Luminent Mtg Cap Inc (fka LUMC)

[jad9000]

There are a lot of weird things going on. I went on Absnet and saw some interesting things, including:

- This press release was posted - "Luminent To Launch Distressed Debt Fund" - October 2, 2008
- The entire $335 million Countrywide traunch was zeroed out, ie. paid off
- Their average net loss rate was running under .5%

We all know that their BK petition was based on mark to market valuations that are no longer valid. They now have to remark their entire portfolio using pre-FASB 157 benchmarks. This will substantially revalue their portfolio upward. And, as they are also launching new funds, they are hardly acting like a BK company.