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Published on 8/7/2008 in the Prospect News Distressed Debt Daily and Prospect News Special Situations Daily.

Luminent ISDA counterparty demands $1.3 million payment after default

By Caroline Salls

Pittsburgh, Aug. 7 - A Luminent Mortgage Capital, Inc. counterparty has declared an event of default and demanded payment of $1.3 million on an International Swaps and Derivatives Association master agreement, citing the company's alleged failure to transfer eligible collateral, according to an 8-K filed by the Securities and Exchange Commission.

Luminent said the counterparty has exercised its right to terminate the ISDA master agreement.

The counterparty is also demanding payment of out-of-pocket expenses incurred in connection with the early termination, according to the filing.

Luminent is a San Francisco-based real estate investment trust that invests in mortgage-backed securities and loans.


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