Is Thornburg Mortgage Common Really Worth $3.88B? - Hugh Entrekin

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Is Thornburg Mortgage Common Really Worth $3.88B?
Apr 09, 2008 10:36 AM UTC

Hugh Entrekin

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Symbol	Sentiment	Start	Return	Closed
TMA		04/09/08	+100.00%	--

Via Short Stock Ideas from Seeking Alpha:

Thornburg Mortgage (TMA) announced on March 31 completion of a new debt offering for $1.35 billion, which includes warrants to buy some 2.75 billion new common shares at 0.01/share; 47 million additional warrants issued to repo lenders and some 155 million more warrants to be issued to preferred shareholders, all with 0.01 exercise price. The bulk of the new warrants are tied to shareholder approval of an increase in total shares and buy back of the preferred at $5/ share. If either of these do not occur, debt interest rate stays at 18% and the debt holders get the benefit of a 7 year participation agreement that is structured as a strangle hold and essentially guarantees that any remaining capital will be paid to the debt holders and the company will be bankrupt.

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