TMST Gets $96M For Sale Of $11B Loan Portfolio

By Nick Malinowski

Law360, New York (February 17, 2010, 6:23 PM ET) -- Bankrupt real estate investment firm TMST Inc., formerly known as Thornburg Mortgage Inc., has won court approval to sell off its $11 billion mortgage-servicing portfolio to Select Portfolio Servicing Inc. for $96 million, over objections by the plaintiffs in a securities class action against the company.

Following a hearing on the matter Tuesday, Judge Duncan W. Keir of the U.S. Bankruptcy Court for the District of Maryland signed off on the sale, which nets the lender TMST's largest remaining asset.

SPS' winning bid for the package...
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