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Friday, March 7, 2008

Thornburg (TMA) going down for third and final time

Thornburg on the tape saying they miscalculated their asset values and need to take a 420mm impairment charge. They will be in default of everything now and their financial statements are incorrect. They got 1.77 bil of margin calls and made 1.1 bil of them. There's a standstill with 4 lenders till close of business today.

Bankruptcy by Monday morning?

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