The recently discovered thallium strontium cobaltite (1-delta)Sr(2)Co(
1-tau)(3+)Co(tau)(4+)O(5-epsilon) exhibits a structure closely related
to that of the Tl-1201 cuprate. It undergoes structural, magnetic and
metal insulator-transitions at room temperature. In the high temperat
ure metallic form carriers occupy a less than half filled o (x(2)-y(2
)) band and the three other unpaired electrons of the high spin Co3+ i
ons are localized. The resulting magnetic moments are coupled,led by s
trong ferromagnetic interactions ascribed to indirect exchange via iti
nerant electrons. The semiconducting behavior of the low temperature p
hase and the drop of magnetic susceptibility are attributed to a spin
equilibrium transferring electrons from the sigma (x(2)-y(2)) levels
into an e(g) (xz, yz) level in a D-4h symmetry.