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Thornburg's a Huge Bargain After Monday's Crash

This looks good:

TMA Thornburg Mortg files 8-K filing; On March 19, 2008, the Board of Directors amended this amendment to the Bylaws to permit an investor to acquire in the offering shares of stock with a value at the time of acquisition of up to $300 mln (1.27 +0.14)

Co announces in an 8-K that on March 18, 2008, the Board of Directors of Thornburg Mortgage, Inc. (the "Company") approved an amendment to the Co's Amended and Restated Bylaws (the "Bylaws"). Certain provisions of Maryland law effectively limit the amount of the Co's stock that can be owned by any person. The Board of Directors amended the provision under the Maryland Control Share Acquisition Act that, with certain exceptions, eliminates the voting rights of any person who acquires in excess of 10% of the Co's voting stock unless two-thirds of the shares eligible to vote approve such voting rights. The amendment would have permitted an investor in the offering that the Coy is undertaking in connection with its entry into an override agreement with counterparties to its reverse repurchase, securities lending and auction swap agreements and related recapitalization efforts (collectively, the "Offering") to acquire up to 30% of shares of stock from the Co, provided that the Co receives acceptable evidences and assurances that such ownership would not jeopardize the Co's REIT qualification and an officer of the Co provides a written consent to such acquisition. On March 19, 2008, the Board of Directors amended this amendment to the Bylaws to permit an investor to acquire in the Offering shares of stock from the Co with a value at the time of acquisition of up to $300 mln, provided that the Co receives the assurances and an officer of the Co provides a written consent as described above. This description of the amendment to the Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the amendment, which is attached hereto as Exhibit 3.2 and is incorporated by reference herein.

Thornburg's a Huge Bargain After Monday's Crash

I 2nd Crazee_Traders thoughts. This Investment Thread is the best I have seen, and I've been reading "Financial boards" since the late 90's, and most boards are worthless with just "Pumping & Dumping" comments,and calling each other names, or just posting short worthless comments like, "RIMM going to $500 baby, Eat $%#t shorts!!!". Jack and many of the other posters have really put forth some insightful writing on the stock, TMA, and this thread has been a pleasure to read.
Last week, based on the Feds actions, I went into this stock long, and I am staying with it. The latest board actions have hit the stock hard, but I am not selling, I will stay until, "My Targets" are reached, or until the stock goes under, which could happen. The risk is there, always has been. Would not be the first time for me, but in this line of work, low priced stocks go bankrupt, (Unless, of course, the Fed bails you out) Low priced stocks have a low price for a reason...

Thornburg's a Huge Bargain After Monday's Crash

WOW, with Bear Stearns selling out for $2.00 dollars a share, TMA is valued higher then Bear Stearns. TMA market cap $350 million vrs Bear Stearns market cap of $226 million, We must have somehow gone through "Alice in Wonderland's" looking glass, where up is down, and Large Cap Financial stocks are actually small cap stocks, they just don't know it yet.

Thornburg's a Huge Bargain After Monday's Crash

Hi Jack,

You have posted many great articles which have been a pleasure reading. With the Feds recent action, I think the downside risk is countered by TMA's upside potential, so I have taken a good size position, average cost, $3.33. Obviously by today's volume and price movement, and upgrade by Bear Sterns, others far smarter then me think so too.

Thornburg's a Huge Bargain After Monday's Crash

Sorry Jack, TMA now at $1.93. Catching the falling knives can be tough...

Any Hope Left for Thornburg after Devastating Action and 50% Drop?

Mark- It sounds like you are not following your own rules now when you say, "At this point, I am simply going to hold on with this substantial loss, and see where things go ..."
In a previous article you said,

"Now, if we are talking a 3 week swoon that is one thing, but structural stock retreats over time, are losses - no matter what the financial press tries to feed you. A common mistake we all make is to sit in a position awaiting than "much anticipated rebound" just so we can "break even".
Sounds like your holding now "just to break even."
Good luck with that strategy.

Thornburg's a Huge Bargain After Monday's Crash

Hi Jack,

How did you do with TMA today, Tuesday, 3/4/08?? Closed down $.76 cents today at $3.56. You may have taken quite a hit today. Not sure what your average cost is, sounds to be around $4.04 a share. (20,000 at $3.81 & 10,000 at $4.51) At 30,000 shares, average cost $4.04, sounds like you took a $14,700 dollar loss today. (12% ONE DAY HIT) So what is your time line on this stock??? Did you have a stop loss in place, TMA could go down some more. A bargain at $4.00, a bargain at $3.00, I think it will also be a bargain at $2.00. I wish you luck.