Thornburg Mortgage Inc has gained court approval to auction the company's $11 billion mortgage servicing portfolio early 2010. According to court papers, Thornburg's trustee will accept bids for the servicing portfolio in January. Judge Keir has set a court hearing to approve the sale to the highest bidder for February 10. "The Trustee believes that a targeted sale process involving potential servicers of the Servicing Portfolio is most likely to achieve the highest and best price for the Servicing Portfolio," the trustee, Joel Sher said in court papers earlier this month.

Ike Kalangis resigned as a director of TMST Inc., formerly known as Thornburg Mortgage Inc., effective September 10, 2009. Larry A. Goldstone, the company's President and Chief Executive Officer, the company's principal executive officer, and a director of the company, resigned from each of his positions as an officer and director of the company, effective September 15, 2009. Clarence G. Simmons, III, the company's Senior Executive Vice President, Chief Financial Officer and Secretary, and the company's principal financial officer and principal accounting officer, resigned from each of his positions as an officer of the company, effective September 15, 2009. The Board appointed Anne-Drue M. Anderson as President and Treasurer of the company, effective September 15, 2009. Ms. Anderson will serve as the principal executive officer, principal financial officer and principal accounting officer of the company. Ms. Anderson will remain a director of the company, but will no longer be entitled to any compensation as a non-employee director. Ms. Anderson has been a director of the company since December 2003 and a member of the audit committee of the Board since 2004.

Thornburg Mortgage Inc. announced that on August 7, 2009, the company filed Articles of Amendment with the State Department of Assessments and Taxation of Maryland to change the Company's name to TMST Inc. Under the Amended and Restated Management Agreement dated as of January 16, 2009, and deemed effective April 30, 2008, Thornburg Mortgage Advisory Corporation has the right to request the Company to cease use of the name 'Thornburg' and to legally change the name of the Company to a name that does not include 'Thornburg' or any approximation thereof. Following the receipt of such a request from TMAC, the Company filed a motion with the United States Bankruptcy Court for the District of Maryland seeking approval to change its name. Such motion was granted by the Bankruptcy Court on July 27, 2009, and the name change became effective upon the acceptance for record of the Articles of Amendment by the State Department of Assessments and Taxation of Maryland.