Luminent Cites 'Triggering Event' for Notes

Luminent Mortgage Capital Inc., a real estate investment trust based in Philadelphia, says a triggering event has occurred under the indenture agreement for its convertible senior notes. The event is related to the delisting of Luminent's common stock by the New York Stock Exchange on May 3. The delisting of the stock by NYSE for 30 consecutive trading days constitutes a triggering event, Luminent said. The holders of the $90 million in convertible senior notes may surrender their notes for conversion. The company's common stock currently trades on the over-the-counter bulletin board. On June 16, the common stock closed at $0.20 per share. At the end of March, Luminent announced plans to convert from a REIT to a publicly traded partnership. The company can be found online at http://www.luminentcapital.com.