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Replies to post #125 on TMST, Inc., 8% Senior Notes (TMA.GB)
4 The Trustee also instituted several other adversary proceedings including the following which have been settled: (i) a proceeding against Countrywide Homes Loans, Inc. and Bank of America seeking indemnification under one loan purchase transaction that was settled for a payment to the Debtors by Bank of America of $950,000 (Adv. Pro. 10-00909), (ii) a preference action against Ketchum Communications that was settled for a payment to the Debtors by Ketchum of $161,500 (Adv. Pro. 11-00331) and (iii) a proceeding against Mortgage Cadence that was settled for a payment to the Debtors by Mortgage Cadence of $100,000 (Adv. Pro. 11-00330).
1 With respect to at least one loan on which the Trust has no current loss, Countrywide breached representations and warranties about the loan and the Trust initially suffered a loss. After Thornburg sued Countrywide, Countrywide settled the claim and directly reimbursed the Trust (not Thornburg) for the excess of the repurchase price over the net proceeds of liquidation.
08/29/15 12:19 PM
[...]The prices RBC credited to Thornburg for the retained MBS based upon the Goldman Sachs bid were $26,259,118(10) less than the August 14 TD Level. Accordingly, the Court concludes that the Trustee is entitled to summary judgment that Thornburg sustained damages in the amount of $26,259,118, plus prejudgment interest at the rate of nine-percent from August 14, 2007 through the date of judgment, as a direct and Midland Bank v. Kilbane, 573 F.Supp. 469, 471 (D.Md. 1983) (applying prejudgment interest based upon choice of law provision in contract); see also N.Y. C.P.L.R. 5001, 5004 (McKinney 2015) (providing for the rate of interest under New York law).
(10) RBC does not dispute this dollar amount.
08/29/15 4:22 PM
AI
