Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TMST, Inc. | d8k.htm |
Exhibit 99.1
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. (1) | CASE NUMBER: | 09-17787 |
OFFICE OF THE UNITED STATES TRUSTEE - BALTIMORE DIVISION
MONTHLY OPERATING REPORT
CHAPTER 11
BUSINESS DEBTORS
Form 2-A
COVER SHEET AND QUESTIONNAIRE
For Period Ended January 31, 2011
Accounting Method: xAccrual Basis ¨Cash Basis
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| THIS REPORT IS DUE 20 DAYS AFTER THE END OF THE MONTH |
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| Mark One Box for Each Required Document: |
Debtor must attach each of the following reports/documents unless the U. S. Trustee has waived the requirement in writing. File the original with the Clerk of Court. Submit a duplicate, with original signature, to the U. S. Trustee. | |||||
| Report/Document |
Previously |
REQUIRED REPORTS/DOCUMENTS |
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| x | ¨ | 1. Cash Receipts and Disbursements Statement (Form 2-B) |
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| x | ¨ | 2. Balance Sheet (Form 2-C) |
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| x | ¨ | 3. Profit and Loss Statement (Form 2-D) |
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| x | ¨ | 4. Supporting Schedules (Form 2-E) |
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| x | ¨ | 5. Disbursements Summary (Form 2-F) |
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| ¨ | x | 6. Narrative (Form 2-G) |
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| x | ¨ | 7. Bank Statements for All Bank Accounts (See Exhibit A) |
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| x | ¨ | 8. Bank Statement Reconciliations for all Bank Accounts (See Exhibit A) |
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| QUESTIONNAIRE | Yes | No | ||||||
| Please answer the questions below: | ||||||||
| 1. Is the business still operating? | X |
(2) |
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| 2. Were any assets (other than inventory) sold this month? |
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X |
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| 3. Were all employees timely paid this month? | X |
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| 4. Are all insurance policies and operating licenses current and in effect? | X |
(3) |
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| 5. Did you open any new bank accounts this month? |
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X |
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| 6. Did you deposit all receipts into your DIP account this month? | X |
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| 7. Have all taxes been timely paid (payroll, sales, etc.)? | X |
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| 8. Are you current on U.S. Trustee quarterly fees payments? | X |
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I declare under penalty of perjury that the following Monthly Operating Report, and any statements and attachments thereto are true, accurate and correct to the best of my belief.
| Executed on: February 22, 2011 | Print Name: | Joel I. Sher |
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| Signature: | /s/ Joel I. Sher |
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| Title: | Chapter 11 Trustee |
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| (1) | Includes the following Debtors: TMST, Inc. f/k/a Thornburg Mortgage, Inc. (Case No. 09-17787), TMST Home Loans, Inc. f/k/a Thornburg Mortgage Home Loans, Inc. (Case No. 09-17791), TMST Hedging Strategies, Inc. f/k/a Thornburg Mortgage Hedging Strategies, Inc. (Case No. 09-17792), and TMST Acquisition Subsidiary, Inc. f/k/a Thornburg Acquisition Subsidiary, Inc. (Case No. 09-17790). The Adfitech, Inc. Monthly Operating Report is filed separately under Case No. 09-17788. |
| (2) | The Chapter 11 Trustee is in the process of winding-up all operations. |
| (3) | TMST Home Loans, Inc. is currently in the process of withdrawing state licenses due to the sale of the Servicing Portfolio. |
Rev. 4/2008
Page 1 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT (1)
For Period: 1/1/2011 to 1/31/2011
CASH FLOW SUMMARY
| Current Month |
Accumulated | |||||||
| Beginning Cash Balance |
$ | 113,716,122 | (2) | $ | 16,847,967 | (2) | ||
| 2. Cash Receipts |
||||||||
| Operations |
122,898 | 27,348,586 | ||||||
| Sale of Assets |
— | 80,041,433 | ||||||
| Loans/advances |
— | 18,364,080 | ||||||
| Other |
— | 21,873,472 | ||||||
| Total Cash Receipts |
$ | 122,898 | $ | 147,627,571 | ||||
| 3. Cash Disbursements |
||||||||
| Operations |
2,463,999 | 20,058,530 | ||||||
| Debt Service/Secured loan payment |
— | — | ||||||
| Professional fees/U.S. Trustee fees |
960,984 | 15,477,971 | ||||||
| Other |
18,525,000 | |||||||
| Total Cash Disbursements |
$ | 3,424,983 | $ | 54,061,501 | ||||
| 4. Net Cash Flow (Total Cash Receipts less |
||||||||
| Total Cash Disbursements) |
(3,302,085 | ) | 93,566,070 | |||||
| 5. Ending Cash Balance (to Form 2-C) |
$ | 110,414,037 | (3) | $ | 110,414,037 | (3) | ||
CASH BALANCE SUMMARY
| Account Name/Number |
Institution |
Bank Balance |
Deposits In Transit |
Outstanding Checks |
Book Balance |
|||||||||||||
| xxxxxxx2822 | New Mexico Bank & Trust | $ | 10,051,759 | — | $ | 21,410 | $ | 10,030,349 | ||||||||||
| xxxxxxx0805 | J.P. Morgan | — | — | — | — | |||||||||||||
| xxxxxxx1807 | New Mexico Bank & Trust | 5,520 | — | — | 5,520 | |||||||||||||
| xxxxxxx2954 | New Mexico Bank & Trust | 59,874 | — | 1,505 | 58,369 | |||||||||||||
| xxxxxxx2989 | New Mexico Bank & Trust | 5,188 | — | — | 5,188 | |||||||||||||
| xxxxxxx5856 | New Mexico Bank & Trust | 446,393 | — | — | 446,393 | |||||||||||||
| xxxxxxx2842 | New Mexico Bank & Trust | 3,982,667 | — | — | 3,982,667 | |||||||||||||
| xxxxxxx9638 | The Bank of New York Mellon | 1,002 | — | 1,002 | ||||||||||||||
| xxxxxxx9639 | The Bank of New York Mellon | — | — | — | — | |||||||||||||
| xxxxxxx0989 | Bank of America | 95,884,548 | — | — | 95,884,548 | |||||||||||||
| $ | 110,436,952 | $ | — | $ | 22,913 | $ | 110,414,037 | (3) | ||||||||||
| (1) | The term “cash” as used herein includes all forms of currency (e.g., checks, cash, money orders, etc.) |
| (2) | Accumulated beginning cash balance is the cash available at the commencement of the case. Current month beginning cash balance equals the previous month’s ending balance. |
| (3) | Current Month, Accumulated, and Book cash balances are the same. |
Page 2 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH DISBURSEMENTS DETAIL | Account No: xxxxxxx2822 | |
| (attach additional sheets as necessary) |
| Date |
Check No. | Payee |
Description (Purpose) |
Amount | ||||||||
| 1/3/2011 | WIRE | Level 1 Loans, Inc. | Professional services |
$ | 10,889 | |||||||
| 1/3/2011 | WIRE | Tydings & Rosenberg LLP | Professional services |
11,788 | ||||||||
| 1/3/2011 | WIRE | Quinn Emanuel Urquhart Oliver & Hedges LLP | Professional services |
10,605 | ||||||||
| 1/3/2011 | WIRE | Goldin Associates, LLC | Professional services |
207,353 | ||||||||
| 1/3/2011 | WIRE | Shapiro Sher Guinot & Sandler | Professional services |
198,595 | ||||||||
| 1/3/2011 | WIRE | KPMG LLP | Professional services |
11,644 | ||||||||
| 1/5/2011 | WIRE | Credit Suisse International | Transfer of mortgage servicing rights |
578,876 | ||||||||
| 1/6/2011 | 7265 | Iron Mountain Information Management | Document Storage |
914 | ||||||||
| 1/6/2011 | 7266 | FedEX | Shipping |
354 | ||||||||
| 1/6/2011 | 7267 | Bravo Technical Resources | Contract Services |
6,800 | ||||||||
| 1/6/2011 | 7268 | Moving Solutions | Office Move |
669 | ||||||||
| 1/6/2011 | 7269 | LuciData, Inc. | Contract Services |
32,978 | ||||||||
| 1/6/2011 | 7270 | Contract Employee | Contract Services |
1,300 | ||||||||
| 1/6/2011 | 7271 | FrontBridge Technologies, Inc. | Microsoft Exchange Hosted Services |
2,575 | ||||||||
| 1/6/2011 | 7272 | Dell | Information Services |
9,810 | ||||||||
| 1/6/2011 | 7273 | Epiq Bankruptcy Solutions, LLC | Professional services |
8,016 | ||||||||
| 1/6/2011 | 7274 | AT&T TeleConferenceServices | TeleConference Service |
11 | ||||||||
| 1/6/2011 | 7275 | Corporation Service Company | Delaware Statutory Representation |
313 | ||||||||
| 1/12/2011 | WIRE | ADP Inc. | Payroll - Direct deposits |
26,454 | ||||||||
| 1/13/2011 | WIRE | ADP, Inc. | Payroll taxes |
16,055 | ||||||||
| 1/18/2011 | 7276 | First Interstate Plaza | Office Lease Deposit |
5,337 | ||||||||
| 1/18/2011 | 7277 | First Interstate Plaza | Office Lease_Rent |
5,337 | ||||||||
| 1/20/2011 | 7278 | Len’s Computer Supplies | Information Services |
9,800 | ||||||||
| 1/20/2011 | 7279 | Thornburg Investment Management | Postage |
32 | ||||||||
| 1/20/2011 | 7280 | RR Donnelley Receivables, Inc | EDGAR Filings |
2,360 | ||||||||
| 1/20/2011 | 7281 | FedEX | Shipping |
288 | ||||||||
| 1/20/2011 | 7282 | TMST Employee | Expense reimbursement |
134 | ||||||||
| 1/20/2011 | 7283 | TMST Employee | Expense reimbursement |
4 | ||||||||
| 1/20/2011 | 7284 | TMST Employee | Expense reimbursement |
76 | ||||||||
| 1/20/2011 | 7285 | TMST Employee | Expense reimbursement |
9,986 | ||||||||
| 1/20/2011 | 7286 | LuciData, Inc. | Contract Services |
294 | ||||||||
| 1/20/2011 | 7287 | Bravo Technical Resources | Contract Services |
1,846 | ||||||||
| 1/20/2011 | 7288 | Iron Mountain Information Management | Document Storage |
1,553 | ||||||||
| 1/20/2011 | 7289 | Hotel Santa Fe | Contract Services |
456 | ||||||||
| 1/20/2011 | 7290 | AccessData | Information Services |
2,520 | ||||||||
| 1/20/2011 | 7291 | AT&T TeleConferenceServices | TeleConference Service |
45 | ||||||||
| 1/20/2011 | 7292 | U.S. Trustee | BK court fees |
9,750 | ||||||||
| 1/20/2011 | 7293 | TMST Employee | Expense reimbursement |
109 | ||||||||
| 1/20/2011 | 7294 | U.S. Trustee | BK court fees |
325 | ||||||||
| 1/24/2011 | WIRE | Goldin Associates, LLC | Professional services |
209,229 | ||||||||
| 1/24/2011 | WIRE | Tydings & Rosenberg LLP | Professional services |
7,989 | ||||||||
| 1/24/2011 | WIRE | Quinn Emanuel Urquhart Oliver & Hedges LLP | Professional services |
3,025 | ||||||||
| 1/24/2011 | WIRE | Shapiro Sher Guinot & Sandler | Professional services |
281,692 | ||||||||
| 1/25/2011 | 7295 | Networking Tech | Information Services |
3,911 | ||||||||
| 1/25/2011 | WIRE | Credit Suisse International | Transfer of mortgage servicing rights |
45,586 | ||||||||
| 1/25/2011 | WIRE | RBS/Greenwich | Transfer of mortgage servicing rights |
1,554,162 | ||||||||
| 1/27/2011 | 7296 | tw telecom | Information Services |
419 | ||||||||
| 1/27/2011 | WIRE | ADP Inc. | Payroll - Direct deposits |
25,491 | ||||||||
| 1/28/2011 | WIRE | ADP, Inc. | Payroll taxes |
14,859 | ||||||||
| 1/28/2011 | WIRE | TBConsulting | Contract Services |
85,655 | ||||||||
| Total Cash Disbursements | $ | 3,418,266 | (1) | |||||||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 3 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH RECEIPTS DETAIL | Account No: xxxxxxx2822 | |
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||
| 1/5/2011 | Cenlar | Investor P43 P&I Remittance Dec 2010 |
$ | 62,428 | ||||
| 1/5/2011 | Cenlar | Investor Z43 P&I Remittance Dec 2010 |
47,735 | |||||
| 1/14/2011 | TMST Employee | Expense reimbursement |
71 | |||||
| 1/25/2011 | Wells Fargo Bank | Credit Risk Advisor Fee |
374 | |||||
| 1/25/2011 | Wells Fargo Bank | Credit Risk Advisor Fee |
905 | |||||
| 1/25/2011 | US Bank | Credit Risk Advisor Fee |
602 | |||||
| 1/25/2011 | Wells Fargo Bank | Reinvestment Income |
171 | |||||
| Total Cash Receipts | $ | 112,288 | (1) | |||||
| (1) | Total for all accounts should agree with total cash receipts listed on Form 2-B, page 2 |
Page 4 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH DISBURSEMENTS DETAIL | Account No: xxxxxxx2954 | |
| (attach additional sheets as necessary) |
| Date |
Check No. | Payee |
Description (Purpose) |
Amount | ||||||||
| 1/6/2011 | 15530 | Pepper Hamilton LLP | Professional services |
$ | 3,089 | |||||||
| 1/20/2011 | 15531 | MIDCON Data Services LLC | Document Storage |
2,065 | ||||||||
| 1/20/2011 | 15532 | Pepper Hamilton LLP | Professional services |
289 | ||||||||
| 1/20/2011 | 15533 | U.S. Trustee | BK court fees |
650 | ||||||||
| 1/20/2011 | 15534 | U.S. Trustee | BK court fees |
325 | ||||||||
| Total Cash Disbursements | $ | 6,418 | (1) | |||||||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 5 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH RECEIPTS DETAIL | Account No: xxxxxxx2954 | |
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||
| 1/6/2011 | State | Tax Refund |
$ | 737 | ||||
| 1/14/2011 | State of Minnesota | Tax Refund |
100 | |||||
| Total Cash Receipts | $ | 837 | (1) | |||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 6 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH RECEIPTS DETAIL | Account No: xxxxxxx0805 | |
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||
| Total Cash Receipts |
$ | 0 | (1) | |||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 7 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH DISBURSEMENTS DETAIL | Account No: xxxxxxx2989 | |
| (attach additional sheets as necessary) |
| Date |
Check No. | Payee |
Description (Purpose) |
Amount | ||||||||
| 1/7/2011 | ACH | ADP Financial Services | Payroll processing |
$ | 97 | |||||||
| 1/21/2011 | ACH | ADP Financial Services | Payroll processing |
134 | ||||||||
| 1/28/2011 | ACH | ADP Financial Services | Payroll processing |
69 | ||||||||
| Total Cash Disbursements | $ | 300 | (1) | |||||||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 8 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH RECEIPTS DETAIL | Account No: xxxxxxx5856 | |
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||
| Total Cash Receipts | $ | 0 | (1) | |||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 9 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH RECEIPTS DETAIL | Account No: xxxxxxx1807 | |
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amountt | |||||
| 1/31/2011 | New Mexico Bank & Trust | Interest Paid |
$ | 0 | ||||
| Total Cash Receipts | $ | 0 | (1) | |||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 10 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH RECEIPTS DETAIL | Account No: xxxxxxx2842 | |
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||
| Total Cash Receipts | $ | 0 | (1) | |||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 11 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH DISBURSEMENTS DETAIL | Account No: xxxxxxx0989 | |
| (attach additional sheets as necessary) |
| Date |
Check No. | Payee |
Description (Purpose) |
Amount | ||||||||
| Total Cash Disbursements |
$ | 0 | (1) | |||||||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 12 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 1/1/2011 to 1/31/2011
| CASH RECEIPTS DETAIL | Account No: xxxxxxx0989 | |
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||
| 1/31/2011 | Bank of America | Interest |
$ | 9,771 | ||||
| Total Cash Receipts | $ | 9,771 | (1) | |||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 13 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-C
COMPARATIVE BALANCE SHEET
For Period Ended: January 31, 2011
| Current Month |
Petition Date (1) |
|||||||||||
| ASSETS |
||||||||||||
| Current Assets: |
||||||||||||
| Cash and Cash Equivalents (from Form 2-B) |
$ | 110,414,037 | $ | 16,848,967 | ||||||||
| Accounts Receivable (from Form 2-E) |
902,540 | 9,403,326 | ||||||||||
| Receivable from Officers, Employees, Affiliates (2) |
— | — | ||||||||||
| Inventory |
— | — | ||||||||||
| Other Current Assets (List): |
Prepaid expenses & retainers |
1,235,046 | 4,807,453 | |||||||||
| Accrued interest receivable |
— | 47,878 | ||||||||||
| Total Current Assets |
112,551,623 | 31,107,624 | ||||||||||
| Fixed Assets: |
||||||||||||
| Land |
— | — | ||||||||||
| Building |
— | — | ||||||||||
| Equipment, Furniture and Fixtures |
1,201,340 | 1,201,340 | ||||||||||
| Total Fixed Assets |
1,201,340 | 1,201,340 | ||||||||||
| Less: Accumulated Depreciation |
1,201,340 | 533,109 | ||||||||||
| Net Fixed Assets |
— | 668,231 | ||||||||||
| Other Assets (List): |
Restricted cash | — | 201,432,689 | |||||||||
| Mortgage servicing portfolio |
— | 87,104,385 | ||||||||||
| Investment in subsidiaries (3) |
(6,000,000 | ) | 21,244,747 | |||||||||
| Loan held for sale |
2,015,230 | 8,359,404 | ||||||||||
| Deposits |
3,605,000 | 300,000 | ||||||||||
| TOTAL ASSETS |
$ | 112,171,853 | $ | 350,217,080 | ||||||||
| LIABILITIES |
||||||||||||
| Post-petition Accounts Payable (from Form 2-E) (4) |
$ | 823,879 | $ | — | ||||||||
| Post-petition Accrued Professional Fees (from Form 2-E) |
3,000,203 | — | ||||||||||
| Post-petition Taxes Payable (from Form 2-E) |
— | — | ||||||||||
| Post-petition Notes Payable |
— | — | ||||||||||
| Other Post-petition Payable (List): |
Contingent obligations (5) |
3,296,288 | — | |||||||||
|
|
— | |||||||||||
| Total Post Petition Liabilities |
7,120,370 | — | ||||||||||
| Pre Petition Liabilities: |
||||||||||||
| Secured Debt |
— | — | ||||||||||
| Priority Debt |
— | — | ||||||||||
| Unsecured Debt (3) |
3,421,750,874 | 3,664,898,118 | ||||||||||
| Total Pre Petition Liabilities |
3,421,750,874 | 3,664,898,118 | ||||||||||
| TOTAL LIABILITIES |
3,428,871,244 | 3,664,898,118 | ||||||||||
| OWNERS’ EQUITY |
||||||||||||
| Owner’s/Stockholder’s Equity |
3,640,741,359 | 3,640,741,359 | ||||||||||
| Retained Earnings - Prepetition |
(6,955,422,396 | ) | (6,955,422,396 | ) | ||||||||
| Retained Earnings - Post-petition (6) |
(2,018,354 | ) | — | |||||||||
| TOTAL OWNERS’ EQUITY |
(3,316,699,391 | ) | (3,314,681,037 | ) | ||||||||
| TOTAL LIABILITIES AND OWNERS’ EQUITY |
$ | 112,171,853 | $ | 350,217,080 | ||||||||
| (1) | Petition date values are taken from the Debtors’ balance sheet as of the petition date or are the values listed on the Debtors’ schedules. |
| (2) | TMST, Inc. has requested reimbursement from SAF for damages incurred. No receivable has been recorded. |
| (3) | On March 15, 2010 the Second Amended Chapter 11 Plan of Reorganization for ADFITECH, Inc. became effective. TMST Home Loans interests were deemed cancelled on the Effective Date and Senior Notes Guarantee Claims against TMST, Inc. were reduced by $38.6 million under the plan. |
| (4) | Payments of $2,178,624 were made in January 2011 to CS & RBS/Greenwich for the transfer of mortgage servicing rights associated with certain whole mortgage loans effective April 1, 2010. Balance includes monthly P&I received by THML after the transfer date, net of any advances paid by TMHL, as stipulated to by the parties. |
| (5) | Includes cash payments received that will require bankruptcy court ruling to resolve ownership issues. |
| (6) | Post-petition Retained Earning includes a loss of $4.2 million related to 2009 and income of $3 million related to 2010. |
Rev. 4/2008
Page 14 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-D
PROFIT AND LOSS STATEMENT
For Period From: January 1, 2011 to January 31, 2011
| Current Month |
Post-petition Accumulated Total (1) |
|||||||||||
| Operating Revenue |
||||||||||||
| Interest income (2) |
$ | 9,772 | $ | 5,637,680 | ||||||||
| Mortgage servicing income |
2,053 | 21,727,173 | ||||||||||
| Net Operating Revenue |
11,825 | 27,364,853 | ||||||||||
| Total interest expense / (benefit) (3) |
— | (1,195,076 | ) | |||||||||
| Gross Profit |
11,825 | 28,559,929 | ||||||||||
| Operating Expenses |
||||||||||||
| Officer Compensation |
— | 895,390 | ||||||||||
| Selling, General and Administrative |
215,592 | 25,828,167 | ||||||||||
| Rents and Leases |
25,000 | 893,262 | ||||||||||
| Depreciation, Depletion and Amortization |
33,412 | 701,652 | ||||||||||
| Other (list): |
|
— | — | |||||||||
|
|
— | — | ||||||||||
| Total Operating Expenses |
274,004 | 28,318,471 | ||||||||||
| Operating Income / (Loss) |
(262,179 | ) | 241,458 | |||||||||
| Non-Operating Income / (Expenses) |
||||||||||||
| Earnings from subsidiaries |
— | 3,368,902 | ||||||||||
| Other Non-Operating Income (4) |
— | 12,742,097 | ||||||||||
| Net Non-Operating Income / (Expenses) |
— | 16,110,999 | ||||||||||
| Reorganization Expenses |
||||||||||||
| Legal and Professional Fees |
493,036 | 18,155,796 | ||||||||||
| Other Reorganization Expense |
22,401 | 556,066 | ||||||||||
| Total Reorganization Expenses |
515,437 | 18,711,862 | ||||||||||
| Net Income / (Loss) Before Income Taxes |
(777,616 | ) | (2,359,405 | ) | ||||||||
| Federal and State Income Tax Expense / (Benefit) (5) |
— | (341,051 | ) | |||||||||
| NET INCOME / (LOSS) |
$ | (777,616 | ) | $ | (2,018,354 | ) | ||||||
| (1) | Accumulated Totals include all revenue and expenses since the petition date. |
| (2) | Accumulated total includes approximately $4.5 million of $15.7 million in certain Owner Trust residual interest distributions that may require bankruptcy court ruling to resolve ownership issues. To be conservative, the Company has not recorded a $11.2 million receivable or the related income. |
| (3) | Accumulated total reflects amortization of derivatives. |
| (4) | Accumulated total includes a $8 million gain on the reorganization of Adfitech, Inc., a $3.9 million gain on the servicing portfolio, a $3.3 million loss incurred on the whole loan liquidation and a $3.9 million gain on cancellation of auction swaps agreements by CSFB and RBS as reported in each entity’s respective bankruptcy claim filings. |
| (5) | In early January 2010, the Trustee signed a Consent Agreement with the Internal Revenue Service to change TMST, Inc.’s method of accounting related to the reporting of taxable income associated with REMIC regular interests. Due to the large 2009 operating losses for TMST, Inc. no tax liability was incurred. |
Rev. 4/2008
Page 15 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-E
SUPPORTING SCHEDULES
For Period: January 1, 2011 to January 31, 2011
POST PETITION TAXES PAYABLE SCHEDULE
| Beginning Balance |
Amount Accrued |
Amount Paid |
Date Paid | Check Number |
Ending Balance |
|||||||||||||||||||
| Income Tax Withheld |
||||||||||||||||||||||||
| Federal |
$ | 8,213 | $ | 8,213 | 1/13/2011 | Wire | $ | — | ||||||||||||||||
| $ | — | 7,612 | 7,612 | 1/28/2011 | Wire | — | ||||||||||||||||||
| State |
— | 1,684 | 1,684 | 1/13/2011 | Wire | — | ||||||||||||||||||
| 1,598 | 1,598 | 1/28/2011 | Wire | — | ||||||||||||||||||||
| — | ||||||||||||||||||||||||
| FICA Tax Withheld |
— | 2,178 | 2,178 | 1/13/2011 | Wire | — | ||||||||||||||||||
| 2,078 | 2,078 | 1/28/2011 | Wire | — | ||||||||||||||||||||
| Employer’s FICA Tax |
— | 2,948 | 2,948 | 1/13/2011 | Wire | — | ||||||||||||||||||
| 2,813 | 2,813 | 1/28/2011 | Wire | — | ||||||||||||||||||||
| Unemployment Tax |
||||||||||||||||||||||||
| Federal |
— | 235 | 235 | 1/13/2011 | Wire | — | ||||||||||||||||||
| 67 | 67 | 1/28/2011 | Wire | |||||||||||||||||||||
| State |
— | 797 | 797 | 1/13/2011 | Wire | — | ||||||||||||||||||
| 691 | 691 | 1/28/2011 | Wire | — | ||||||||||||||||||||
| Sales, Use & Excise Taxes |
— | — | — | — | ||||||||||||||||||||
| Property Taxes |
— | — | — | — | ||||||||||||||||||||
| Accrued Income Tax |
||||||||||||||||||||||||
| Federal |
— | — | — | — | ||||||||||||||||||||
| State |
— | — | ||||||||||||||||||||||
| TOTALS |
$ | — | $ | 30,914 | $ | 30,914 | $ | — | ||||||||||||||||
INSURANCE SCHEDULE
| Carrier |
Amount of Coverage | Expiration Date |
Premiums Paid Through |
|||||||||||
| Workers’ Compensation |
Hartford Casualty Ins. Company | $ | 1,000,000/incident | 7/1/2011 | 7/1/2011 | |||||||||
| General Liability |
The Cincinnati Insurance Co. | $ | 1,000,000/incident | 8/11/2011 | 8/11/2011 | |||||||||
| Property (Fire, Theft) (1) |
N/A | |||||||||||||
| Vehicle (1) |
N/A | |||||||||||||
| Directors & Officers (Excess) |
N/A | |||||||||||||
| Directors & Officers (Primary) |
N/A | |||||||||||||
| Trustee Surety Bond |
Liberty Mutual Insurance Company | 120,000,000 | 10/28/2011 | 10/28/2011 | ||||||||||
| (1) | Commercial Property and Vehicle coverage are included in the General Liability Commercial Package policy. |
Rev. 4/2008
Page 16 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-E
SUPPORTING SCHEDULES
For Period: 1/1/2011 to 1/31/2011
ACCOUNTS RECEIVABLE AND POST PETITION PAYABLE AGING
| Due |
Accounts Receivable (1) |
Post Petition Accounts Payable (2) |
||||||
| Under 30 days |
$ | — | $ | 683,828 | ||||
| 30 to 60 days |
— | 670,753 | ||||||
| 61 to 90 days |
— | 281,582 | ||||||
| 91 to 120 days |
— | 237,370 | ||||||
| Over 120 days |
492,676 | 1,950,549 | ||||||
| Unavailable |
283,719 | (3) | ||||||
| Total Post Petition |
776,395 | |||||||
| Pre Petition Amounts |
126,145 | (3) | ||||||
| Total Accounts Receivable |
902,540 | |||||||
| Less: Bad Debt Reserve |
— | |||||||
| Net Accounts Receivable (to Form 2-C) |
$ | 902,540 | ||||||
| Total Post Petition Accounts Payable |
$ | 3,824,082 | ||||||
| (1) | See Exhibit B for Accounts Receivable Aging |
| (2) | See Exhibit C for Accounts Payable Aging |
| (3) | Receivable amounts include balances due from multiple mortgage loan holders. Aging of the balances due is not available. |
SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS
| Month-end Retainer Balance |
Current Month's Accrual |
Paid in Current Month |
Date of Court Approval |
Month-end Balance Due * (1) |
||||||||||||||||
| Debtor’s Counsel (2) |
$ | — | $ | — | $ | — | $ | — | ||||||||||||
| Debtor’s Special Counsel (3) |
310,304 | — | — | 449,718 | ||||||||||||||||
| Debtor’s Financial Advisor |
— | — | — | 191 | ||||||||||||||||
| Creditors’ Committee’s Counsel |
100,000 | 48,427 | 33,406 | 145,502 | ||||||||||||||||
| Unsecured Creditors’ Financial Advisor |
— | 4,000 | — | 4,000 | ||||||||||||||||
| Chapter 11 Trustee (4) |
— | 75,000 | — | 1,125,000 | ||||||||||||||||
| Trustee’s Counsel |
— | 260,000 | 480,287 | 679,281 | ||||||||||||||||
| Trustee’s Financial Advisor |
— | 215,000 | 416,581 | 575,678 | ||||||||||||||||
| Trustee’s Tax Advisor (5) |
— | — | 11,644 | 2,911 | ||||||||||||||||
| Claims Agent |
— | 9,000 | 8,016 | 17,922 | ||||||||||||||||
| Total |
$ | 410,304 | $ | 611,427 | $ | 949,934 | $ | 3,000,203 | ||||||||||||
| * | Balance due to include fees and expenses incurred but not yet paid. |
| (1) | Includes estimates for amounts that may be due to professionals for which an invoice for services had not been received. |
| (2) | Retainer Balance, net of outstanding fees, was returned to TMST, Inc. on August 3, 2010 |
| (3) | Orrick, Herrington & Sutcliffe LLP is no longer Debtors' Special Counsel. The current balance due is the subject of damages in the adversary proceeding filed against Orrick, Herrington & Sutcliffe LLP and other SAF related parties. |
| (4) | Chapter 11 Trustee commission is an estimate based on time spent performing the Trustee function at customary rates. The actual commission awarded is subject to Bankruptcy Court approval and will vary from the estimate. |
| (5) | The Chapter 11 Trustee was authorized to retain KPMG LLP to provide tax compliance and consulting services on May 26, 2010 pursuant to their February 26, 2010 engagement letter. Payments for services rendered prior to February 28, 2010 are reported pursuant to the Ordinary Course Professional Compensation Procedures. |
Rev. 4/2008
Page 17 of 19
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-E
SUPPORTING SCHEDULES
For Period: 1/1/2011 to 1/31/2011
SCHEDULE OF PAYMENTS AND TRANSFERS TO PRINCIPALS/EXECUTIVES**
| Payee Name |
Position |
Nature of Payment |
Amount | |||
| N/A |
||||||
| ** | List payments and transfers of any kind and in any form made to or for the benefit of any proprietor, owner, partner, shareholder, officer or director. |
Rev. 4/2008
Page 18 of 19
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Form 2-F
DISBURSEMENT SUMMARY
For the Month Ended: January 31, 2011
QUARTERLY DISBURSEMENT CALCULATION
| TMST, Inc., et al. | ||||
| 1. Disbursements made in calendar quarter |
||||
| January 2011 |
$ | 3,424,983 | ||
| February 2011 |
||||
| March 2011 |
||||
| Quarterly Total |
$ | 3,424,983 | ||
FEE SCHEDULE
| Quarterly Disbursements |
Fee | Quarterly Disbursements |
Fee | |||||||||
| $0 to $14,999 |
$ | 325 | $1,000,000 to $1,999,999 | $ | 6,500 | |||||||
| $15,000 to $74,999 |
$ | 650 | $2,000,000 to $2,999,999 | $ | 9,750 | |||||||
| $75,000 to $149,999 |
$ | 975 | $3,000,000 to $4,999,999 | $ | 10,400 | |||||||
| $150,000 to $224,999 |
$ | 1,625 | $5,000,000 to $14,999,999 | $ | 13,000 | |||||||
| $225,000 to $299,999 |
$ | 1,950 | $15,000,000 to $29,999,999 | $ | 20,000 | |||||||
| $300,000 to $999,999 |
$ | 4,875 | $30,000,000 or more | |||||||||
Interest will be assessed on Chapter 11 quarterly fees not paid by the end of the month following the end of the calander quarter pursuant to 31 U.S.C. Sec. 3717. The interest rate assessed is the rate in effect as determined by the Treasury Department at the time the account becomes past due.
Failure to pay the quarterly fee is cause for conversion or dismissal of the chapter 11 case. [11 U.S.C. Sec. 1112(b)(10)]
Page 19 of 19
Exhibit B
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.
Accounts Receivable
As of January 31, 2011
| Post Petition |
Date | Amount | Under 30 days |
30 to 60 days |
61 to 90 days |
91 to 120 days |
Over 120 days |
Unavailable | ||||||||||||||||||||||||
| Reimbursement Simmons_FedEx (1) |
8/7/2009 | $ | 98 | $ | — | $ | — | $ | — | $ | — | $ | 98 | $ | — | |||||||||||||||||
| Reimbursement Simmons_FedEx (1) |
8/14/2009 | 49 | — | — | — | — | 49 | — | ||||||||||||||||||||||||
| Reimbursement Simmons_FedEx (1) |
9/11/2009 | 47 | — | — | — | — | 47 | — | ||||||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
10/15/2009 | 492,482 | — | — | — | — | 492,482 | — | ||||||||||||||||||||||||
| Borrower Escrow Advance Balance (2) |
Various | 272,828 | — | — | — | — | — | 272,828 | ||||||||||||||||||||||||
| Borrower Corporate Advance Balance (2) |
Various | 10,828 | — | — | — | — | — | 10,828 | ||||||||||||||||||||||||
| Borrower Inspection Fees (2) |
Various | 63 | — | — | — | — | — | 63 | ||||||||||||||||||||||||
| Total Post Petition Accounts Receivable |
$ | 776,395 | $ | — | $ | — | $ | — | $ | — | $ | 492,676 | $ | 283,719 | ||||||||||||||||||
| Pre Petition |
Date |
Amount |
||||||||||||||||||||||||||||||
| Thomas G. Ennis, Premium Recapture |
4/30/2009 | 6,887 | ||||||||||||||||||||||||||||||
| Borrower Escrow Advance Balance (2) |
Various | 119,108 | ||||||||||||||||||||||||||||||
| Borrower Inspection Fees (2) |
Various | 150 | ||||||||||||||||||||||||||||||
| Total Pre Petition Accounts Receivable |
$126,145 | |||||||||||||||||||||||||||||||
| (1) | Employee expenses appear to have been for personal matters. |
| (2) | Receivable amounts include balances due from multiple mortgage loan holders. Aging of the balances due is not available. |
Page 1 of 1
Exhibit C
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.
Post Petition Accounts Payable
As of January 31, 2011
| Vendor |
Date | Amount | Under 30 days |
30 to 60 days |
61 to 90 days |
91 to 120 days |
Over 120 days |
|||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
05/15/09 | 40,290 | — | — | — | — | 40,290 | |||||||||||||||||||||
| Orrick,Herrington & Sutcliffe LLP |
05/31/09 | 21,469 | — | — | — | — | 21,469 | |||||||||||||||||||||
| Orrick,Herrington & Sutcliffe LLP |
06/30/09 | 19,410 | — | — | — | — | 19,410 | |||||||||||||||||||||
| Orrick,Herrington & Sutcliffe LLP |
07/31/09 | 127,078 | — | — | — | — | 127,078 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
07/31/09 | 37,518 | — | — | — | — | 37,518 | |||||||||||||||||||||
| Orrick,Herrington & Sutcliffe LLP |
08/31/09 | 281,761 | — | — | — | — | 281,761 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
09/30/09 | 8,400 | — | — | — | — | 8,400 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
10/15/09 | 29,657 | — | — | — | — | 29,657 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
10/31/09 | 6,460 | — | — | — | — | 6,460 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
11/15/09 | 28,453 | — | — | — | — | 28,453 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
11/30/09 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
11/30/09 | 5,024 | — | — | — | — | 5,024 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
12/15/09 | 1,875 | — | — | — | — | 1,875 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
12/31/09 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
12/31/09 | 60,000 | — | — | — | — | 60,000 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
12/31/09 | 29,989 | — | — | — | — | 29,989 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
01/15/10 | 26,875 | — | — | — | — | 26,875 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
01/31/10 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
01/31/10 | 4,450 | — | — | — | — | 4,450 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
02/12/10 | 26,875 | — | — | — | — | 26,875 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
02/28/10 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Protiviti Inc. |
02/28/10 | 191 | — | — | — | — | 191 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
02/28/10 | 1,893 | — | — | — | — | 1,893 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
03/31/10 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
03/31/10 | 31,325 | — | — | — | — | 31,325 | |||||||||||||||||||||
| American Stock Transfer & Trust |
04/01/10 | 5,500 | — | — | — | — | 5,500 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
04/30/10 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
04/30/10 | 31,325 | — | — | — | — | 31,325 | |||||||||||||||||||||
| American Stock Transfer & Trust |
05/01/10 | 5,500 | — | — | — | — | 5,500 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
05/31/10 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
05/31/10 | 31,325 | — | — | — | — | 31,325 | |||||||||||||||||||||
| American Stock Transfer & Trust |
06/01/10 | 5,500 | — | — | — | — | 5,500 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
06/30/10 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Cenlar |
06/30/10 | 3,559 | — | — | — | — | 3,559 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
06/30/10 | 27,575 | — | — | — | — | 27,575 | |||||||||||||||||||||
| American Stock Transfer & Trust |
07/01/10 | 5,500 | — | — | — | — | 5,500 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
07/31/10 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Cenlar |
07/31/10 | 22,761 | — | — | — | — | 22,761 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
07/31/10 | 27,575 | — | — | — | — | 27,575 | |||||||||||||||||||||
Page 1 of 3
Exhibit C
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.
Post Petition Accounts Payable
As of January 31, 2011
| Vendor |
Date | Amount | Under 30 days |
30 to 60 days |
61 to 90 days |
91 to 120 days |
Over 120 days |
|||||||||||||||||||||
| American Stock Transfer & Trust |
08/01/10 | 5,775 | — | — | — | — | 5,775 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
08/31/10 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Cenlar |
08/31/10 | 419 | — | — | — | — | 419 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
08/31/10 | 27,575 | — | — | — | — | 27,575 | |||||||||||||||||||||
| American Stock Transfer & Trust |
09/01/10 | 5,775 | — | — | — | — | 5,775 | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
09/30/10 | 75,000 | — | — | — | — | 75,000 | |||||||||||||||||||||
| Goldin Associates, LLC |
09/30/10 | 47,449 | — | — | — | — | 47,449 | |||||||||||||||||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
09/30/10 | 2,404 | — | — | — | — | 2,404 | |||||||||||||||||||||
| Shapiro Sher Guinot & Sandler |
09/30/10 | 48,650 | — | — | — | — | 48,650 | |||||||||||||||||||||
| Tydings & Rosenberg LLP |
09/30/10 | 1,432 | — | — | — | — | 1,432 | |||||||||||||||||||||
| Cenlar |
09/30/10 | 183 | — | — | — | — | 183 | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
09/30/10 | 25,000 | — | — | — | — | 25,000 | |||||||||||||||||||||
| American Stock Transfer & Trust |
10/01/10 | 5,775 | — | — | — | — | 5,775 | |||||||||||||||||||||
| Corporation Service Company |
10/09/10 | 306 | — | — | — | 306 | — | |||||||||||||||||||||
| Corporation Service Company |
10/09/10 | 306 | — | — | — | 306 | — | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
10/31/10 | 75,000 | — | — | — | 75,000 | — | |||||||||||||||||||||
| Goldin Associates, LLC |
10/31/10 | 49,955 | — | — | — | 49,955 | — | |||||||||||||||||||||
| KPMG LLP |
10/31/10 | 2,911 | — | — | — | 2,911 | — | |||||||||||||||||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
10/31/10 | 2,612 | — | — | — | 2,612 | — | |||||||||||||||||||||
| Shapiro Sher Guinot & Sandler |
10/31/10 | 48,002 | — | — | — | 48,002 | — | |||||||||||||||||||||
| Tydings & Rosenberg LLP |
10/31/10 | 2,725 | — | — | — | 2,725 | — | |||||||||||||||||||||
| Cenlar |
10/31/10 | 24,779 | — | — | — | 24,779 | — | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
10/31/10 | 25,000 | — | — | — | 25,000 | — | |||||||||||||||||||||
| American Stock Transfer & Trust |
11/01/10 | 5,775 | — | — | — | 5,775 | — | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
11/30/10 | 75,000 | — | — | 75,000 | — | — | |||||||||||||||||||||
| Goldin Associates, LLC |
11/30/10 | 49,934 | — | — | 49,934 | — | — | |||||||||||||||||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
11/30/10 | 740 | — | — | 740 | — | — | |||||||||||||||||||||
| Shapiro Sher Guinot & Sandler |
11/30/10 | 66,788 | — | — | 66,788 | — | — | |||||||||||||||||||||
| Tydings & Rosenberg LLP |
11/30/10 | 1,945 | — | — | 1,945 | — | — | |||||||||||||||||||||
| Cenlar |
11/30/10 | 56,399 | — | — | 56,399 | — | — | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
11/30/10 | 25,000 | — | — | 25,000 | — | — | |||||||||||||||||||||
| American Stock Transfer & Trust |
12/01/10 | 5,775 | — | — | 5,775 | — | — | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
12/31/10 | 75,000 | — | 75,000 | — | — | — | |||||||||||||||||||||
| Epiq Bankruptcy Solutions, LLC |
12/31/10 | 8,922 | — | 8,922 | — | — | — | |||||||||||||||||||||
| Goldin Associates, LLC |
12/31/10 | 213,340 | — | 213,340 | — | — | — | |||||||||||||||||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
12/31/10 | 14,434 | — | 14,434 | ||||||||||||||||||||||||
| Shapiro Sher Guinot & Sandler |
12/31/10 | 255,841 | — | 255,841 | — | — | — | |||||||||||||||||||||
| Tydings & Rosenberg LLP |
12/31/10 | 10,783 | — | 10,783 | ||||||||||||||||||||||||
| Adfitech |
12/31/10 | 50,846 | — | 50,846 | — | — | — | |||||||||||||||||||||
Page 2 of 3
Exhibit C
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.
Post Petition Accounts Payable
As of January 31, 2011
| Vendor |
Date | Amount | Under 30 days |
30 to 60 days |
61 to 90 days |
91 to 120 days |
Over 120 days |
|||||||||||||||||||||
| Cenlar |
12/31/10 | 16,587 | — | 16,587 | — | — | — | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
12/31/10 | 25,000 | — | 25,000 | — | — | — | |||||||||||||||||||||
| American Stock Transfer & Trust |
01/01/11 | 5,775 | 5,775 | — | — | — | — | |||||||||||||||||||||
| TMST Employee |
01/01/11 | 3,984 | 3,984 | — | — | — | — | |||||||||||||||||||||
| Bravo Technical Resources |
01/19/11 | 2,308 | 2,308 | — | — | — | — | |||||||||||||||||||||
| TMST Employee |
01/19/11 | 668 | 668 | — | — | — | — | |||||||||||||||||||||
| FedEx |
01/21/11 | 28 | 28 | — | — | — | — | |||||||||||||||||||||
| Jane Rose Reporting Inc. |
01/21/11 | 4,687 | 4,687 | — | — | — | — | |||||||||||||||||||||
| Bravo Technical Resources |
01/25/11 | 462 | 462 | — | — | — | — | |||||||||||||||||||||
| FrontBridge Technologies, Inc. |
01/26/11 | 2,575 | 2,575 | — | — | — | — | |||||||||||||||||||||
| FedEx |
01/28/11 | 48 | 48 | — | — | — | — | |||||||||||||||||||||
| RR Donnelley |
01/29/11 | 1,525 | 1,525 | — | — | — | — | |||||||||||||||||||||
| TMST Contract Employee |
01/29/11 | 280 | 280 | — | — | — | — | |||||||||||||||||||||
| TMST Contract Employee |
01/29/11 | 341 | 341 | — | — | — | — | |||||||||||||||||||||
| TMST Contract Employee |
01/29/11 | 280 | 280 | — | — | — | — | |||||||||||||||||||||
| Epiq Bankruptcy Solutions, LLC |
01/31/11 | 9,000 | 9,000 | — | — | — | — | |||||||||||||||||||||
| Goldin Associates, LLC |
01/31/11 | 215,000 | 215,000 | — | — | — | — | |||||||||||||||||||||
| J.H. Cohn LLP |
01/31/11 | 4,000 | 4,000 | — | — | — | — | |||||||||||||||||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
01/31/11 | 14,000 | 14,000 | — | — | — | — | |||||||||||||||||||||
| Shapiro Sher Guinot & Sandler |
01/31/11 | 260,000 | 260,000 | — | — | — | — | |||||||||||||||||||||
| Tydings & Rosenberg LLP |
01/31/11 | 34,427 | 34,427 | — | — | — | — | |||||||||||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
01/31/11 | 75,000 | 75,000 | — | — | — | — | |||||||||||||||||||||
| Hotel Santa Fe |
01/31/11 | 228 | 228 | — | — | — | — | |||||||||||||||||||||
| Iron Mountain Information Management |
01/31/11 | 1,352 | 1,352 | — | — | — | — | |||||||||||||||||||||
| Thornburg Investment Management |
01/31/11 | 59 | 59 | — | — | — | — | |||||||||||||||||||||
| Thornburg Mortgage Advisory Co |
01/31/11 | 25,000 | 25,000 | — | — | — | — | |||||||||||||||||||||
| Payroll Accrual |
01/31/11 | 22,800 | 22,800 | — | — | — | — | |||||||||||||||||||||
| Post Petition Accounts Payable |
3,824,082 | 683,828 | 670,753 | 281,582 | 237,370 | 1,950,549 | ||||||||||||||||||||||
NOTE: Includes estimates for amounts that may be due to professionals for which an invoice for services had not been received. Amounts asserted by vendors may be subject to adjustments and bankruptcy court approval.
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| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 |
Exhibit D
For Period Ending January 31, 2011
EXPLANATORY STATEMENT
RESERVATION OF RIGHTS AND GLOBAL FOOTNOTES
FOR MONTHLY OPERATING REPORT
The Trustee reserve all rights to dispute the amount, allowance, priority, treatment and/or secured or other status of any and all claims against the Debtors or their estates referred to herein. The Trustee reserve the right to (a) amend and supplement this Monthly Operating Report from time to time, and (b) assert any and all potential claims and causes of action of the Debtors’ estates regardless of whether such claim or cause of action is identified herein.
Any values presented are not and should not be deemed to be an admission, representation or waiver with respect to the actual value of any asset or amount of any liability or claim. The actual realizable value and/or fair market value of assets, liabilities and claims may differ significantly from the values presented.
The Trustee prepared this Monthly Operating Report with the assistance of his financial advisor, Goldin Associates, LLC (“Goldin”), based upon the information available to date. This Monthly Operating Report does not purport to present financial statements in accordance with Generally Accepted Accounting Principles, and the information contained herein has not been subjected to audit or review by Goldin or any other party on behalf of the Trustee.
This Explanatory Statement, Reservation of Rights and Global Footnotes is hereby incorporated by reference into, and comprises an integral part of, the Debtors’ Monthly Operating Report and should be referred to and considered in connection with any review of the report.