LandAmerica 1031 Exchange Services No Longer In Business

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On November 28, 2008, landamerica 1031 exchange services (LES) company announced that it is ceasing operations. In a letter to customers, the company said that it is closing its doors after investment losses in now illiquid auction rate securities. “LES has long invested 1031 deposits only in Investment Grade Securities Rated A or stronger, including auction rate securities backed by federally guaranteed student loans. Our goal for the exchange funds has been to maintain the full liquidity necessary to meet customer withdrawal demands. The auction rate securities in our exchange funds, which were sold to us by certain financial institutions, were highly liquid for many years.”

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    • This entry was posted on Saturday, October 31st, 2009 at 2:40 pm and is filed under Finance :: Tax. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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