Former Thornburg Mortgage reports $1.76 million August operating loss

By Caroline Salls

Pittsburgh, Oct. 1 - TMST, Inc., formerly Thornburg Mortgage, Inc., posted a $1.76 million operating loss for August on $1.04 million in total interest income, according to its monthly operating report filed Thursday with the Securities and Exchange Commission.

The figures showed improvement over the $4.95 million operating loss reported for July on $999,287 in total interest income.

TMST posted a $401,493 net loss for August, widening from a $135,444 July net loss.

The company had $24.04 million in cash and cash equivalents at Aug. 31, up from $23.57 million at the end of July.

In addition, TMST's Adfitech, Inc. debtor reported $855,791 in net income for August on $2.84 million in total operating revenue, compared with $177,904 of net income posted for July on $2.71 million in total operating revenue.

Adfitech had $10.08 million in cash at Aug. 31.

TMST, a Santa Fe, N.M., lender specializing in jumbo mortgages, filed for bankruptcy on May 1 in the U.S. Bankruptcy Court for the District of Maryland. Its Chapter 11 case number is 09-17787.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.