Anthracite Tries To Save Itself; Shares Pop

Shares of Anthracite Capital, a real-estate investment trust teetering on the brink of insolvency, gave whatever shareholders it still has a tiny glint of hope Tuesday.

Its shares bounced as much as 16%.

Inside its quarterly earnings report, the company said it's negotiating with its secured lenders -- Bank of America(BAC Quote), Deutsche Bank(DB Quote) and Morgan Stanley(MS Quote) -- to restructure its debt in a last-ditch effort to save itself. If the talks fail and Antracite defaults, it will set off a chain-reaction of cascading covenant breaches that will put it out of business and most likely send it into liquidation. ...