Thornburg deal still not done

Thornburg has a temporary stand still arrangement with their creditors that hinges on their ability to raise a billion in capital. They tried to sell a convert and investors balked. Now they're trying to sell an 18% secured note due in 2015. They disclosed that one investor is taking down roughly half of it. If they don't get it done, we're probably due for another leg down on credit market woes.

The brokers are already telegraphing that something is still very wrong. Look at LEH.