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« Choosing a SAFE Qualified Intermediary | Main | Keeping Wealth Just As Important As Making It »
Monday
24Nov2008
DateMonday, November 24, 2008 at 03:27PM | AuthorWilliam L. Exeter

LandAmerica 1031 Exchange Closes Its Doors

LandAmerica 1031 Exchange Services Ceases Operations

Today LandAmerica 1031 Exchange Services announced that it has discontinued its 1031 exchange operations, closed its doors, and that it will provide additional information to its clients shortly as to how to file claims for their 1031 exchange funds. 

LandAmerica 1031 Exchange Services has had serious liquidity problems since earlier this year due to its investment of clients' 1031 exchange funds in certain investments that have become illiquid.  It is anticipated that the liquidity problem will continue until these investments become marketable once more. 

Auction Rate Securities

LandAmerica 1031 Exchange Services had invested its clients' 1031 exchange proceeds in Auction Rate Securites.  Auction Rate Securities became illiquid in February 2008, which created a significant liquidity crisis for LandAmerica's 1031 Exchange Services. 

Review Investments with Your Qualified Intermediary

This is a perfect example of why investors should query their 1031 exchange Qualified Intermediary as to where their 1031 exchange funds are held and how they are invested.  You should have your financial advisor review their answers to make sure that the investment vehicles are suitable and appropriate for your invested funds. 

I will follow-up this post with more information regarding choosing a 1031 Exchange Qualified Intermediary, reviewing the investment vehicles used, including my humble opinion as to what options are suitable and appropriate. 

You can read our complete press release here. 

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  • Response
    Response: December 1031 Exchange Carnival
    at Bankers Exchange Services on December 3, 2008
    Welcome to the December 3, 2008 edition of 1031 exchange.KCLau presents Case Study: Financial Goals of a Malaysian working in Singapore posted at KCLau’s Money Tips, saying, “Subscribe to my Newsletter to receive the Top Money Tips fo...

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