Weekend Filings

Just an update on a few late Friday afternoon filings...

Thornburg Mortgage (TMA) entered into a consent with the majority participants in the Override Agreement to change the requirement that a successful tender offer for the preferred stock from at least 90% to 66 2/3% of the Company's outstanding preferred stock. Thornburg has until September 30, 2008 to convince two-thirds of preferred shareholders to tender their shares in return for $5.00/share and 3.5 common shares.

Impac Mortgage (IMH) received a second notice from NYSE Regulation Inc. that the Company was not in compliance with NYSE continued listing standards relating to maintaining a consecutive thirty day average closing stock price of over $1.00 per common share. The Company has notified NYSE Regulation that it intends to submit plans within the required 10 day period to address the price deficiency. NYSE Regulation will consider the Company's plans as part of its continued listing assessment and make a determination regarding the expected course of action, which may include truncating the procedures applicable in cases of share price non-compliance or immediately initiating suspension and delisting procedures.

Luminent Mortgage Capital (LUMC.OB) noted that Arco, Luminent's primary repurchase agreement lender, declared an event of default after Luminent failed to meet a margin call. Arco is demanding immediate payment by the Company of the aggregate repurchase price of $182.6 million. While not included in the filing, Luminent is likely to seek Chapter 11 protection as a result of multiple debt defaults.