Adfitech (PINK:ADFT)

We are taking a serious look at Adfitech Inc., the nation's leading mortgage processor.

"Adfitech is a subsidiary of Thornburg Mortgage Inc (THMRQ.PK), once one of the largest providers of "jumbo" home loans before it filed for bankruptcy in May 2009 with assets and debts of around $24 billion.:

"Thornburg, now known as TMST Inc, originally sought buyers for Edmond, Oklahoma-based Adfitech, a profitable business that provides outsourced services to the mortgage industry."

"Creditors were unhappy with the prices offered for the business and stopped the sale. They instead sought to have the business brought out of bankruptcy and the ownership transferred to holders of Thornburg's senior notes."

We like that ADFT was a profitable arm of Thornburg Mortgage. It now trades separately and may give investors a compelling investment opportunity. We will place ADFT on the GeoSpecial on the Radar List as we perform our due diligence.

Source: Reuters