Weird is right regarding LUM... New 8K today filed with SEC
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 6, 2008
Luminent Mortgage Capital, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Maryland 001-31828 06-1694835
_____________________ _____________ ______________
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1515 Market Street, Suite 2000, Philadelphia, 19102
Pennsylvania
_________________________________ ___________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 215-564-5900
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
{ } Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
{ } Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
{ } Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
{ } Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Top of the Form
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial
Obligation or an Obligation Under an Off-Balance Sheet Arrangement.
On September 5, 2008, we, together with certain of our subsidiaries, filed a
voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in
the U.S. Bankruptcy Court for the District of Maryland (Case No. 08-21389). In
addition, on September 5, 2008, we entered into a Post-Petition Loan and
Security Agreement, or the Agreement, with Arco Capital Corporation, Ltd. On
September 15, 2008 the Court issued an Interim Order authorizing us to borrow
up to $400,000 under the Agreement. On October 6, 2008, the Court issued a
Final Order authorizing us to borrow under the Agreement.
On September 29, 2008, we borrowed $200,000 under this Agreement in accordance
with its terms. On October 6, 2008, the lender asserted that an event of
default had occurred under the Agreement because we alledgedly requested and
obtained a funds transfer in violation of the Agreement. As a result, the
lender purported to accelerate our obligations under the Agreement, declared
the Agreement to be terminated and reduced its commitment to lend under the
Agreement to zero. We do not agree that an event of default has occurred and
have contested that an event of default occurred by the filing of emergency
motion papers with the Bankruptcy Court. On October 9, 2008, the Bankruptcy
Court issued a Temporary Restraining Order prohibiting us from transferring or
otherwise disposing of any or all of the funds until the earlier of ten days
from the date of the Order or the conclusion of a hearing on the
company’s emergency papers, which now is scheduled for October 16, 2008.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Luminent Mortgage Capital, Inc.
October 10, 2008 By: /s/ KAREN CHANG
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Name: KAREN CHANG
Title: Chief Financial Officer
