First Magnus reports $1.1 million September net loss

By Jennifer Lanning Drey

Portland, Ore., Oct. 19 - First Magnus Financial Corp. reported a $1.1 million net loss on zero net revenues for September, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the District of Arizona.

In August, the company reported a $314,548 net loss, also on zero net revenues.

Cash on Sept. 30 was $4.5 million, compared with $6.5 million at the end of August.

First Magnus, a Tucson, Ariz., mortgage loan originator, filed for bankruptcy on Aug. 21. Its Chapter 11 case number is 07-10578.

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