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The suit arises out of Plaintiffs' unsuccessful attempt to effectuate a tax-deferred land exchange ("§1031 exchange") pursuant to Section 1031 of the Internal Revenue Code, 26 U.
Approximately one week later, LES — then a sister-corporation to LTIC and CLTIC — filed for bankruptcy.
LFG and LES filed their respective Chapter 11 petitions in the United States Bankruptcy Court for the Eastern District of Virginia on November 26, 2008.
(P6, P8, P9.) Stephen Connor ("Connor") was the Chief Operations Officer and a director of LES.
The Company intends to work with FNF toward a closing as early as late December 2008 and will request expedited approval from the Bankruptcy Court.
(P89; D146.) Between September 25 and October 17, 2008, LFG transferred a total of million to LES to assist LES in meeting its obligations.
143, and Exhibits 1(a)-(e) thereto.) Plaintiffs chose LES to serve as the QI for their 2008 transaction based, in part, on LES's solid reputation and based partly on Plaintiffs' prior dealings with LES's predecessor company and with Alfred Watterson, an attorney employed by LTIC.
One exception pertains to Paragraph 3(a) of Plaintiffs' exchange agreement, which stated: will receive interest on the Exchange Funds at an annualized rate equal to 100% of the intended Federal Funds Rate as announced by the Federal Open Market Committee less seventy five basis points (-75 bps), compounded daily, adjusting as the Federal Funds Rate does, one day following the same, during the Exchange Period (the "Growth Factor") from the first business day following (Pls.' Ex.