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Thornburg Watch

Corey Pein has good cause to gloat over his scoops for the Reporter: Thornburg “Misappropriation”? and Feds Claim ‘Gross Mismanagement’ At Thornburg — Or ‘Incompetence’ At Best. Numerous shareholder suits have been filed accusing the principals of Thornburg Mortgage of mismanaging the company, which is enmeshed in one of the largest corporate bankruptcies ever. Now two of them, Larry A. Goldstone and Clarence G. Simmons III, are suspected by Federal officials of mismanaging the bankruptcy for their own benefit. The details are in a motion (available on the Reporter’s website) asking for the appointment of a trustee to protect Thornburg’s creditors. Incidentally the $8,000 I invested in Thornburg stock is now down to $6, while Mr. Goldstone is still receiving $188,000 a month from the bankrupt company. (Please see the impressively researched piece Mr. Pein wrote earlier this month about Santa Fe’s richest people.)

George Johnson
The Santa Fe Review