Former Thornburg Mortgage marks $171,078 operating loss for November

By Caroline Salls

Pittsburgh, Jan. 17 – TMST, Inc., formerly Thornburg Mortgage, Inc., posted a $171,078 operating loss for November on $62,553 in interest income, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the District of Maryland.

In comparison, TMST reported a $120,464 operating loss for October on $50,592 in interest income.

Net income for November was $967.09 million, improving significantly from a $363,641 October net loss.

The November net income included a $950.45 million gain on the extinguishment of debt, the report said.

The company had $77.11 million in cash and cash equivalents as of Nov. 30, up from $60.32 million at the end of October.

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

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