TMST requests court approval to sell $10.4 million of mortgage loans

By Alice Popovici

New York, Aug. 20 - TMST, Inc. asked the court for authorization to sell a portfolio of 11 mortgage loans in a competitive bid sale, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Maryland.

The loans are owned by a subsidiary of the company, and have a principal balance of approximately $10.4 million, according to the motion.

All potential bidders will be required to pay a $500,000 deposit and submit a confidentiality agreement and signed purchase agreement. An expense reimbursement of $5,000 will be paid to qualified bidders who are not selected.

TMST, formerly Thornburg Mortgage, Inc, is a Santa Fe, N.M., lender specializing in jumbo mortgages. The company filed for bankruptcy on May 1 and its Chapter 11 case number is 09-17787.

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