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Enterprising Investor

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Re: riach_biatch post# 4096

Wednesday, 08/26/2009 6:59:04 PM

Wednesday, August 26, 2009 6:59:04 PM

Post# of 6831
No recovery for common or preferred shareholders!

It is worse than I expected.

THMRQ had assets of assets of $26.3 billion at 9/30/08. The July 2009 MOR reports assets of only $157.7 million.

There was secured debt of $25 billion, made of reverse repurchase agreements, collateralized mortgage debt (secured by ARM Loans) and whole loan financing facilities (Bank Warehouse Loans). The MOR details no Pre-Petition secured debt. This means that the offsetting collateral was taken.

The unsecured debt was $1.6 billion. It was comprised of Senior Notes (TMA.GB), Senior Subordinated Secured Notes (owned by MP) and Subordinated Notes. Here comes the shocker! Total pre-petition liabilities are now detailed as $3.47 billion.

How bad is it you ask? Equity was -$300 million at 9/30/08. At 7/31/09, it stands at -$3.3 billion.




If you are not an Enterprising Investor, become one. It really can pay off!!!

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