting title? Should there be a law that precludes title companies from being owned by the banks or real estate companies or anyone who has a vested interest in there being a “clear title”.

Leave a Reply

%d bloggers like this: