Looks like TMA raised the money afterall....

[itrader]

Hi fellow OTFer's,

Those who own shares in TMA, here is some news (sounds like good news). Follow this link below that I found on Yahoo message board. I'm an illiterate when it comes to all the lingo in the link below, but it very much sounds like TMA has raised money.

http://www.sec.gov/Archives/edgar/data/892535/000119312508064239/dex101.htm

Lemme know if this link translates to money raised in plain English.

-iT

[MrSer]

The stock is still a pile of crap imo.

[Thunderbolt]

Beware, the Yahoo message boards are riddled with Pump and Dumpers, Bashers, and other various troublemakers.

[crazyfinx]

sorry to burst your bubble but that sec filing is dated March 24th, it is old news, it is what we've been hearing for TMA for the last 2 days- nonetheless I think they did pull it off and raised the 1.35b-otherwise they would have filed for BK today- it would not be logical to wait another day to file for BK and risk more margin calls- good luck to all 8)

[sealatte]

stock hasn't move up big last few days. its losing it's fire...

[crazyfinx]

looks like an extension was just announced - jumped .05 to 1.58

[aiki14]

So they amended their bylaws to allow for investors to hold unlimited shares, I can't believe this is the big news they promised at 5pm EDT, but the extended hours price is 1.63 now with a B/A of 1.63 by 1.6. We'll see if there is anything else.

[microhedge]

which in truth bodes well for the upcoming news...

why bother amending the by-laws to include this provision if the death knell was tolling?

[aiki14]

Agreed why make the limit higher if an investor wasn't already in the bag, so to speak.

[microhedge]

as of 17:49

NEW YORK (Dow Jones)--Thornburg Mortgage Inc. (TMA) may be forced to sweeten the terms yet again on a crucial financing that is central to its very survival. An investor involved in the company's efforts to raise $948 million said it appears Thornburg added more equity kickers to the bond offering to ensure that the transaction attracted enough buyers. The investor said that, according to the earlier terms, the financing would have increased the number of shares Thornburg has outstanding to about two billion from nearly 172 million. Under current terms, the number is closer to three billion. This figure may still change amid last minute tweaks to the deal. On Friday, the residential-finance company bought more time from bank lenders as it raced to complete its second fund-raising attempt in a week. The real-estate investment trust, which specializes in making large mortgages to people with good credit, said it extended by one day, to 5:00 p.m. EDT Friday, the deadline for a capital-raising requirement crucial to its survival. "The deal, if consummated, comes at an exorbitant cost to existing stock investors and debt holders," said Sean Egan, managing director at Egan-Jones Ratings Co., an independent credit-rating firm. "The shareholders are faced with massive dilution." Initially, Thornburg's lenders had given the company a week, until Thursday, to raise $948 million or risk losing funding. As of Tuesday, Thornburg was halfway toward reaching the goal, thanks to a commitment by a distressed-debt investor to buy $450 million of a $1.35 billion offering of bonds. The bonds offer attractive terms, such as paying 18% interest initially, and give investors an opportunity to own at least 90% of the company, according to a March 25 filing with the Securities and Exchange Commission. A company spokeswoman declined multiple requests for comment. The bonds are spoken for but the offering has yet to close, said the investor, with some paperwork pending. Thornburg shares jumped 11.49%, or 17 cents, to $1.65 in 4 p.m. New York Stock Exchange composite trading. This fund-raising effort comes after the company's first attempt to raise badly needed capital failed earlier this week. Last week, Thornburg announced it would offer $1 billion in convertible securities, but it scrapped that plan this week due to weak demand from investors. The funding problem for Thornburg, which is based in Santa Fe, N.M., underscores the challenges facing financial firms that don't take deposits at a time when the credit-market turmoil has severely curtailed access to capital. Unlike subprime lenders - those catering to people with poor credit - Thornburg has prided itself on a low default rate and a $35 billion adjustable-rate-mortgage portfolio of mostly high-quality assets. Still, the company's reliance on borrowed money to generate returns has made it vulnerable to short-term market gyrations. In its regulatory filing Tuesday, Thornburg disclosed that two investment vehicles owned by MatlinPatterson Global Advisers LLC, a private equity and hedge fund specializing in distressed debt, agreed to buy $450 million of the bonds. Under terms of the offering, Thornburg will pay an initial interest rate of 18%, which will drop to 12% if certain conditions are met. Investors in the bonds also will receive warrants to purchase Thornburg's common shares for a penny a share. Without the new capital, Thornburg said in a separate regulatory filing last week, it would be forced to sell its remaining mortgage assets, and the sale proceeds likely wouldn't be enough to repay its lenders. That prospect, it said, "may cause us to have to seek bankruptcy protection."

[aiki14]

Saw that, it looks dilutive to say the least, shares down to 1.53, well see if the final opinion is as grim. In the time It took me to type this it's at 1.50

[aiki14]

shot down to 1.17 and now heading the other way.

[itrader]

Its really boring waiting for a PR on a Friday night with your heart almost in your hands..

-iT

[itrader]

UPDATE 1-Thornburg gets extension to raise capital
Fri Mar 28, 2008 10:40pm EDT


NEW YORK, March 28 (Reuters) - Thornburg Mortgage Inc (TMA.N: Quote, Profile, Research), a struggling "jumbo" home loan provider, said on Friday that it has received an extension through the end of the month to raise nearly $1 billion of capital to keep five lenders at bay and avert a possible bankruptcy filing.

Earlier this month the company hammered out a 364-day agreement with five of its lenders, which calls for Thornburg to raise a minimum of net proceeds of $948 million in new capital. The original agreement announced on March 19 called for Thornburg to raise the nearly $1 billion within seven business days.

The Santa Fe, New Mexico-based company had previously said its survival was in question after being unable to meet lender demands for more than $600 million of cash or collateral.

Thornburg said the new, 364-day agreement with affiliates of Bear Stearns Cos (BSC.N: Quote, Profile, Research), Citigroup Inc (C.N: Quote, Profile, Research), Credit Suisse Group (CSGN.VX: Quote, Profile, Research), Royal Bank of Scotland Group Plc (RBS.L: Quote, Profile, Research) and UBS AG (UBSN.VX: Quote, Profile, Research) would reduce margin requirements and free it from further margin calls and other obligations. It said the lenders were providing about $5.8 billion of financing.

The company has said it planned to do so by selling at least $1 billion of subordinated notes that carry a 12 percent interest rate and are convertible into stock at 75 cents per share.

Thornburg also plans to issue warrants to the lenders to buy 47 million shares, and to suspend its dividend for a year.

Thornburg specializes in adjustable-rate mortgages of more than $417,000, which typically go to buyers of more expensive homes. Many investors stopped buying these loans as credit markets tightened. Until recently, mortgage financiers Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research) also could not buy them. (Reporting by Ilaina Jonas and Jonathan Stempel; Editing by Alex Richardson)


Link for above news: http://www.reuters.com/article/marketsNews/idUKN2831019620080329?rpc=44

-iT

[Cscott]

Hmmm I hope this means good news ....finally



SANTA FE, N.M., Mar 28, 2008 (BUSINESS WIRE) -- Thornburg Mortgage, Inc. (TMA (http://www.marketwatch.com/quotes//tma): Thornburg Mortgage Asset Corp
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http://www.marketwatch.com/tpx/storyquotetip.tpx?random=0.7956292342744635TMA (http://www.marketwatch.com/tools/quotes/quotes.asp?symb=TMA) 1.65, +0.12, +7.9%) announced today that the company has received an extension through March 31, 2008, for the Override Agreement that the company had announced on March 19, 2008 whereby the company agreed to raise a minimum of net proceeds of $948 million in new capital as part of the 364-day agreement the company entered into with five of its remaining reverse repurchase agreement counterparties and their affiliates to provide approximately $5.8 billion of reverse repurchase agreement financing. These counterparties have agreed to both a contractual reduction of margin requirements for financing the company's mortgage securities and a suspension of their rights to invoke further margin calls and related rights under their reverse repurchase agreements, global master securities lending agreements and auction swap agreements subject to certain covenants and conditions discussed in the company's March 19, 2008, press release announcing the agreement.