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Thornburg Mortgage Settlement Approval Sought

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Joel I. Sher, the Chapter 11 trustee assigned to the Thornburg Mortgage (nka TMST) case, filed with the U.S. Bankruptcy Court a motion for approval of a settlement and compromise of controversy between the trustee and Barclays Capital. The motion explains, “The settlement described in this motion and set forth in the Settlement Agreement resolves the Trustee’s claims against Barclays relating to one or more repurchase transactions entered into between Barclays and TMST in 2007, and margin calls and the liquidation of collateral in respect of such transactions.” The motion continues.” Subject to the terms and conditions of the settlement agreement, Barclays has agreed to pay the trustee $23 million in full and final satisfaction of any and all claims, demands, obligations, liabilities and causes of action, which could have been asserted in, arising out of or related to the allegations set forth in the complaint and/or the U.S. District Court action.

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