TMST, Inc. - FORM 8-K - EX-99.1 - MONTHLY OPERATING REPORT OF TMST, INC. - October 21, 2009

Attached files

file filename
8-K - FORM 8-K - TMST, Inc.d8k.htm
EX-99.3 - COMPLAINT BY THORNBURG MORTGAGE ADVISORY CORPORATION V. TMST, INC. - TMST, Inc.dex993.htm
EX-99.2 - MONTHLY OPERATING REPORT OF ADFITECH, INC. - TMST, Inc.dex992.htm

Exhibit 99.1

 

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. [a]    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 September 30, 2009

Accounting Method:        x Accrual Basis        ¨ Cash Basis

 

 

THIS REPORT IS DUE 20 DAYS AFTER THE END OF THE MONTH

 

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
Attached		    Previously
Waived		    REQUIRED REPORTS/DOCUMENTS
x    ¨    1. Cash Receipts and Disbursements Statement (Form 2-B)
x    ¨    2. Balance Sheet (Form 2-C)
x    ¨    3. Profit and Loss Statement (Form 2-D)
x    ¨    4. Supporting Schedules (Form 2-E)
x    ¨    5. Disbursements Summary (Form 2-F)
x    ¨    6. Narrative (Form 2-G)
x    ¨    7. Bank Statements for All Bank Accounts (See Exhibit A)
x    ¨    8. Bank Statement Reconciliations for all Bank Accounts (See Exhibit A)

 

 

 

 

QUESTIONNAIRE

    Yes    No  

Please answer the questions below:

     

1. Is the business still operating?

    x      ¨     

2. Were any assets (other than inventory) sold this month?

    ¨      x     

3. Were all employees timely paid this month?

    x      ¨ [b ] 

4. Are all insurance policies and operating licenses current and in effect?

    x      ¨     

5. Did you open any new bank accounts this month?

    ¨      x     

6. Did you deposit all receipts into your DIP account this month?

    x      ¨     

7. Have all taxes been timely paid (payroll, sales, etc.)?

    x      ¨     

8. Are you current on U.S. Trustee quarterly fees payments?

    x      ¨     

 

 

 

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. [b]

 

Executed on:

  

10/19/2009

    

Print Name:

  

Shawn Buniel

     

Signature:

  

/s/ Shawn Buniel

     

Title:

  

Vice President

 

 

[a] 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.
[b] See Explanatory Statement, Reservation of Rights and Global Footnotes for Monthly Operating Report
  (Form 2-G) which is incorporated herein by reference.

DEBTOR:

   

TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.

   CASE NO:    09-17787

Form 2-B

CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

CASH FLOW SUMMARY

 

      Current
Month		     Accumulated  

1. Beginning Cash Balance

   $ 24,039,629 (1)    $ 16,847,967 (1) 
                

2. Cash Receipts

    

Operations

      134,334        12,370,369   

Sale of Assets

      —          —     

Loans/advances

      —          —     

Other [a]

      436,679        436,679   
                

Total Cash Receipts

    $ 571,013      $ 12,807,048   
                

3. Cash Disbursements

     

Operations

     622,119        3,229,316   

Debt Service/Secured loan payment

      —          —     

Professional fees/U.S. Trustee fees

      724,002        3,161,178   

Other

      —          —     
                

Total Cash Disbursements

    $ 1,346,121      $ 6,390,494   
                

4. Net Cash Flow (Total Cash Receipts less Total Cash Disbursements)

     (775,108 )      6,416,554   
                

5 Ending Cash Balance (to Form 2-C)

   $ 23,264,521 (2)    $ 23,264,521 (2) 
                
    

CASH BALANCE SUMMARY

 

Account Name/Number

  

Institution

    Bank
Balance		    Deposits
In Transit		    Outstanding
Checks		    Book Balance  

xxxxxxx2822

    New Mexico Bank & Trust    $ 22,843,927    $ —      $ 92,997    $ 22,750,930   

xxxxxxx0805

    J.P. Morgan      115,670      —        —        115,670   

xxxxxxx1807

    New Mexico Bank & Trust      5,508      —        —        5,508   

xxxxxxx2954

    New Mexico Bank & Trust      247,458      10,000      754      256,703   

xxxxxxx2989

    New Mexico Bank & Trust      35,726      —        —        35,726   

xxxxxxx5856

    New Mexico Bank & Trust      99,984      —        —        99,984   

xxxxxxx9638

    The Bank of New York Mellon      1,002      —        1,002      —   [b] 

xxxxxxx9639

    The Bank of New York Mellon      —        —        —        —   [b] 
                                

TOTAL

      $ 23,349,275    $ 10,000    $ 94,753    $ 23,264,521 (2) 
                                

(must agree with Ending Cash Balance above)

               2.00   

Restricted Cash

               

xxxxxxx212

    Century Trust, LLP    $ —      $ —      $ —      $ —     
                                

 

(A) The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc.
(1) Accumulated beginning cash balance is the cash available at the commencement of the case. Current month beginning cash balance should equal the previous month’s ending balance.
(2) All cash balances should be the same.
(a) Other receipts are for the reimbursement by Adfitech of professional fees paid by TMST Inc., on behalf of Adfitech, for the months of May and June 2009.
(b) September 2009 statements were unavailable at thet time of filing. August 2009 balances have not changed

August 2009 statements are included in Exhibit A.

 

Page 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-B

CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

 

CASH DISBURSEMENTS DETAIL

    Account No:    xxxxxxx2822

(attach additional sheets as necessary)

      

 

Date

    Check No.   

Payee

   

Description (Purpose)

    Amount
9/3/2009    Wire    Thornburg Mortgage Advisory Corp    Expense reimbursement    $ 110,606
9/3/2009    Bank Fee    New Mexico Bank&Trust    Telephone      21
9/11/2009    6907    American Stock Transfer & Trust    Transfer fee      5,500
9/11/2009    6908    AT&T Mobility    Cell phones      330
9/11/2009    6909    Safeguard Business Systems Inc    Office Supplies      310
9/11/2009    6910    TMST Employee    Expense reimbursement      46
9/11/2009    6911    NM Regulation Commission    Name change fee      50
9/11/2009    6912    Thornburg Investment Management    Postage      35
9/14/2009    Wire    ADP Financial Services    Payroll taxes 9/15      67,044
9/14/2009    Bank Fee    New Mexico Bank&Trust    Wire fee      21
9/15/2009    2306    TMST Employee    Payroll      1,972
9/15/2009    2307    TMST Employee    Payroll      1,994
9/15/2009    2308    TMST Employee    Payroll      4,164
9/15/2009    2309    TMST Employee    Payroll      2,105
9/15/2009    2310    TMST Employee    Payroll      7,589
9/15/2009    2311    TMST Employee    Payroll      1,639
9/15/2009    2312    TMST Employee    Payroll      4,606
9/15/2009    2313    TMST Employee    Payroll      1,354
9/15/2009    2314    TMST Employee    Payroll      1,821
9/15/2009    2315    TMST Employee    Payroll      2,804
9/15/2009    2316    TMST Employee    Payroll      2,539
9/15/2009    2317    TMST Employee    Payroll      2,125
9/15/2009    2318    TMST Employee    Payroll      5,782
9/15/2009    2319    TMST Employee    Payroll      2,521
9/15/2009    2320    TMST Employee    Payroll      32,053
9/15/2009    2321    TMST Employee    Payroll      3,511
9/15/2009    2322    TMST Employee    Payroll      1,633
9/15/2009    2323    TMST Employee    Payroll      3,101
9/15/2009    2324    TMST Employee    Payroll      1,741
9/15/2009    2325    TMST Employee    Payroll      1,289
9/15/2009    2327    TMST Employee    Payroll      2,587
9/15/2009    2328    TMST Employee    Payroll      3,157
9/15/2009    2329    TMST Employee    Payroll      3,149
9/15/2009    2330    TMST Employee    Payroll      2,003
9/15/2009    2331    TMST Employee    Payroll      2,122
9/15/2009    2332    TMST Employee    Payroll      1,974
9/15/2009    2333    TMST Employee    Payroll      1,558
9/15/2009    2334    TMST Employee    Payroll      4,881
9/15/2009    2335    TMST Employee    Payroll      2,389
9/15/2009    2336    TMST Employee    Payroll      2,587
9/15/2009    2337    TMST Employee    Payroll      1,876
9/15/2009    2338    TMST Employee    Payroll      7,142
9/15/2009    2339    TMST Employee    Payroll      20,476
9/15/2009    2340    TMST Employee    Payroll      1,314
9/15/2009    2341    TMST Employee    Payroll      3,276

 

Page 1 of 3

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-B

CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

 

CASH DISBURSEMENTS DETAIL

    Account No:    xxxxxxx2822

(attach additional sheets as necessary)

      

 

Date

    Check No.   

Payee

   

Description (Purpose)

    Amount
9/15/2009    2342    TMST Employee    Payroll    2,687
9/18/2009    6913    FedEx    Shipping    46
9/18/2009    6914    Peas ‘N’ Pod Catering, Inc    Board of Directors Meals    170
9/18/2009    6915    Thunderbird Express, Inc.    Courier service    135
9/18/2009    6916    TMST Employee    Payroll    1,028
9/18/2009    6917    TMST Employee    Payroll    7,363
9/18/2009    6918    TMST Employee    Expense reimbursement    104
9/18/2009    6919    TMST Employee    Expense reimbursement    32
9/18/2009    6920    TMST Employee    Payroll    1,753
9/18/2009    6922    TMST Employee    Expense reimbursement    3,793
9/18/2009    6923    TMST Employee    Expense reimbursement    77
9/18/2009    6924    TMST Employee    Payroll    2,495
9/18/2009    Wire    TMST Board Member    Expense reimbursement    1,453
9/18/2009    Wire    Thornburg Mortgage Advisory Corp    Expense reimbursement    86,929
9/18/2009    Bank Fee    New Mexico Bank&Trust    Wire fees    42
9/23/2009    6925    Epiq Bankruptcy Solutions, LLC    Professional services    47,347
9/23/2009    6926    TMST Employee    Payroll    1,097
9/23/2009    6927    TMST Employee    Payroll    1,104
9/24/2009    6928    TMST Employee    Expense reimbursement    1,609
9/24/2009    6929    TMST Employee    Payroll    1,835
9/24/2009    6930    TMST Employee    Payroll    2,374
9/24/2009    6931    TMST Employee    Payroll    6,287
9/24/2009    6932    TMST Employee    Payroll    1,772
9/25/2009    6933    The Carlisle Group, Inc.    Info Services    7,500
9/25/2009    6934    Dell    Computer part    399
9/25/2009    6935    SICORP, Inc.    Software backup    8,838
9/28/2009    6936    TMST Board Member    Expense reimbursement    402
9/28/2009    6937    TMST Employee    Payroll    2,873
9/28/2009    6938    TMST Employee    Payroll    1,198
9/28/2009    Wire    ADP Financial Services    Payroll taxes 9/30    49,673
9/28/2009    Bank Fee    New Mexico Bank&Trust    Wire fees    42
9/28/2009    Wire    ADP Financial Services    Payroll - Direct deposits    42,752
9/30/2009    2343    TMST Employee    Payroll    8,629
9/30/2009    2344    TMST Employee    Payroll    14,632
9/30/2009    2345    TMST Employee    Payroll    1,338
9/30/2009    2346    TMST Employee    Payroll    2,994
9/30/2009    2347    TMST Employee    Payroll    2,022
9/30/2009    2348    TMST Employee    Payroll    2,175
9/30/2009    2349    TMST Employee    Payroll    2,657
9/30/2009    2350    TMST Employee    Payroll    1,863
9/30/2009    2351    TMST Employee    Payroll    5,247
9/30/2009    6939    FedEx    Shipping    102
9/30/2009    6940    Tydings & Rosenberg LLP    Professional services    12,232
9/30/2009    6941    TMST Employee    Payroll    816
9/30/2009    6942    TMST Employee    Payroll    790

 

Page 2 of 3

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-B

CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

 

CASH DISBURSEMENTS DETAIL

    Account No:    xxxxxxx2822

(attach additional sheets as necessary)

      

 

Date

    Check No.   

Payee

   

Description (Purpose)

    Amount  
9/30/2009    6943    TMST Employee    Payroll      450   
9/30/2009    6944    TMST Employee    Payroll      306   
9/30/2009    6945    TMST Employee    Payroll      81   
9/30/2009    6946    TMST Employee    Payroll      3,685   
9/30/2009    6947    TMST Employee    Payroll      517   
9/30/2009    6948    TMST Employee    Payroll      54   
9/30/2009    6949    TMST Employee    Payroll      339   
9/30/2009    6950    TMST Employee    Payroll      84   
9/30/2009    6951    TMST Employee    Payroll      532   
9/30/2009    6952    TMST Employee    Payroll      2,272   
9/30/2009    6953    TMST Employee    Payroll      163   
9/30/2009    Bank Fee    New Mexico Bank&Trust    Wire fees      84   
9/30/2009    Wire    Protiviti Inc.    Professional services      130,937   
9/30/2009    Wire    Quinn Emanuel    Professional services      190,653   
9/30/2009    Wire    J.H. Cohn LLP    Professional services      123,682   
9/30/2009    Wire    Venable LLP    Professional services      219,151   
                 
         Total Cash Disbursements    $ 1,344,494 (1) 
                 

 

(A) The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc.
(1) Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 1

 

Page 3 of 3

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-B

CASH RECEIPTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

 

CASH RECEIPTS DETAIL

    Account No:    xxxxxxx2822

(attach additional sheets as necessary)

      

 

Date

   

Payer

   

Description (Purpose)

    Amount  
9/4/2009    Cenlar    Investor P43 P&I Remittance Aug 2009    $ 70,322   
9/16/2009    TMST Employee    Personal expense reimbursement      125   
9/22/2009    LBNA as Trustee for Thornburg Mortgage    Whole Loan P&I Remittance July 2009      41,253   
9/24/2009    Wells Fargo Bank    Credit Risk Advisor Fee      1,227   
9/24/2009    Adfitech    Professional fees reimbursement      436,679   
9/24/2009    Aon Risk Services Inc of NM    Refund overpayment      67   
9/24/2009    Blue Chip Insurance Agency    Refund overpayment      595   
9/24/2009    Bloomberg LP    Refund overpayment      33   
9/25/2009    Wells Fargo Bank    Credit Risk Advisor Fee      550   
9/25/2009    Wells Fargo Bank    Reinvestment Income      575   
9/28/2009    Deutsche Bank    Reinvestment Income      49   
              
      Total Cash Disbursements    $ 551,476 (1) 
              

 

(A) The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc.
(1) Total for all accounts should agree with total cash receipts listed on Form 2-B, page 1

 

Page 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-B

CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

 

CASH DISBURSEMENTS DETAIL

    Account No:    xxxxxxx2954

(attach additional sheets as necessary)

      

 

Date

    Check No.   

Payee

   

Description (Purpose)

    Amount  
9/11/2009    15407    Aon Risk Services Inc of NM    State bonds    $ 2,314   
9/11/2009    15408    Bloomberg LP    Info Services      1,081   
9/11/2009    15409    FedEX    Shipping      279   
9/11/2009    15410    Safeguard Business Systems Inc    Office Supplies      304   
9/11/2009    15411    NM Public Regulation Comm    Name change fee      50   
9/18/2009    15412    FedEX    Shipping      352   
9/18/2009    15413    Illinois Dept of Financial & Professional Regu    State license withdrawal      25   
9/18/2009    15414    Treasurer of Virginia    State license withdrawal      10   
9/18/2009    15415    Commonwealtrh of Massachusetts    State license withdrawal      100   
9/25/2009    15416    FedEX    Shipping      414   
9/25/2009    15417    Franchise Tax Board    State license      25   
9/25/2009    15418    Maryland Dept of Assessments    State license withdrawal      25   
9/25/2009    15419    Minnesota Revenue    State license withdrawal      50   
9/25/2009    15420    Oregon Department of Revenue    State license      50   
9/25/2009    15421    State of Utah Dept of Commerce    State license      15   
9/30/2009    15141    Century Bank FSB    Void check 15141      (3,833 ) 
                 
         Total Cash Disbursements    $ 1,260 (1) 
                 

 

(A) The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc.
(1) Total for all accounts should agree with total cash receipts listed on Form 2-B, page 1

 

Page 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-B

CASH RECEIPTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

 

CASH RECEIPTS DETAIL

    Account No:    xxxxxxx2954

(attach additional sheets as necessary)

      

 

Date

   

Payer

   

Description (Purpose)

    Amount  
9/16/2009    Thornburg Investment Management    Reimburse United Concordia credit    $ 744   
9/24/2009    Aon Risk Services Inc of NM    Refund for cancelled bonds      1,241   
9/29/2009    Century Trust, LLP    Transfer from Restricted Cash      10,000   
9/30/2009    USPS    Refund Deposit      4,999   
              
      Total Cash Disbursements    $ 16,984 (1) 
              

 

(A) The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc.
(1) Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 1

 

Page 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-B

CASH RECEIPTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

 

CASH RECEIPTS DETAIL

    Account No:    xxxxxxx0805

(attach additional sheets as necessary)

      

 

Date

   

Payer

   

Description (Purpose)

    Amount  
9/25/2009    US Bank    Trust Wire    $ 799   
9/25/2009    Bank of America (Countrywide)    Credit Risk Advisor Fee      689   
9/25/2009    Citibank    Corporate Trust Fed Wire      1,063   
              
      Total Cash Disbursements    $ 2,551 (1) 
              

 

(A) The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc.
(1) Total for all accounts should agree with total cash receipts listed on Form 2-B, page 1

 

Page 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-B

CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

 

CASH DISBURSEMENTS DETAIL

    Account No:    xxxxxxx2989

(attach additional sheets as necessary)

      

 

Date

    Check No.   

Payee

   

Description (Purpose)

    Amount  
9/4/2009    ACH    ADP Financial Services    Payroll processing    $ 174   
9/18/2009    ACH    ADP Financial Services    Payroll processing      193   
                 
         Total Cash Disbursements    $ 367 (1) 
                 

 

(A) The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc.
(1) Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 1

 

Page 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-B

CASH RECEIPTS STATEMENT (SEE NOTE A)

For Period: 9/1/2009 to 9/30/2009

 

CASH RECEIPTS DETAIL

    Account No:    xxxxxxx1807

(attach additional sheets as necessary)

      

 

Date

   

Payer

   

Description (Purpose)

    Amount  
9/30/2009    New Mexico Bank & Trust    Interest Paid    $ 2   
              
      Total Cash Disbursements    $ 2 (1) 
              

 

(A) The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc.
(1) Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 1

 

Page 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-C

COMPARATIVE BALANCE SHEET

For Period Ended: September 30, 2009

 

         Current
Month		     Petition
Date (1)		  

ASSETS

       

Current Assets:

       

Cash and Cash Equivalents (from Form 2-B, line 5)

    $ 23,264,521      $ 16,847,967   

Accounts Receivable (from Form 2-E)

      11,531,807        9,403,326   

Receivable from Officers, Employees, Affiliates

      —          —     

Inventory

       —          —     

Other Current Assets: (List)

   Prepaid expenses & retainers      4,482,719        6,158,091   
        
  Accrued interest receivable      31,422        47,877   
                    

Total Current Assets

        39,310,469        32,457,261   
                  

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

        700,167        533,109   
                  

Net Fixed Assets

        501,173        668,231   
                  

Other Assets (List):

   Restricted cash      —          201,432,689   
        
  Mortgage servicing rights      79,773,483        87,104,385   
        
  Investment in subsidiaries      23,238,728        21,244,747   
        
  Loans held for sale      8,334,723        8,359,404   
        
  Deposits      3,605,000        300,000   
                    

TOTAL ASSETS

      $ 154,763,576      $ 351,566,717   
                  

LIABILITIES

      

Post-petition Accounts Payable (from Form 2-E)

    $ 300,110      $ —     

Post-petition Accrued Professional Fees (from Form 2-E)

      3,304,019        —     

Post-petition Taxes Payable (from Form 2-E)

      34,109        —     

Post-petition Notes Payable (2)

      —          —     

Other Post-petition Payable(List):

   Contingent obligations (3)      2,152,298        —     
        
       —          —     
                    

Total Post Petition Liabilities

      5,790,536        —     
                  

Pre Petition Liabilities:

       

Secured Debt

        —          —     

Priority Debt

        —          —     

Unsecured Debt

        3,460,488,948        3,664,885,260   
                  

Total Pre Petition Liabilities

       3,460,488,948        3,664,885,260   
                  

TOTAL LIABILITIES

      3,466,279,484        3,664,885,260   
                  

OWNERS’ EQUITY

       

Owner’s/Stockholder’s Equity

       3,640,741,359        3,640,741,359   

Retained Earnings - Prepetition

        (6,954,059,902 )      (6,954,059,902 ) 

Retained Earnings - Post-petition

        1,802,635        —     
                  

TOTAL OWNERS’ EQUITY

      (3,311,515,908 )      (3,313,318,543 ) 
                  

TOTAL LIABILITIES AND OWNERS’ EQUITY

    $ 154,763,576      $ 351,566,717   
                  

 

(1) Petition date values are taken from the Debtor’s balance sheet as of the petition date or are the values listed on the Debtor’s schedules.
(2) See Form 2G for detailed explanation.
(3) Includes cash payments received that will require bankruptcy court ruling to resolve ownership issues.

 

Page 1 of 1

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: September 1, 2009 to September 30, 2009

 

     Current
Month		     Accumulated
Total [1]		  

Total interest income

    $ 34,730      $ 5,261,927   

Total interest expense (benefit) [2]

      41,767        (1,195,076 ) 
                

Gross Profit

      (7,037 )      6,457,003   
                

Operating Expenses

    

Officer Compensation

     134,880        767,891   

Selling, General and Administrative

      2,556,737        14,304,137   

Rents and Leases

      44,537        497,245   

Depreciation, Depletion and Amortization

      33,412        167,060   

Other (list):                                                  

      —          —     

                                _____________________

      —          —     
                

Total Operating Expenses

      2,769,566        15,736,333   
                

Operating Income (Loss)

      (2,776,603 )      (9,279,330 ) 
                

Non-Operating Income and Expenses

     

Fee income [3]

      2,177,192        11,232,893   

Gains (Losses) on Sale of Assets

      —          —     

Mortgage servicing income

      —          —     

Earnings from subsidiaries

      222,299        1,993,981   

Other Non-Operating Income [4]

      —          3,940,558   
                

Net Non-Operating Income or (Expenses)

      2,399,491        17,167,432   
                

Reorganization Expenses

    

Legal and Professional Fees

     1,241,420        5,996,504   

Other Reorganization Expense [5]

      (342,922 )      88,963   
                

Total Reorganization Expenses

      898,498        6,085,467   
                

Net Income (Loss) Before Income Taxes

      (1,275,610 )      1,802,635   
                

Federal and State Income Tax Expense (Benefit)

      —          —     
                

NET INCOME (LOSS)

   $ (1,275,610 )    $ 1,802,635   
                

 

[1] Accumulated Totals include all revenue and expenses since the petition date.
[2] Reflects adjustment of restricted cash in light of the resolution of the motion for relief from automatic stay filed by Century Bank.
[3] Represents mortgage loan servicing activity.
[4] Accumulated total includes a $3.9 million gain on cancellation of auction swaps agreements by CSFB and RBS as reported in each entities respective bankruptcy claim filings.
[5] Includes the reclassification of prior month Epiq Bankruptcy Solutions expenses totaling $364,139 from Other Reorganization Expenses to Legal and Professional Fees.

 

Page 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-E

SUPPORTING SCHEDULES

For Period: September 1, 2009 to September 30, 2009

POST PETITION TAXES PAYABLE SCHEDULE

 

     Beginning    Amount    Amount    Date    Check    Ending
     Balance    Accrued    Paid    Paid    Number    Balance

Income Tax Withheld:

                  

Federal

    $ —      $ 36,248    $ 36,248    9/14/2009    Wire    $ —  
        21,716      21,716    9/28/2009    Wire      —  
        18,777               18,777

State

      —        7,254      7,254    9/14/2009    Wire      —  
        5,080      5,080    9/28/2009    Wire      —  
        3,157               3,157

FICA Tax Withheld

      —        11,521      11,521    9/14/2009    Wire      —  
        11,352      11,352    9/28/2009    Wire      —  
        5,812               5,812

Employer’s FICA Tax

      —        11,521      11,521    9/14/2009    Wire      —  
        11,352      11,352    9/28/2009    Wire      —  
        5,812               5,812

Unemployment Tax

                  

Federal

      —        36      36    9/14/2009    Wire      —  
        12      12    9/28/2009    Wire      —  
        67               67

State

      —        463      463    9/14/2009    Wire      —  
        160      160    9/28/2009    Wire      —  
        484               484

Sales, Use & Excise Taxes

      —        —        —              —  

Property Taxes

      —        —        —              —  

Accrued Income Tax:

                  

Federal

      —        —        —              —  

State

      —        —        —              —  

Other:             

      —        —        —              —  
                                 

TOTALS

    $ —      $ 150,824    $ 116,715          $ 34,109
                                 

INSURANCE SCHEDULE

 

    

Carrier

    Amount of
Coverage		    Expiration
Date		    Premiums
Paid
Through

Workers’ Compensation

    Hartford Casualty Ins. Company    $ 1,000,000/incident    7/1/2010    7/1/2010

General Liability

    The Cincinnati Insurance Co.    $ 1,000,000/incident    8/11/2010    8/11/2010

Property (Fire, Theft)

    N/A         

Vehicle

    N/A         

Employment Practices Liability

    Lexington Insurance Company      3,000,000    3/17/2010    3/17/2010

Directors & Officers (Excess)

    XL Specialty Insurance Co.      15,000,000    5/1/2010    5/1/2010

Directors & Officers (Primary)

    U.S. Specialty Insurance Company      15,000,000    5/1/2010    5/1/2010

 

Page 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-E

SUPPORTING SCHEDULES

For Period: 9/1/2009 to 9/30/2009

ACCOUNTS RECEIVABLE AND POST PETITION PAYABLE AGING

 

Due

    Accounts
Receivable		     Post Petition
Accounts Payable		  

Under 30 days

    $ 898,709 [a]    $ 1,526,877 [b] 

30 to 60 days

      147        1,256,118   

61 to 90 days

      —          289,534   

91 to 120 days

      —          273,440   

Over 120 days

      —          292,268   

Unavailable

      5,727,844 [c]   
          

Total Post Petition

     6,626,700     
          

Pre Petition Amounts

     4,905,107 [c]   
          

Total Accounts Receivable

      11,531,807     
          

Less: Bad Debt Reserve

      —       
          

Net Accounts Receivable (to Form 2-C)

   $ 11,531,807     
          
    
 		 Total Post Petition
Accounts Payable		   
  		   $ 3,638,238   
          

 

[a] See Exhibit B for Accounts Receivable Aging
[b] See Exhibit C for Accounts Payable Aging
[c] Includes escrow and other non-P&I advances receivable from in excess of 3300 mortgage holders. Aging information 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]

Debtors’ Counsel

    $ 1,124,000    $ 430,000    $ 219,151       $ 1,059,484

Debtors’ Special Counsel [2]

      725,770      280,000      —           729,718

Debtors’ Financial Advisor

      250,000      140,000      130,937         438,907

Creditors’ Committee Counsel

      100,000      224,000      202,885         625,684

Creditors’ Committee Financial Advisor

      —        146,000      123,682         386,576

Trustee’s Counsel

      —        —        —           —  

Other:

  

U.S. Trustee

      —        13,650      —           13,650
                  

Other:

  

Claims Agent

      —        50,000      47,347         50,000
                                  

Total

      $ 2,199,770    $ 1,283,650    $ 724,002       $ 3,304,019
                                

 

* 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] Orrick, Herrington & Sutcliffe LLP is no longer Debtors’ Special Counsel.

 

Page 1 of 2

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-E

SUPPORTING SCHEDULES

For Period: 9/1/2009 to 9/30/2009

SCHEDULE OF PAYMENTS AND TRANSFERS TO PRINCIPALS/EXECUTIVES**

 

Payee Name

   

Position

   

Nature of Payment

    Amount
Larry A. Goldstone    Senior Executive VP, CEO    Wages    $ 42,747
Clarence G. Simmons III    Senior Executive VP, CFO    Wages      30,489
Deborah J Burns    Senior VP, Asst Secretary    Wages      18,576
Michael Coltharp    Senior VP, Controller    Wages      29,036
Charles Macintosh    Senior VP, Treasurer    Wages      14,032
Anne-Drue Miller Anderson [1]    President, Director    Expense reimbursement      1,655
Thomas Cooley    Directors    Expense reimbursement      1,453
David Ater    Directors    Expense reimbursement      402

 

** 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.
[1] Ms. Anderson was paid for September services in the amount of $60,000 on October 1, 2009.

 

Page 2 of 2

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-F

DISBURSEMENT SUMMARY

For the Month Ended: September 30, 2009

QUARTERLY DISBURSEMENT CALCULATION

 

     TMST, Inc.

 

  1 Disbursements made in calendar quarter

 

July 2009    $ 2,015,158
August 2009      1,952,925
September 2009      1,346,121
      
Quarterly Total    $ 5,314,204
      

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    $ 30,000

 

 

 

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 1 of 1

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-G

NARRATIVE

For Period Ending September 30, 2009

Please provide a brief description of any significant business and legal actions taken by the debtor, its creditors, or the court during the reporting period, any unusual or non-recurring accounting transactions that are reported in the financial statements, and any significant changes in the financial condition of the debtor which have occurred subsequent to the report date.

EXPLANATORY STATEMENT

RESERVATION OF RIGHTS AND GLOBAL FOOTNOTES

FOR MONTHLY OPERATING REPORT

The Debtors 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 Debtors 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 Debtors prepared this Monthly Operating Report with the assistance of their financial advisor, Protiviti, Inc. (“Protiviti”), 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 Protiviti or any other party on behalf of the Debtors.

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.

 

Page 1 of 4

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-G

NARRATIVE

For Period Ending September 30, 2009

Please provide a brief description of any significant business and legal actions taken by the debtor, its creditors, or the court during the reporting period, any unusual or nonrecurring accounting transactions that are reported in the financial statements, and any significant changes in the financial condition of the debtor which have occurred subsequent to the report date.

U.S. Trustee Motion and Related Events

On September 16, 2009, the United States Trustee filed a Motion for an Order Directing the Appointment of a Chapter 11 Trustee or, in the Alternative, an Examiner [Docket No. 362]. On September 21, 2009, the Court held a status conference and scheduled a hearing on the United States Trustee’s motion for October 7, 2009. The hearing commenced on October 7, 2009 and has been continued to October 20, 2009.

The United States Trustee’s motion stems from, among other things, events raised in an anonymous letter dated August 25, 2009 received by the Creditors’ Committee on or about August 27, 2009. The independent directors of the Debtor TMST, Inc. (“TMST”) first became aware of the August 25, 2009 anonymous letter on Saturday, August 29, 2009, and immediately scheduled a meeting of the Board of Directors for Wednesday, September 2, 2009, to discuss, among other matters, appropriate action in response to the letter.

At its September 2, 2009 meeting, the TMST Board of Directors directed the Debtors’ bankruptcy counsel, Venable LLP (“Venable”), to conduct a prompt and comprehensive independent inquiry into the allegations contained in the August 25, 2009 anonymous letter and questions raised by the United States Trustee in a letter dated September 1, 2009. At or before the September 2 meeting, Larry Goldstone, the Chief Executive Officer of TMST, and Clarence G. Simmons, III, the Chief Financial Officer of TMST, indicated a willingness to resign effective as of September 15, 2009. Also at that meeting, the Board selected Anne-Drue M. Anderson, one of the independent directors, to become the President and Treasurer of TMST upon the resignation of Goldstone and Simmons.

Venable completed its inquiry and reported to the independent directors at a working session held on Thursday, September 10, 2009. That inquiry confirmed, among other things, that employees of TMST had under certain circumstances been paid by TMST while performing work for SAF Financial, Inc. (“SAF”), an entity organized by Goldstone, Simmons and others at or about the time the Debtors filed their Chapter 11 petitions. After the Petition Date, the only TMST Debtor that has had employees is TMST. TMST employees perform all work done on behalf of the mortgage loan servicing business of TMST Home Loans, Inc., formerly known as Thornburg Mortgage Home Loans, Inc. (“TMHL”).

On Friday evening, September 11, 2009, Ms. Anderson acting on behalf of the independent directors began steps to bar Goldstone and Simmons from further access to the TMST Debtors’ business premises and computer system, which steps were completed by Saturday morning, September 12, 2009. On Sunday, September 13, 2009, Ms. Anderson acting on behalf of the independent directors terminated the employment of (a) Deborah Burns, a senior vice president and assistant secretary of TMST and an owner of founder’s stock in SAF, (b) Amy Pell, an employee of TMST and an owner of founder’s stock in SAF, (c) Charles Macintosh, a senior vice president and treasurer of TMST and an owner of founder’s stock in SAF, and (d) Carlos Gonzales, the acting executive director of technology, IT operations and security, who had worked extensively for SAF and was identified as a computer and information security risk.

On the morning of Monday, September 14, 2009, Ms. Anderson met with the remaining employees of TMST and instructed them that no further work was to be performed on behalf of SAF or any other non-Debtor entity on company time. Between September 14 and 17, 2009, Ms. Anderson further reduced the TMST workforce. The total staff was reduced by approximately 34% from the staffing level in place on the Petition Date. Since that time, staffing has been further reduced by a total of 42% and a payroll reduction of 51% has been achieved.

 

Page 2 of 4

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-G

NARRATIVE

For Period Ending September 30, 2009

U.S. Trustee Motion and Related Events (continued)

At a meeting on Tuesday, September 15, 2009, the TMST Board of Directors directed the Debtors’ financial advisor, Protiviti Inc., and Venable to investigate immediately possible claims and causes of action that might be brought against Goldstone, Simmons, SAF and others with respect to improper use of the assets and resources of the TMST Debtors’ bankruptcy estates. As a result of that investigation, TMST filed a Complaint against Goldstone, Simmons and SAF on October 6, 2009, which complaint was docketed herein as TMST, Inc v. Larry Goldstone, et al., Adversary Pro. No. 09-00689 (DWK) (the “TMST Complaint”). A Pre-Trial Conference on the TMST Complaint is scheduled for December 3, 2009. The TMST Complaint sets forth at length the misuse of estate assets and other wrongful conduct engaged in by Goldstone, Simmons, SAF and others.

On October 16, 2009, after a series of discussions and a written demand by TMST on Thornburg Mortgage Advisory Corporation (“TMAC”) to establish an escrow by October 16, 2009 with respect to certain payments and claims, including ones related to the misconduct of Goldstone, Simmons and others, TMAC filed a Complaint against TMST, Goldstone, Simmons, Macintosh and SAF that, among other things, seeks a declaratory judgment and accounting against TMST and asserts claims against Goldstone, Simmons, Macintosh and SAF with respect to the events that are the subject of the TMST Complaint. See Thornburg Mortgage Advisory Corporation v. TMST, Inc., et al., Adversary Pro. No. 09-00721 (DWK).

The Debtors reserve all of their rights against Goldstone, Simmons, SAF, TMAC and others with respect to, among other things, the events described above.

The Debtor ADFITECH, Inc. (“Adfitech”) and its officers and employees were not involved in the events described above. Adfitech is an independently-operated, wholly-owned subsidiary of TMHL that provides mortgage-related auditing and quality control consulting services to financial institutions. Adfitech is self-funded, has its own separate workforce and bank accounts, and operates independently from TMST and TMHL at offices located in Edmond, Oklahoma on unencumbered real estate owned by Adfitech. The monthly operating reports for Adfitech are filed separately in Case No. 09-17788 (DWK).

Other Events

On August 25, 2009, the Debtors filed a motion to extend the exclusive periods during which they may file a Chapter 11 plan or plans and solicit acceptances thereof. On September 14, 2009, the Court entered an Order extending the exclusive periods to October 28, 2009 and December 27, 2009, respectively. The TMST Debtors are in the process of preparing a draft Chapter 11 plan of liquidation, which the TMST Debtors expect to negotiate with the Creditors’ Committee to develop a consensual Chapter 11 plan of liquidation that has the support of the Creditors’ Committee.

As previously reported, the Debtors at the request of the Creditors’ Committee decided to stop the sale process for Adfitech and to work with the Creditors’ Committee to formulate a Chapter 11 plan of reorganization for Adfitech. On October 16, 2009, Adfitech successfully concluded its discussions with the Creditors’ Committee and filed its Chapter 11 Plan of Reorganization [Adfitech Docket No. 21].

On September 21, 2009, the Court held a hearing on the Debtors’ motion for authority to employ Interactive Mortgage Advisors, LLC (“IMA”) as the broker for the sale of the mortgage servicing rights owned by the Debtors. On September 30, 2009, the Debtors supplemented the motion to employ IMA as directed by the Court [Docket No. 406]. The time to respond to the motion as supplemented has expired without any objections being filed. To date, the Court has not approved the employment of IMA. Nevertheless, IMA has continued to work with the Debtors on their ongoing preparations for the sale of the mortgage servicing rights.

 

Page 3 of 4

DEBTOR:    TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.    CASE NO:    09-17787

Form 2-G

NARRATIVE

For Period Ending September 30, 2009

Other Events (continued)

On September 28, 2009, the Court entered the Stipulation and Consent Order agreed to by the Debtors, the Creditors’ Committee and Century Bank that resolved the previously reported motion for relief from automatic stay filed by Century Bank against TMST and TMHL [Docket No. 396].

On September 10, 2009, Ike Kalangis resigned as a member of the TMST Board of Directors. On October 2, 2009, Garrett Thornburg resigned as a member and Chairman of the TMST Board of Directors. At a meeting on October 5, 2009, the TMST Board of Directors selected Dean Thomas F. Cooley, a member of the TMST Board and the Dean of the Stern School of Business at New York University, to serve as Chairman of the TMST Board of Directors.

During the month of September, the TMST Debtors filed their monthly operating report for the period August 1 through August 31, 2009.

The quarterly fees owed to the United States Trustee for the quarter ending September 30, 2009 were paid on or about October 9, 2009.

Unusual and Nonrecurring Accounting Transactions:

Surety Bond Transactions:

In the Month of May 2009, Thornburg Mortgage Home Loan’s (TMHL) surety bond issuer made claims against TMHL’s letters of credit held at Century Bank. Century Bank paid the claim amounts to the surety bond issuer by drawing on an existing TMHL promissory note. TMHL subsequently reduced its balance at Century Bank and recorded a $3.6 million receivable from the surety bond issuer.

Market Value Swap Margin Call Obligations and Market Value Swap Liability

The Swap Margin Call Obligations reflected in the balance sheet represent an estimated deficiency on securities covered by market value swap agreements calculated as the difference between the estimated future values of the auction price of the securities and par balance of the securities estimated at the date of the auction swap agreement termination.

The Market Value Swap Liability is the difference between the actual reported auction price of securities and par value of securities for executed auctions.

CS informed TMHS that all auction swap agreements between CS and TMHS were terminated. TMHS reports the estimated swap deficiencies for agreements with auction dates after the May 1, 2009 bankruptcy petition date as Swap Margin Call Obligations rather than Market Value Swap Liabilities on executed auctions based on the termination of the agreements prior to the actual auction dates.

Employee “Banked Hours” Policy Abolished

On September 25, 2009, the debtor TMST, Inc. (“TMST”) announced a change in the policy of former management with respect to treatment of the so-called “banked hours” of employees. Effective September 21, 2009, the “banked hours” policy was abolished and thereafter employees will be paid overtime (time and one-half) for any hours worked in excess of 40 hours each week. Employees were paid for their existing “banked hours” on September 30, 2009 at overtime rates. To the extent employees were paid in the past for “banked hours” at straight time rates, TMST reviewed its payroll records and paid employees the overtime differential for those hours in October.

 

Page 4 of 4

Exhibit B

TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.

Accounts Receivable

As of September 30, 2009

 

Post Petition

         Date   Amount   Under 30 days   30 to 60 days   61 to 90 days   91 to 120 days   Over 120 days   Unavailable

Employee Reimbursement_FedEx

     8/7/2009   $ 98   $ —     $ 98   $ —     $ —     $ —     $ —  

Employee Reimbursement_FedEx

     8/14/2009     49     —       49     —       —       —       —  

Employee Reimbursement_FedEx

     9/11/2009     46     46     —       —       —       —       —  

Adfitech, Estimated Professional Fees

     9/30/2009     200,000     200,000     —       —       —       —       —  

Cenlar, September 09 Servicing

     9/30/2009     698,663     698,663     —       —       —       —       —  

Borrower Escrow Advance Balance

   a )    Various     4,745,145     —       —       —       —       —       4,745,145

Borrower Corporate Advance Balance

   a )    Various     970,719     —       —       —       —       —       970,719

Borrower 3rd Party Advance Balance

   a )    Various     32               32

Borrower Inspection Fees

   a )    Various     11,948     —       —       —       —       —       11,948
                                             

Total Post Petition Accounts Receivable

       $ 6,626,700   $ 898,709   $ 147   $ —     $ —     $ —     $ 5,727,844
                                             

 

Pre Petition

          Date    Amount

Adfitech

      3/25/2009    $ 1,000

Thomas G. Ennis, Premium Recapture

      4/30/2009      6,888

Borrower Escrow Advance Balance

    a )    Various      4,273,205

Borrower Corporate Advance Balance

    a )    Various      595,206

Borrower 3rd Party Advance Balance

    a )    Various      14,067

Borrower Inspection Fees

    a )    Various      14,741
           

Total Pre Petition Accounts Receivable

         $ 4,905,107
           

 

a) Recevable amounts include balances due from multiple mortgage loan holders. Aging of the balances due is not available.

 

Exhibit C

TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.

Post Petition Accounts Payable

As of September 30, 2009

 

Vendor

    Date    Amount     Under 30 days    30 to 60 days    61 to 90 days     91 to 120 days    Over 120 days

5/15/09 Payroll due TMAC

    05/15/09    40,290      —      —      —        —      40,290

J.H. Cohn LLP

    05/31/09    32,673      —      —      —        —      32,673

Orrick,Herrington & Sutcliffe LLP

    05/31/09    21,469      —      —      —        —      21,469

Protiviti Inc.

    05/31/09    54,694      —      —      —        —      54,694

Quinn Emanuel Urquhart Oliver & Hedges

    05/31/09    60,021      —      —      —        —      60,021

Tydings & Rosenberg LLP

    05/31/09    4,172      —      —      —        —      4,172

Venable LLP

    05/31/09    78,950      —      —      —        —      78,950

Atkinson & Thal, P.C.

    06/08/09    118      —      —      —        118    —  

Wilmington Trust Company

    06/26/09    3,000      —      —      —        3,000    —  

Wilmington Trust Company

    06/29/09    4,000      —      —      —        4,000    —  

J.H. Cohn LLP

    06/30/09    32,707      —      —      —        32,707    —  

Orrick,Herrington & Sutcliffe LLP

    06/30/09    19,410      —      —      —        19,410    —  

Protiviti Inc.

    06/30/09    74,319      —      —      —        74,319    —  

Quinn Emanuel Urquhart Oliver & Hedges

    06/30/09    64,284      —      —      —        64,284    —  

Thompson, Hickey, Cunningham, Clow, & April

    06/30/09    29      —      —      —        29    —  

Thompson, Hickey, Cunningham, Clow, & April

    06/30/09    3,669      —      —      —        3,669    —  

Tydings & Rosenberg LLP

    06/30/09    3,648      —      —      —        3,648    —  

Venable LLP

    06/30/09    67,958      —      —      —        67,958    —  

Palmer, Lombardi & Donohue LLP

    06/30/09    297      —      —      —        297    —  

Verizon

    07/20/09    (264 )    —      —      (264 )    —      —  

Protiviti, Inc.

    07/31/09    30,028      —      —      30,028      —      —  

Orrick, Herrington & Sutcliffe LLP

    07/31/09    127,078      —      —      127,078      —      —  

Venable LLP

    07/31/09    53,704      —      —      53,704      —      —  

J. H. Cohn LLP

    07/31/09    29,290      —      —      29,290      —      —  

Quinn Emanuel Urquhart Oliver & Hedges, LLP

    07/31/09    46,960      —      —      46,960      —      —  

Tydings & Rosenberg LLP

    07/31/09    2,739      —      —      2,739      —      —  

J.H. Cohn LLP

    08/31/09    145,906      —      145,906    —        —      —  

Orrick,Herrington & Sutcliffe LLP

    08/31/09    281,761      —      281,761    —        —      —  

Protiviti Inc.

    08/31/09    139,866      —      139,866    —        —      —  

Quinn Emanuel Urquhart Oliver & Hedges

    08/31/09    196,259      —      196,259    —        —      —  

Tydings & Rosenberg LLP

    08/31/09    23,601      —      23,601    —        —      —  

Venable LLP

    08/31/09    428,872      —      428,872    —        —      —  

Iron Mountain

    08/31/09    2,336      —      2,336    —        —      —  

Payroll Accrual - Overtime Correction

    09/15/09    19,175      19,175    —      —        —      —  

Fed Ex

    09/25/09    387      387    —      —        —      —  

TMST Employee (Expense reimbursement)

    09/29/09    50      50    —      —        —      —  

 

Page 25 of 26

Exhibit C

TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.

Post Petition Accounts Payable

As of September 30, 2009

 

Vendor

    Date    Amount    Under 30 days    30 to 60 days    61 to 90 days    91 to 120 days    Over 120 days

Payroll Taxes (9/30/09 Payroll)

    09/30/09      34,109      34,109      —        —        —        —  

Workman’s Compensation Tax

    09/30/09      60      60      —        —        —        —  

TMST Employee (Expense reimbursement)

    09/30/09      66      66      —        —        —        —  

Thornburg Investment Management

    09/30/09      213      213      —        —        —        —  

TMST Employee

    09/30/09      5,411      5,411      —        —        —        —  

TMST Employee (Expense reimbursement)

    09/30/09      769      769      —        —        —        —  

TMST Employee

    09/30/09      37,106      37,106      —        —        —        —  

Payroll Accrual

    09/30/09      137,480      137,480      —        —        —        —  

Protiviti, Inc

    09/30/09      140,000      140,000      —        —        —        —  

Orrick,Herrington & Sutcliffe LLP

    09/30/09      280,000      280,000      —        —        —        —  

Venable LLP

    09/30/09      430,000      430,000      —        —        —        —  

J.H. Cohn LLP

    09/30/09      146,000      146,000      —        —        —        —  

Quinn Emanuel Urquhart Oliver & Hedges

    09/30/09      200,000      200,000      —        —        —        —  

Tydings & Rosenberg LLP

    09/30/09      24,000      24,000      —        —        —        —  

Epiq Bankruptcy Solutions, LLC

    09/30/09      50,000      50,000      —        —        —        —  

Office of the U.S. Trustee

    09/30/09      13,650      13,650            

Thornburg Mortgage Advisory Corporation

    09/30/09      8,400      8,400      —        —        —        —  
                                            
        3,600,720      1,526,877      1,218,601      289,534      273,440      292,268

Potential obligations - Invoices under review

    08/31/09      37,518      —        37,518      —        —        —  
                                            

Post Petition Accounts Payable

       $ 3,638,238    $ 1,526,877    $ 1,256,118    $ 289,534    $ 273,440    $ 292,268
                                            

NOTE: Includes estimates for amounts that may be due to ordinary course professionals for which an invoice for services had not been received.

 

Page 26 of 26

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