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Luminent Bankruptcy

This company has refused to talk to investors since summer of 2007 when they suddenly cancelled their dividend. They,in SEC required filings said they were considering a reverse split into an LLC with the dividend to be paid in-kind. They strung the investors... read more
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This company has recently filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

Headquartered in San Francisco, California, Luminent Mortgage Capital, Inc. (LUM) is an asset management company that operates as a real estate investment trust (REIT). Incorporated in April 2003, the company primarily engages in investments in prime whole loans, US agency and other highly-rated, single-family, adjustable-rate, hybrid adjustable-rate and fixed-rate mortgage-backed securities acquired in the secondary market. The company also invests in residential mortgage loans and securitizes them. In addition, LUM invests in MBS with credit ratings below AAA. The company also generates fee income from managing mortgage back securities for other companies or institutions.



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