1956

Is Thornburg Mortgage Common Really Worth $3.88B?

Mr. Entrekin's points are right on the money. That said, in order for management to pull this off, they had to apply to the NYSE for an Application for Exemption, i.e., exempting their obligation to obtain shareholder approval to increase the company's capitalization vis-a-vis the warrant issues. Does anyone know if they actually made said Application and, if so, was it granted. This is where the real battle is. If the NYSE has granted the Exemption, we're toast. The warrants are cheap insurance to gain a positive vote at the June meeting. This is a very clever use of debt instruments with warrants to sieze control of the company. If you have not expressed your feelings with the NYSE, do so now, also with your brokers who are all member of the NYSE.

Haven't We Heard this Market Song Before?

In real terms, TMA wasn't saved. Goldstone and the banks are using TMA as a conduit to reliquify the banks. Your analgy to BSC is questionable as JPM is purchasing BSC. In TMA's case, investors are LENDING TMA money to be transferred to the banks for the privilge of staying in business for an additional year. I'm wondering what negotiating school Mr. Goldstone went to.