June 2, 2009
Luminent set to emerge
Luminent Mortgage Capital Inc., which filed for Chapter 11 bankruptcy relief last year, recently won confirmation of its reorganization plan from the United States Bankruptcy Court for the District of Maryland in Baltimore. Luminent used to operate as a publicly traded REIT that primarily invested in prime mortgage loans, but under the confirmed plan, it will convert to a private asset management company that is owned by prepetition and debtor-in-possession lender Arco Capital Corp. Ltd., other creditors and company executives.
Peter Partee, Michael Wilson, Richard Norton, Scott Bernstein, Jack Molenkamp and Thomas Jamerson are debtor's counsel.