Derek Syphrett

Thornburg's a Huge Bargain After Monday's Crash

HAVE YOU CONSIDERED 2 THINGS:

1. THORNBURG'S MASSIVE LEVERAGE
2. TMA NEEDS MONEY FROM BANKS WHO DON'T HAVE ENOUGH CASH AND ALREADY CARRY TOO MUCH RISK.

... that is the issue here it's not credit quality it's liquidity, liquidity, liquidity... the big issue is that TMA is levered up like 20x on it's own capital... while they were conservative with their loan practices they were very greedy and wild with their leverage.

I slow breeze could & has blown their house of cards now.

NOW HEY - CAN YOU TRADE THIS BY GETTING LONG CALLS - SURE... but who knows if TMA can convince it's cash constrained lenders