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Strategies & Market Trends : Picks of the quarter
ATHR 6.150-0.5%Jan 9 9:30 AM EST
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To: Susan Saline who wrote (5656)4/8/2008 8:28:08 AM
From: Patrick Slevin  Read Replies (1) of 20435
 
Thornburg isn't too big to fail.

However I did see this potential out for them posted elsewhere, slightly updated;

No, they can avoid bankruptcy with the following plan:

1) Buy out Bear Stearns for $10.01 per share
2) Swap out all its worthless Mortgage paper to Bear Stearns
3) Use Bear Stearns to gain access to the Discount Window which is now open to primary dealers
4) Borrow money from the Fed's Discount Window at a low rate
5) Use Bear Stearns to participate in the next Term Auction Facility at the Federal Reserve to tender in its Mortgage Papers in exchange for Treasury.
6) Transfer all the Discount Window money and Treasury notes back to Thornburg Mortgage to complete the swap.
7) Now Thornburg has cash on its books and solid assets on its balance sheet in form of Govt Treasuries.
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