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Non-Tech : Bill Wexler's Trading Cabana -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (2567)	8/10/2007 3:49:40 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 6370

Ugh, gLUM! More difficult to buy into that... AP Luminent Delays Quarterly Report for 2Q Friday August 10, 3:25 pm ET Luminent Mortgage Capital Delays Filing 2nd-Quarter Financial Report Due to Liquidity Issues NEW YORK (AP) -- Luminent Mortgage Capital Inc. said Friday it is delaying its financial report for the June quarter after a loss of liquidity from disruptions in the secondary mortgage market. In a Securities and Exchange Commission filing, the real estate investment trust, which focuses mainly on mortgage-backed securities, said the secondary market for mortgage loans and mortgage-backed securities "has effectively seized-up" since Aug. 3. As a result, Luminent has increased its dependence on short-term financing and has little cash on hand to meet requests by creditors to put up more collateral. The company said it is delaying the filing of its quarterly report until a full assessment on the impact of its liquidity issues, including the impact on the company's ability to continue operations, has been conducted. Luminent shares shot up 34 cents, or 40 percent, to $1.19 in afternoon trading. Shares have traded between 36 cents and $10.84 in the past 12 months.