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All is lost. The claim in my account has offically been removed. Thornburg is history. Bye bye.
The clock is running but nothing happening. Let's get rid of this POS, take our losses, and move on.
I have no idea what gonna happen. Filing look greek to me.
New notification. October 26, 2022 deadline for administrative claims. We are turing onto final approach for all claims to be canceled. Finally an end to this fiasco and I can claim my $420.00 loss on my tax return. Weeeeeeeeeeee.
October 11, end of the line. Shares get cancelled. Loss gets recognized for tax purposes. Right?
Who did they sue? Which banks?
I wander how this turn out=Thornburg Trustee Sues Wall Street Banks for $2.2 Billion was in 2011.
I have always believed that a Disclosure Statement (DS), says how the show will end.
So what does that all mean?
any news for THMRQ
Lots of big settlements with the major banks... will we ever see any of that trickle down to us? Doubtful...
IMO
-Matt
Anything new going on here? Or should this be written off as a loss?
Looking for suggestions...
IMO
-Matt
http://money.cnn.com/2013/09/25/news/companies/jpmorgan-mortgage-settlement/index.html?iid=HP_LN
Maybe one day we will get a check for 50 cents or so...
-Matt
Last news I could find (did not search real hard)
http://www.law360.com/articles/458842/liberty-mutual-pays-2-1m-to-settle-surety-bond-row
Any updates on the court case(s)??
-Matt
http://www.marketwatch.com/story/us-criminal-probe-in-libor-scandal-report-2012-07-15?link=MW_home_latest_news
"In addition to Barclays, other banks including Citigroup Inc., J.P. Morgan Chase & Co., the Royal Bank of Scotland and Deutsche Bank AG have said they also are being probed."
hey, aren't those basically all the creditors who initiated margin calls on tma when libor rates effected mbs?
Barclays staffer told Fed of false Libor in 2008
http://www.marketwatch.com/story/barclays-staffer-told-fed-of-false-libor-in-april-2012-07-13
could it all have been avoided if libor manipulation was nipped in the bud? a rigged casino where the fed played enabler. and people wonder why nobody wants to participate anymore and stay in cash?
A basic question - read the operating report - why is the ~$270m of senior note claims not recorded under pre-petition liabilities? Only $38m has been discharged with the Adfitech reorg, correct?
My general concern is that this seems to good to be true - and I'm trying to figure out what I'm missing. EG are the senior notes guaranteed by some sub that is long gone; after the Adfitech reorg, were they lumped in pari-passu with other claims; etc...
I don't see any DIP. Accrued professional fees are on the monthly operating report. So no surprises there...
EI told investors they were "screwed" a long time ago.
Looks like shareholder screwed again.. What a country..
I've recieved a few frantic PM's the last couple weeks asking "what happened"..."why can't I see a pps".."what happened to the board".."where did everybody go"..."can I trade this"..."I lost a bunch of money will this recover ???".
I received another one today and my answer is the same as yours EI.
<see EI's post below>
Enterprising Investor
Tuesday, March 13, 2012 8:58:40 PM
Re: Enterprising Investor post# 6724
Post # of 6808
In plain English...
You will go to bed one night and wake up the next morning holding stock you can no longer trade.
==================
That morning came!
But we're happy to report that the TMA.GB Senior Note holders are alive and doing very well.
How is this working out for you?
Actually Thornburg never owned the building... and if they did it would be liquidated.
The City of Sante Fe owns the Thornburg Mortgage campus.
The House Thornburg Lost
http://www.sfreporter.com/santafe/article-4421-the-house-thornburg-lost.html?current_page=3
Well they ended up with a nice building after all!THe one they bought just before chapter 11.
i'm sorry. i lost a good chunk of change in this stock during the credit crisis and i have been following the legal proceeding for years since they declared bankruptcy. but i fail to understand, with the amount of liabilities owed to creditors and their repeated statements that there are no proceeds expected for common shareholders, why people continue to think there is opportunity here. please explain why you think this is a "gold mine"...
Caution signs existed.
No, We really got screwed on this one... This is just another government and company rape the common share holders.. There was no reason to close this company down... They just change the rules as THEY GO --- Rules to benefit friends and vested interests.. SAD STATE OF AMERICAN ENTREPRISE
I hate to use iHub lingo, but...
the "multi-bagger" potential, if there is really is one, has and will always be in holding senior notes.
Trustee Sher is sitting on $107 million today. Cash will be needed to pursue the litigation, so there will be some burn. Each of those cases will most likely to settled, making the chances of getting every dollar sought highly unlikely and leaving all forms of equity out in the cold.
FORDGT- Did you buy alot of these lately?
How can you say it is a gold mine when, as EI has stated, equity is billions from being in the money? I never understood the point in playing around in bankrupt stocks when risk adjusted they usually are a loss of capital. Don't get me wrong I hope equity is in the money because then the senior notes are paid in full, but it doesn't make sense to my young analytical mind. If you are trading swings in penny stocks wouldn't you want plenty of liquidity? Now you just own lottery tickets it seems. But still, best of luck since your gain is mine as well.
I am glad to see that it halted i was sure something was going to happen glad it did now we sit and wait and no one else can get on on this gold mine feeling good today about this again it kinda happened cuz I was buying every week now I am cut off but it's ok IMO I got enuf now
May turn out better than we think.
Well I am glad I picked up another 60,000 of this who know how this will end maybe a offer for my shares will come who knows will see IMO
Revocation took 49 days.
Order Approving Submission Of Trustees Offer Of Settlement to SEC in Anticipation of a Consent Order in an Administrative Proceeding (3/13/12)
Source: Epiq Systems [Docket 1544]
From the Motion:
De-registration of TMST’s common stock and preferred stock by the Commission means that such stock will no longer be publicly registered and no member of a national securities exchange, broker, or dealer may make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, TMST’s common stock or preferred stock. Each equity holder, however, shall continue as a common or preferred stockholder and, if any distribution were ever made to the equity interest holders, they would be entitled (in accordance with and if provided by TMST’s corporate charter and applicable law) to share in any such distribution. Notwithstanding the foregoing, the holders of equity interest rights under the Bankruptcy Code will not be affected by de-registration of TMST’s securities by the Commission.
Near zero chance of any recovery.
thornburg revokes:
THMMQ Thornburg Mortgage, Inc. Cumulative Conv Redeemable Preferred Stock Series F 5/1/2012 100 12(j) Registration Revoked by SEC
THMOQ Thornburg Mortgage, Inc. Pfd Ser D 5/1/2012 100 12(j) Registration Revoked by SEC
THMRQ Thornburg Mortgage, Inc. New Common Stock 5/1/2012 100 12(j) Registration Revoked by SEC
THNMQ Thornburg Mortgage, Inc. Cumulative Conv Redeemable Preferred Stk Ser E 5/1/2012 100 12(j) Registration Revoked by SEC
THMPQ Thornburg Mortgage, Inc. Preferred Series C 5/2/2012 100 12(j) Registration Revoked by SEC
http://www.otcbb.com/asp/dailylist_detail.asp?d=05/01/2012&mkt_ctg=ALL
I have held this stock for 3 years, I have a question,What about the new building the company is in dont the common shareholder have a stake in it?
SAF Financial, Inc., et al paid $6.5 million on 3/23/12.
Cash and cash equivilents were $107,119,236 at 3/31/12. Total assets were $107,568,462.
Monthly Operating Report Mar. 31, 2012
Docket # Docket Date
1569 04/26/2012 Monthly Operating Report for Filing Period March 1, 2012 through March 31, 2012 on behalf of Joel I. Sher Filed by Joel I. Sher.
http://chapter11.epiqsystems.com/TMI/docket/Default.aspx?rc=1
Okay I bit...why?
Looks like wed we should see some nice action IMO
Closed at $.0031.
No one likes that.
CLOSED AT .0044 I LIKE THAT...
what justice? if there were any justice being served, the creditors would have to fully forgive the debt they falsely (imo) triggered; and the shareholders, who were raped by the fiasco, would receive all the proceeds from any litigation.
The first week of May marks 3 years since Thornburg filed for BK protection and 1 year since the Trustee Sher filed lawsuits against the Banks.
The wheels of justice grind very slowly.
Some new deal looks like in the works the volume says somethings cooking IMO
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Company Headquarters:
TMST, Inc
2300 North Ridgetop Road
Santa Fe, New Mexico 87506
Phone: (505) 989-1900
Website:
http://www.tmstcorp.com/
Thornburg Mortgage Inc., 8% Senior Notes due 2013 (TMA.GB)
It is not expected that there will be any distribution to the Company's equity holders in connection with the bankruptcy cases.
Adfitech was a Non-Debtor subsidiary. Senior Note Holders, who had a claim of $304.7 million, received a package of Adfitech securities and cash valued at $38.6 million. For each $1000 in principal amount of TMA.GB, holders received $121.88 in value comprised of $78.26 in Adfitech Inc 8% Sr Secured Notes due 3/05/20 (ADFT.AA), $37.60 (20 shares) in Adfitech common stock (ADFT) and $6.02 in cash. This lowered the remaining claim to $878.12 per $1000 principal amount. The remaining claim is $266.1 million.
Sr Subordinated Note holders have a claim of $1.3 billion, while Jr Subordinated Note claims are $213.8 million.
All claim amounts listed above do not take into account any post-petition interest payable from the filing date forward.
Press: http://finance.yahoo.com/q/h?s=THMRQ.PK
Chapter 11 information: http://chapter11.epiqsystems.com/thornburgmortgage
SEC Filings: http://www.snl.com/irweblinkx/docs.aspx?iid=103048
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