First Magnus posts $60.86 million October net loss

By Caroline Salls

Pittsburgh, Nov. 19 - First Magnus Financial Corp. reported a $60.86 million net loss for October on $42,423 in net revenues, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the District of Arizona.

In September, the company posted a $1.1 million net loss on zero net revenues.

Cash on Oct. 31 was $10.85 million, compared with $4.5 million at the end of September.

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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