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Thornburg Hastens To Liquidate In Complex Ch. 11

Law360 (May 6, 2009, 12:00 AM EDT) -- Granting several of Thornburg Mortgage Inc.'s first-day motions, a bankruptcy judge has agreed to treat the failed lender’s liquidation as a complex Chapter 11 case and otherwise expedite the proceedings.

Judge Duncan W. Keir of the U.S. Bankruptcy Court for the District of Maryland signed off Tuesday on numerous orders, approving the joint administration of the six bankruptcy filings and establishing limits for compensation to unpaid employees, among other measures.

Mortgage auditor Adfitech Inc., the sole performing unit the debtor seeks to sell rather than liquidate,...
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