Items Tagged with 'Delayed Filing'

ARTICLES

  • FDIC to Take BankUnited? The Least of its Problems

    Florida's largest mortgage lender, with more than $13.1bn in assets, is unable to raise the minimum capital requirements set aside by the Office of Thrift Supervision. As a result, the Federal Deposit Insurance Corp. (FDIC) may take BankUnited [stock BKUNA][/stock] operations into receivership, though rumors swirl of a possible takeover. Last week, the bank reported $1.3bn in cash and cash equivalents, but this amount falls short of the OTS standard. BankUnited needed to raise at least $706m in order to meet the minimum requirement.
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  • Conditions Met, Fidelity Closes On LandAm Deal

    Monday marked the close of a tenuous chapter for the acquisition talks between Fidelity National Financial Inc. [stock FNF][/stock] and its purchasee-to-be, a group of offshoots from the title insurance branch of LandAmerica Corp. Fidelity first announced Monday that the Chapter 11 Bankruptcy Court amended its terms related to the acquisition of LandAm's insurance underwriters, reducing the total purchase price for Commonwealth Land Title Insurance Co. and Lawyers Title Insurance Corp. to approximately $235 million.
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  • Fidelity National Unveils Ultimatum on LandAmerica Deal

    Fidelity National Financial Inc. [stock FNF][/stock] revealed Monday a strict step-by-step plan for acquiring LandAmerica Financial Group  Inc.'s title insurance underwriters, Commonwealth Land Title Insurance Co., Lawyers Title Insurance Corp. and United Capital Title Insurance Co.
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  • LandAmerica Posts $600 Million Q3 Net Loss

    LandAmerica Financial Group Inc. [stock LFG][/stock] reported that weak mortgage activity drove a quarterly net loss of $599.6 million, or $39.45 per share, in its third-quarter earnings statement, released Monday morning. Total revenue decreased by 30.3 percent, and direct revenue from title and non-title commercial operations declined by 40.1 percent -- in other words, it was a pretty bad quarter.
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  • Fidelity National to Acquire LandAmerica

    One day after postponing its third quarter earnings report, title insurer LandAmerica Financial Group, Inc. [stock LFG][/stock] said Friday morning it would be acquired by competitor Fidelity National Financial Inc. [stock FNF][/stock], the first major merger/acquisition to hit the title insurance side of the business as a result of the nation's housing crisis.
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  • LandAmerica Delays Third Quarter Earnings

    In a move that is raising a few eyebrows in the real estate space, LandAmerica Financial Group, Inc. [stock LFG][/stock] said Wednesday after market close that it would delay the release of its third quarter 2008 results, and cancel its investor call; the title insurance company was scheduled to report earnings yesterday.
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  • Morgan Stanley Profits Down; Pondering Merger?

    Third quarter results at Morgan Stanley [stock MS][/stock] -- one of only two independent investment banks left, after the collapse of many previous competitors -- were down but clearly far from horrible. On Tuesday, the Wall Street firm reported a better-than-expected 7.7 drop in profits, as net revenues rose; the company recorded a profit of $1.43 billion, or $1.32 per share, compared to $1.54 billion, or $1.44 per share, in the year-ago period.
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  • Fannie, Freddie Take Another Beating

    A story appearing in Barron's -- which, it should be noted, didn't exactly say anything really new -- managed to ignite the latest round of selling by equity investors in shares of Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock] on Monday. The story cited unnamed "government officials" as saying they "don't expect the agencies to succeed" at raising any capital needed in the future to offset rising credit costs, which was enough to send both companies into their latest freefall.
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