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    • Tue Sep 23rd 08:23 AM | Rating: 0 0
      Commented on:
      Tuesday Outlook: Commodities, Emerging Markets
      I day traded some EEV on Thursday. Yesterday my broker (Vanguard) called and said the purchase during the hectic morning was "busted" and the SEC had voided my trade. Anyone else run into this?
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    • Thu Jul 3rd 09:14 AM | Rating: 0 0
      Commented on:
      Thursday Outlook: Commodities, Emerging Markets
      Why isn't there a ETF short/double short for Europe (the markets not not the currency)?
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    • Wed Mar 19th 19:03 PM | Rating: 0 0
      Commented on:
      Thornburg's a Huge Bargain After Monday's Crash
      There have been several questions and no answers today to status of preferred dividends. I don't have any answers either but would point out a sentence in the middle of the official Thornburg statement (from SOURCE: Thornburg Mortgage, Inc. Thornburg Mortgage, Inc., Santa Fe Clay Simmons or Suzanne O'Leary Lopez, 505-989-1900 ir@thornburgmortgage.c...

      "In addition, the co will suspend its preferred dividend if the amount in the liquidity reserve falls below 5% of the outstanding balance of the reverse repurchase agreement borrowings for three consecutive months."

      While the statement appears to set a condition for suspension of preferred dividend, we probably already knew they wouldn't pay it if they didn't have it. Or does the statement refer to new issue?
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    • Thu Mar 13th 05:23 AM | Rating: 0 0
      Commented on:
      Thornburg's a Huge Bargain After Monday's Crash
      Listed below are some of the details that I found about the series "F" preferred issue. One of the interesting details is the convertible feature. BTW I bought some "F" on Friday, sold enough yesterday to cover all of cost and am now playing with the house's money. If Thornburg and or the series "F" survives, I get an annuity for life; if not, I have lost nothing.

      ======================...

      Form 8-K for THORNBURG MORTGAGE INC

      4-Sep-2007

      Other Events, Financial Statements and Exhibits

      Item 8.01 Other Events.

      On May 20, 2005, Thornburg Mortgage, Inc. (the "Company") filed a registration statement (File No. 333-125125) on Form S-3 with the Securities and Exchange Commission (the "SEC"), which was declared effective by the SEC on June 16, 2005 (the prospectus contained therein is referred to as the "Prospectus"... On September 4, 2007, the Company filed a supplement to the Prospectus dated August 30, 2007, (the "Prospectus Supplement") with the SEC, relating to the issuance and sale of 20,000,000 shares of the 10% Series F Cumulative Convertible Redeemable Preferred Stock (the "Transaction"... to Friedman, Billings, Ramsey & Co., Inc. (the "Underwriter"... In connection with the filing of the Prospectus Supplement with the SEC, the Company is filing an opinion of Heller Ehrman LLP attached as Exhibit 5.1 hereto, which is incorporated by reference herein.

      On August 30, 2007, the Company entered into an Underwriting Agreement (the "Agreement") with the Underwriter and Thornburg Mortgage Advisory Corporation (the "Manager") relating to the Transaction. The Company has granted the Underwriter the right to purchase up to an additional 3,000,000 shares of 10% Series F Cumulative Convertible Redeemable Preferred Stock (the "Series F Preferred Stock") to cover over-allotments. The Agreement is attached as Exhibit 1.24 hereto and incorporated by reference herein.

      The Company will pay cumulative cash dividends on the Series F Preferred Stock, as declared by its Board of Directors, quarterly in an amount per share of Series F Preferred Stock equal to the greater of (i) $0.6250 per quarter (which is equal to an annual base rate of 10% of the $25.00 liquidation preference per share or $2.50 per year) or (ii) if, with respect to any calendar quarter, the Company distributes to the holders of the Company's common stock, par value $0.01 (the "Common Stock"), any cash, including quarterly cash dividends, an amount that is the same percentage of the $25.00 liquidation preference per share of the Series F Preferred Stock as the Common Stock dividend yield for that quarter. The Common Stock dividend yield for a quarter is the quotient (expressed as a percentage) obtained by dividing the cash per share of the Common Stock distributed to holders of Common Stock with respect to such quarter by the average daily closing price of the Common Stock on the New York Stock Exchange (the "NYSE") for the ten trading days immediately following the day that any Common Stock dividend is declared for that quarter.

      Dividends will be payable quarterly in arrears on the 15th day of February, May, August and November of each year (or, if not a business day, the next succeeding business day) to holders of record on the last day of each of January, April, July and October immediately preceding the applicable dividend payment date. The first dividend payment date of the Series F Preferred Stock will be November 15, 2007 and will be for less than a full quarter.

      Shares of the Series F Preferred Stock will be convertible at the option of the Series F Preferred Stock holder at any time into a number of shares of Common Stock determined by multiplying the number of shares of Series F Preferred Stock by the conversion rate then in effect. The conversion rate will initially be 2.1739 shares of Common Stock per share of Series F Preferred Stock, which is equivalent to an initial conversion price of $11.50 per share of Common Stock. The conversion rate is subject to adjustment upon the occurrence of certain events. On or after September 7, 2012, the Company may, at its option, require Series F Preferred Stock holders to convert the Series F Preferred Stock into that number of shares of Common Stock that are issuable at the conversion rate then in effect. The Company may exercise its conversion option only if the closing price of the Common Stock equals or exceeds 130% of the then prevailing conversion price of the Series F Preferred Stock for at least 20

      trading days within any period of 30 consecutive trading days (including the last trading day of such period) ending on the trading day immediately prior to the Company's issuance of a press release announcing the exercise of its conversion option.

      If at any time both (i) the Series F Preferred Stock is not listed on the NYSE or the American Stock Exchange or quoted on the NASDAQ Stock Market, Inc., and
      (ii) the Company is not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, the Company will have the option to redeem the Series F Preferred Stock, in whole but not in part, within 90 days after the date upon which the Series F Preferred Stock ceases to be listed and the Company ceases to be subject to such reporting requirements, for cash at $25.00 per share, plus all accumulated, accrued and unpaid dividends, if any, to and including the redemption date. The Series F Preferred Stock is not redeemable prior to September 7, 2012, except as otherwise described above or in certain circumstances to enforce the limitations on ownership necessary to preserve the Company's qualification as a REIT for federal income tax purposes. On or after September 7, 2012, the Company, at its option, may redeem the Series F Preferred Stock, in whole or in part, at any time and from time to time, at a cash redemption price equal to the $25.00 per share liquidation preference plus all accumulated, accrued and unpaid dividends, if any, to and including the date fixed for redemption.

      The Series F Preferred Stock will be listed on the NYSE under the symbol "TMA PRF."

      The aggregate net proceeds to the Company (after deducting underwriting discounts and estimated expenses) are estimated to be approximately $474 million, assuming no exercise of the over-allotment option.
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