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Thornburg Mortgage Enters Ch. 11, Starts Liquidation

Law360 (May 1, 2009, 12:00 AM EDT) -- A month after announcing plans to enter bankruptcy, beleaguered mortgage lender Thornburg Mortgage Inc. has filed for Chapter 11 protection with an eye toward liquidation.

In a petition filed Friday in the U.S. Bankruptcy Court for the District of Maryland, Thornburg revealed its intention to sell off one performing unit, mortgage auditor and servicer Adfitech Inc., and to liquidate the rest of its holdings.

The Santa Fe, N.M.-based real estate investment trust cited the collapse of the real estate market as the reason for its demise....
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