Former Thornburg Mortgage's operating loss shrinks to $87,114 in May

By Caroline Salls

Pittsburgh, June 20 - TMST Inc., formerly Thornburg Mortgage, Inc., posted an $87,114 operating loss for May on $81,854 of interest income, according to its monthly operating report filed Wednesday with the U.S. Bankruptcy Court for the District of Maryland.

In comparison, TMST reported a $150,790 operating loss for April on zero interest income.

The net loss for May was $549,274, narrowing from a $670,656 April net loss.

The company listed $106.08 million in cash and cash equivalents as of May 31, down from $106.49 million at the end of April.

TMST is a Santa Fe, N.M.-based lender specializing in jumbo mortgages. It filed for bankruptcy on May 1, 2009 under Chapter 11 case number 09-17787.

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