Luminent Mortgage Capital, Inc. (fka LUMCQ)

[WIDESPREAD PANIC]

From Yahoo board

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_L/forumview?bn=79550


As far as I see, there is no major institutional investors holding this stock. Largest holders are ARCO and LUM management, the rest are retail investors. There is no deadline for us to form a committee and join in, but right now there is no point. Their book value is still negative and there is nothing to go after. If the lawyers for the Sub's prove that the books were cooked, we can find a lawyer and form a committee. The sub's and unsub's are not going to settle for 49% of the new company, in exchange for $300+ million owned to them. They will persue any means possible to recover their money or as much as possible. We shall see soon. If this was a chapter 7 bk, then a committee representing us would be in place right now. In a liquidation process, there might be something left for the common shareholders.