UPDATE 1-Official seeks trustee for Thornburg, CEO resigns

* Official seeks trustee or examiner for Thornburg

* CEO and CFO resign after "disagreement"

* Thornburg creditors received "whistle-blower" letter

By Emily Chasan

NEW YORK, Sept 16 (Reuters) - Two top Thornburg Mortgage Inc THMRQ.PK executives have resigned amid accusations that assets were misappropriated, as a federal official called for an independent trustee to manage the "jumbo" home loan provider's bankruptcy.

The U.S. Trustee who acts as a watchdog over bankruptcy cases in Maryland, W. Clarkson McDow Jr., filed court papers on Wednesday seeking the appointment of a Chapter 11 trustee to manage the Thornburg bankruptcy or an examiner "to conduct a broad investigation" into the company's affairs.

In making its request, the U.S. Trustee said that Thornburg's unsecured creditors committee had received an anonymous "whistle-blower" letter on Aug. 25, alleging that Thornburg's Chief Executive Larry Goldstone and Chief Financial Officer Clarence Simmons were "misappropriating" some of the company's payroll to help work on a new start-up company.

The company's official committee of unsecured creditors had filed a motion last week seeking to interview Goldstone and Simmons and obtain documents from SAF Financial Inc, an entity formed by Goldstone and Simmons days after Thornburg's bankruptcy filing "without prior disclosure." [ID:nN11460698]

A lawyer representing SAF declined to comment and would not say how Goldstone and Simmons could be reached.

RESIGNATIONS

Thornburg, which now goes by the name TMST Inc, was one of the largest casualties of the U.S. housing slump and credit crisis as its bankruptcy filing listed more than $24 billion in assets.

"Use of the Debtors' employees by its most senior officers to staff start-up aspects of a new and undisclosed company is, at its very best, strong evidence of incompetence and/or gross mismanagement," the U.S. Trustee said in court papers.

Thornburg said in a statement on Wednesday that Goldstone and Simmons have resigned, effective Sept. 15, "as a result of a disagreement between them and the Company with respect to policies concerning the allocation and use of resources, including employees," between Thornburg and the company.

The company also said that director Ike Kalangis had resigned his position.

Anne-Drue M. Anderson, who has been a director of the company since 2003, was appointed as president and treasurer of the company and will serve as the principal executive, the company said.

A status hearing on the U.S. trustee's request is scheduled for Monday in Baltimore.

The case is In re: TMST, Inc. U.S. Bankruptcy Court, District of Maryland, No. 09-17787.

(Reporting by Emily Chasan; Editing by Phil Berlowitz)