View Full Version : LUM mortage stock
Back in LUM as mortage stocks are getting alot of action in this ugly market
got out of TARR @ 3.00 when it started to turn down
not a bad trade for the market being crap today http://onlinetradersforum.com/styles/default/xenforo/clear.png
LUM news up a little in pre---
AP
Luminent Cuts Senior Executive Position
Friday September 7, 6:00 pm ET
Luminent Mortgage Capital Cuts Senior Exec Position, Provides Retention Bonuses for Others
NEW YORK (AP) -- Luminent Mortgage Capital Inc., a real estate investment trust that has taken drastic steps to stay afloat amid the mortgage shakeout, disclosed Friday it is letting go of a senior executive amid a broader round of cuts.
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Senior Vice President and Chief Credit Officer Eleanor Cornfeld Melton's job is one of 14 positions the company is eliminating as part of a "strategic downsizing," Luminent said in a filing with the Securities and Exchange Commission.
On Aug. 31, the REIT agreed to pay Melton "a retention bonus" of $91,623 during her final month of employment, which ends Sep. 30, according to the filing.
The other positions being cut were not named. A spokesman for the company declined to comment.
Like most companies involved in the mortgage market, Luminent has been stung by tightening credit conditions stemming from home loans made to people with bad credit. Dozens of mortgage companies have gone bankrupt, while others have slashed the size of their work forces.
Last month, the company agreed to sell off a majority stake at a discount to Arco Capital Corp. because it was hurting for cash.
In its filing Friday, Luminent also disclosed that it agreed to pay retention bonuses of $1 million to President and CEO S. Trezevant Moore Jr., and $750,000 to Senior Vice President and Chief Financial Officer Christopher J. Zyda.
"The purpose of these bonuses is to incentivize Mr. Moore and Mr. Zyda to remain in our employ through December 31, 2007 in light of the unprecedented conditions affecting the mortgage industry ... and for their efforts in managing the company during this period," the company said in the SEC filing.
In addition, the company said its chairman, Gail Seneca, has agreed to forego all future compensation still due to her.
Luminent shares jumped 8 cents, or 6.5 percent, to $1.32 in after-hours trading.
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