Luminent’s Still in the Dark
A few weeks ago, we footnoted Luminent Mortgage Capital’s (LUM) silent 8-K detailing large retention bonuses for CEO Trez Moore and CFO Chris Zyda. Seems Luminent’s up to its same tricks. The company, whose stock is down a whopping 80% this year, put out a press release on Monday explaining that Zyda was stepping down from his post on December 31, 2007 because he was choosing not to relocate to Luminent’s new headquarters in Philadelphia. However, the related 8-K filed yesterday prompts more questions than answers.
For example, is Zyda considered to have terminated his employment for “Good Reason” and thus be entitled to the severance pay spelled out in his employment agreement? And why is Luminent’s incoming CFO, Karen Chang, still working on her MBA?
At least the Company did put a cap on the loan origination and related fees for which they would reimburse Chang for the loan on her new home in Philadelphia. If only Luminent could figure out the mortgage investment market as well as they seemed to have nailed down the origination market.