Trustee Objects To Thornburg Asset Sale Termination

Law360, New York (August 10, 2009, 4:55 PM EDT) -- The U.S. trustee in Thornburg Mortgage Inc.'s Chapter 11 proceedings has objected to its motion to halt the sale process of mortgage auditor Adfitech Inc., saying it should not pay investment bank Houlihan Lokey for stopping work.

In an objection filed Monday in the U.S. Bankruptcy Court for the District of Maryland, U.S. Trustee W. Clarkson McDow Jr. protested the payment of almost $300,000 to Houlihan Lokey, as well as the release from liability sought by the debtors from “potentially unidentified causes of action by unidentified...
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