Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TMST, Inc. | d8k.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. (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 December 31, 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 | |||
| 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.
| Executed on: | 1/20/2010 | Print Name: | Joel I. Sher | |||||
| Signature: | /s/ Joel I. Sher | |||||||
| Title: | Chapter 11 Trustee | |||||||
| (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. |
Rev. 4/2008
Page 1 of 16
| 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: 12/1/2009 to 12/31/2009
| CASH FLOW SUMMARY |
Current Month |
Accumulated | ||||||
| 1. Beginning Cash Balance |
$ | 27,677,968 | (2) | $ | 16,847,967 | (2) | ||
| 2. Cash Receipts |
||||||||
| Operations |
1,422,872 | 18,017,886 | ||||||
| Sale of Assets |
— | 3,029,432 | ||||||
| Loans/advances |
— | — | ||||||
| Other |
— | 1,848,472 | ||||||
| Total Cash Receipts |
$ | 1,422,872 | $ | 22,895,790 | ||||
| 3. Cash Disbursements |
||||||||
| Operations |
2,811,685 | 8,525,570 | ||||||
| Debt Service/Secured loan payment |
— | — | ||||||
| Professional fees/U.S. Trustee fees |
2,352,090 | 6,281,122 | ||||||
| Other |
— | 1,000,000 | ||||||
| Total Cash Disbursements |
$ | 5,163,775 | $ | 15,806,692 | ||||
| 4. Net Cash Flow (Total Cash Receipts less |
||||||||
| Total Cash Disbursements) |
(3,740,903 | ) | 7,089,098 | |||||
| 5. Ending Cash Balance (to Form 2-C) |
$ | 23,937,065 | (3) | $ | 23,937,065 | (3) | ||
CASH BALANCE SUMMARY
| Account Name/Number | Institution |
Bank Balance |
Deposits In Transit |
Outstanding Checks |
Book Balance |
||||||||||
| xxxxxxx2822 | New Mexico Bank & Trust |
$ | 20,666,005 | $ | — | $ | 136,937 | $ | 20,529,068 | ||||||
| xxxxxxx0805 | J.P. Morgan |
123,181 | — | — | 123,181 | ||||||||||
| xxxxxxx1807 | New Mexico Bank & Trust |
5,513 | — | — | 5,513 | ||||||||||
| xxxxxxx2954 | New Mexico Bank & Trust |
108,371 | — | 926 | 107,445 | ||||||||||
| xxxxxxx2989 | New Mexico Bank & Trust |
34,302 | — | — | 34,302 | ||||||||||
| xxxxxxx5856 | New Mexico Bank & Trust |
99,984 | — | — | 99,984 | ||||||||||
| xxxxxxx2842 | New Mexico Bank & Trust |
3,036,570 | — | — | 3,036,570 | ||||||||||
| xxxxxxx9638 | The Bank of New York Mellon |
1,002 | — | 1,002 | |||||||||||
| xxxxxxx9639 | The Bank of New York Mellon |
— | — | — | — | ||||||||||
| TOTAL | $ | 24,074,928 | $ | — | $ | 137,863 | $ | 23,937,065 | (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 16
| 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: 12/1/2009 to 12/31/2009
| CASH DISBURSEMENTS DETAIL | Account No: | xxxxxxx2822 | ||||
| (attach additional sheets as necessary) |
| Date |
Check No. | Payee |
Description (Purpose) |
Amount | ||||||||
| 12/3/2009 | 7022 | The Carlisle Group, Inc. |
Info Services |
$ | 7,500 | |||||||
| 12/3/2009 | 7023 | Thornburg Investment Management |
Postage |
10 | ||||||||
| 12/3/2009 | 7024 | Iron Mountain |
Document Storage |
825 | ||||||||
| 12/3/2009 | 7025 | American Stock Transfer & Trust |
Transfer fee |
5,500 | ||||||||
| 12/3/2009 | 7026 | TMST Employee |
Personal expense reimbursement |
41 | ||||||||
| 12/3/2009 | 7027 | Southwest Copy Systems |
Info Services |
1,897 | ||||||||
| 12/3/2009 | 7028 | TMST Employee |
Info Services reimbursement |
991 | ||||||||
| 12/3/2009 | 7029 | J and J Technical Services, Inc. |
Info Services |
3,758 | ||||||||
| 12/3/2009 | Wire | Venable LLP |
Professional services |
601,767 | ||||||||
| 12/3/2009 | Wire | Protiviti Inc. |
Professional services |
453,956 | ||||||||
| 12/3/2009 | Wire | Quinn Emanuel |
Professional services |
198,670 | ||||||||
| 12/3/2009 | Wire | Tydings & Rosenberg LLP |
Professional services |
24,622 | ||||||||
| 12/3/2009 | Wire | J.H. Cohn LLP |
Professional services |
83,397 | ||||||||
| 12/11/2009 | Wire | ADP Financial Services |
Payroll - Direct deposits |
45,965 | ||||||||
| 12/14/2009 | Wire | ADP Financial Services |
Payroll taxes 12/15 |
31,714 | ||||||||
| 12/15/2009 | 2372 | TMST Employee |
Payroll |
20,624 | ||||||||
| 12/15/2009 | 7033 | The Carlisle Group, Inc. |
Info Services |
7,500 | ||||||||
| 12/15/2009 | 7034 | Thornburg Investment Management |
Postage |
14 | ||||||||
| 12/15/2009 | 7035 | Bravo Technical Resources |
Contract Services |
3,693 | ||||||||
| 12/17/2009 | Wire | Cenlar |
Cenlar Subservicing Bill Nov 2009 |
1,391,980 | ||||||||
| 12/18/2009 | Wire | Cenlar |
P&I Advance |
1,112,881 | ||||||||
| 12/18/2009 | Wire | Cenlar |
P&I Advance |
2,947 | ||||||||
| 12/23/2009 | Wire | Venable LLP |
Professional services |
570,056 | ||||||||
| 12/23/2009 | Wire | Protiviti Inc. |
Professional services |
236,226 | ||||||||
| 12/23/2009 | Wire | Quinn Emanuel |
Professional services |
27,342 | ||||||||
| 12/23/2009 | Wire | Tydings & Rosenberg LLP |
Professional services |
41,195 | ||||||||
| 12/23/2009 | Wire | Goldin Associates, LLC |
Professional services |
27,145 | ||||||||
| 12/29/2009 | 7038 | Epiq Bankruptcy Solutions, LLC |
Professional services |
87,715 | ||||||||
| 12/29/2009 | 7039 | TMST Employee |
Personal expense reimbursement |
997 | ||||||||
| 12/29/2009 | 7040 | Shred-it Albuquerque |
Recycling |
107 | ||||||||
| 12/29/2009 | 7041 | Iron Mountain |
Document Storage |
1,181 | ||||||||
| 12/29/2009 | 7042 | TMST Employee |
Personal expense reimbursement |
485 | ||||||||
| 12/29/2009 | 7043 | Bravo Technical Resources |
Contract Services |
16,801 | ||||||||
| 12/29/2009 | 7044 | American Stock Transfer & Trust |
Transfer fee |
7,854 | ||||||||
| 12/29/2009 | Wire | ADP Financial Services |
Payroll - Direct deposits |
45,694 | ||||||||
| 12/30/2009 | Wire | ADP Financial Services |
Payroll taxes 12/31 |
31,160 | ||||||||
| 12/31/2009 | 2373 | TMST Employee |
Payroll |
20,622 | ||||||||
| Total Cash Disbursements |
$ | 5,114,831 | (1) | |||||||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 3 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 12/1/2009 to 12/31/2009
| CASH RECEIPTS DETAIL | Account No: | xxxxxxx2822 | ||||
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||||
| 12/2/2009 | Boise, Schiller & Flexner LLP |
Refund of Retainer Balance |
$ | 79,223 | ||||||
| 12/4/2009 | Cenlar |
Investor Z43 P&I Remittance Nov 2009 |
33,932 | |||||||
| 12/4/2009 | Cenlar |
Investor P43 P&I Remittance Nov 2009 |
129,525 | |||||||
| 12/7/2009 | New Mexico Bank & Trust (2) |
Electronic Check |
7,385 | |||||||
| 12/22/2009 | Cenlar |
Return P&I Advance |
1,112,881 | |||||||
| 12/22/2009 | LBNA as Trustee for Thornburg Mortgage |
Whole Loan P&I Remittance Nov 2009 |
47,718 | |||||||
| 12/24/2009 | Wells Fargo Bank |
Credit Risk Advisor Fee |
1,187 | |||||||
| 12/28/2009 | Wells Fargo Bank |
Reinvestment Income |
427 | |||||||
| 12/28/2009 | Wells Fargo Bank |
Credit Risk Advisor Fee |
516 | |||||||
| 12/30/2009 | Deutsche Bank |
Reinvestment Income |
18 | |||||||
| 12/31/2009 | Cenlar |
REO Refund |
1,200 | |||||||
| 12/31/2009 | Palmer, Lombardi & Donohue LLP |
Refund of Retainer Balance |
1,852 | |||||||
| 12/31/2009 | Nationwide Legal, Inc |
Subpoena |
15 | |||||||
| Total Cash Receipts |
$ | 1,415,878 | (1) | |||||||
| (1) | Total for all accounts should agree with total cash receipts listed on Form 2-B, page 2 |
Page 4 of 16
| 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: 12/1/2009 to 12/31/2009
| CASH DISBURSEMENTS DETAIL |
Account No: | xxxxxxx2954 | ||||
| (attach additional sheets as necessary) |
| Date |
Check No. | Payee |
Description (Purpose) |
Amount | ||||||||
| 12/1/2009 | 15440 | State of South Dakota | State license renewal | $ | 500 | |||||||
| 12/3/2009 | 15441 | State of Minnesota | Withdrawal fee | 50 | ||||||||
| 12/3/2009 | 15442 | State of Illinois | Withdrawal fee | 25 | ||||||||
| 12/3/2009 | 15443 | State of Washington | State license | 59 | ||||||||
| 12/3/2009 | 15444 | TMST Employee | Reimburse Kentucky license renewal | 450 | ||||||||
| 12/3/2009 | 15445 | State of Tennessee | Mortgage Exam Fee | 1,375 | ||||||||
| 12/3/2009 | 15446 | Pepper Hamilton LLP | Professional services | 32,677 | ||||||||
| 12/3/2009 | 15447 | MIDCON Data Services LLC | Document Storage | 2,059 | ||||||||
| 12/3/2009 | 15448 | FedEX | Shipping | 1,032 | ||||||||
| 12/4/2009 | ACH | State of Mississippi | State license renewal | 576 | ||||||||
| 12/4/2009 | ACH | State of Nebraska | State license renewal | 300 | ||||||||
| 12/15/2009 | 15449 | FedEX | Shipping | 1,025 | ||||||||
| 12/15/2009 | 15450 | State of New Jersey | Assessment Fee | 451 | ||||||||
| 12/15/2009 | 15451 | MIDCON Data Services LLC | Document Storage | 2,059 | ||||||||
| 12/15/2009 | 15453 | CSC | California Statutory Representation | 247 | ||||||||
| 12/15/2009 | 15454 | State of California | Assessment Fee | 5,000 | ||||||||
| 12/28/2009 | ACH | State of New Hampshire | State license renewal | 600 | ||||||||
| 12/29/2009 | 15455 | State of North Carolina | Withdrawal fee | 25 | ||||||||
| Total Cash Disbursements | $ | 48,510 | (1) | |||||||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 5 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 12/1/2009 to 12/31/2009
| CASH RECEIPTS DETAIL |
Account No: | xxxxxxx2954 | ||||
| (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 6 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 12/1/2009 to 12/31/2009
| CASH RECEIPTS DETAIL |
Account No: | xxxxxxx0805 | ||||
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||||
| 12/24/2009 |
Bank of America (Countrywide) | Credit Risk Advisor Fee | $ | 687 | ||||||
| 12/28/2009 |
US Bank | Trust Wire | 773 | |||||||
| 11/25/2009 |
Citibank | Corporate Trust Fed Wire | 1,025 | |||||||
| Total Cash Receipts |
$ | 2,485 | (1) | |||||||
| (1) | Total for all accounts should agree with total cash receipts listed on Form 2-B, page 2 |
Page 7 of 16
| 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: 12/1/2009 to 12/31/2009
| CASH DISBURSEMENTS DETAIL |
Account No: | xxxxxxx2989 | ||||
| (attach additional sheets as necessary) |
| Date |
Check No. |
Payee |
Description (Purpose) |
Amount | ||||||||
| 12/4/2009 |
ACH | ADP Financial Services | Payroll processing | $ | 223 | |||||||
| 12/18/2009 |
ACH | ADP Financial Services | Payroll processing | 169 | ||||||||
| 12/28/2009 |
ACH | ADP Financial Services | Payroll processing | 42 | ||||||||
| Total Cash Disbursements | $ | 434 | (1) | |||||||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 8 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 12/1/2009 to 12/31/2009
| CASH RECEIPTS DETAIL |
Account No: | xxxxxxx1807 | ||||
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||||
| 12/31/2009 |
New Mexico Bank & Trust | Interest Paid | $ | 2 | ||||||
| Total Cash Receipts | $ | 2 | (1) | |||||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 9 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-B
CASH RECEIPTS STATEMENT
For Period: 12/1/2009 to 12/31/2009
| CASH RECEIPTS DETAIL |
Account No: | xxxxxxx2842 | ||||
| (attach additional sheets as necessary) |
| Date |
Payor |
Description (Purpose) |
Amount | |||||||
| 11/30/2009 |
New Mexico Bank & Trust | Interest | 4,507 | |||||||
| Total Cash Receipts | $ | 4,507 | (1) | |||||||
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 2 |
Page 10 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-C
COMPARATIVE BALANCE SHEET
For Period Ended: December 31, 2009
| Current Month |
Petition Date (1) |
|||||||||
| ASSETS |
||||||||||
| Current Assets: |
||||||||||
| Cash and Cash Equivalents (from Form 2-B) |
$ | 23,937,065 | $ | 16,848,967 | ||||||
| Accounts Receivable (from Form 2-E) |
15,498,309 | 9,403,326 | ||||||||
| Receivable from Officers, Employees, Affiliates (2) |
— | — | ||||||||
| Inventory |
— | — | ||||||||
| Other Current Assets (List): |
Prepaid expenses & retainers |
3,741,792 | 5,418,353 | |||||||
| Accrued interest receivable | — | 47,878 | ||||||||
| Total Current Assets |
43,177,166 | 31,718,524 | ||||||||
| 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 |
800,402 | 533,109 | ||||||||
| Net Fixed Assets |
400,938 | 668,231 | ||||||||
| Other Assets (List): |
Restricted cash |
— | 201,432,689 | |||||||
| Mortgage servicing portfolio | 76,029,606 | 87,104,385 | ||||||||
| Investment in subsidiaries | 23,903,739 | 21,244,747 | ||||||||
| Loan held for sale | 2,015,230 | 8,359,404 | ||||||||
| Deposits | 3,605,000 | 300,000 | ||||||||
| TOTAL ASSETS |
$ | 149,131,679 | $ | 350,827,980 | ||||||
| LIABILITIES | ||||||||||
| Post-petition Accounts Payable (from Form 2-E) |
$ | 522,463 | $ | — | ||||||
| Post-petition Accrued Professional Fees (from Form 2-E) |
3,875,706 | — | ||||||||
| Post-petition Taxes Payable (from Form 2-E) |
— | — | ||||||||
| Post-petition Notes Payable |
— | — | ||||||||
| Other Post-petition Payable (List): |
Contingent obligations (3) |
2,597,067 | — | |||||||
| Total Post Petition Liabilities |
6,995,236 | — | ||||||||
| Pre Petition Liabilities: | ||||||||||
| Secured Debt |
— | — | ||||||||
| Priority Debt |
— | — | ||||||||
| Unsecured Debt |
3,460,434,383 | 3,664,898,118 | ||||||||
| Total Pre Petition Liabilities |
3,460,434,383 | 3,664,898,118 | ||||||||
| TOTAL LIABILITIES |
3,467,429,619 | 3,664,898,118 | ||||||||
| OWNERS’ EQUITY | ||||||||||
| Owner’s/Stockholder’s Equity |
3,640,741,359 | 3,640,741,359 | ||||||||
| Retained Earnings - Prepetition (4) |
(6,954,811,496 | ) | (6,954,811,496 | ) | ||||||
| Retained Earnings - Post-petition |
(4,227,803 | ) | — | |||||||
| TOTAL OWNERS’ EQUITY |
(3,318,297,940 | ) | (3,314,070,137 | ) | ||||||
| TOTAL LIABILITIES AND OWNERS’ EQUITY |
$ | 149,131,679 | $ | 350,827,980 | ||||||
| (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 pending resolution with SAF. |
| (3) | Includes cash payments received that will require bankruptcy court ruling to resolve ownership issues. |
| (4) | Change in Prepetition Retained Earnings of ($324,272) is due to a prior period adjustment for April expenses. |
Rev. 4/2008
Page 11 of 16
| 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: December 1, 2009 to December 31, 2009
| Current Month |
Accumulated Total (1) |
|||||||||
| Operating Revenue |
||||||||||
| Interest income (2) |
$ | 43,672 | $ | 5,374,945 | ||||||
| Mortgage servicing income |
2,176,231 | 17,679,469 | ||||||||
| Net Operating Revenue |
2,219,903 | 23,054,414 | ||||||||
| Total interest expense / (benefit) (3) |
— | (1,195,076 | ) | |||||||
| Gross Profit |
2,219,903 | 24,249,490 | ||||||||
| Operating Expenses |
||||||||||
| Officer Compensation |
— | 895,390 | ||||||||
| Selling, General and Administrative |
2,410,778 | 20,460,549 | ||||||||
| Rents and Leases |
25,000 | 568,262 | ||||||||
| Depreciation, Depletion and Amortization |
33,412 | 267,296 | ||||||||
| Other (list): |
__________________________ |
— | — | |||||||
| __________________________ |
— | — | ||||||||
| Total Operating Expenses |
2,469,190 | 22,191,497 | ||||||||
| Operating Income / (Loss) |
(249,287 | ) | 2,057,993 | |||||||
| Non-Operating Income / (Expenses) |
||||||||||
| Gains / (Losses) on Liquidation of Assets |
— | — | ||||||||
| Earnings from subsidiaries |
(59,496 | ) | 2,658,992 | |||||||
| Other Non-Operating Income (4) |
— | 607,975 | ||||||||
| Net Non-Operating Income / (Expenses) |
(59,496 | ) | 3,266,967 | |||||||
| Reorganization Expenses |
||||||||||
| Legal and Professional Fees |
447,268 | 9,413,675 | ||||||||
| Other Reorganization Expense |
33,039 | 139,088 | ||||||||
| Total Reorganization Expenses |
480,307 | 9,552,763 | ||||||||
| Net Income / (Loss) Before Income Taxes |
(789,090 | ) | (4,227,803 | ) | ||||||
| Federal and State Income Tax Expense / (Benefit) (5) |
— | — | ||||||||
| NET INCOME / (LOSS) |
$ | (789,090 | ) | $ | (4,227,803 | ) | ||||
| (1) | Accumulated Totals include all revenue and expenses since the petition date. |
| (2) | Accumulated total includes approximately $4.5 million of $7.9 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 $3.4 million receivable or the related income. |
| (3) | Accumulated total reflects amortization of derivatives. |
| (4) | Accumulated total includes 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. The estimated potential tax liability that could be incurred due to the method of accounting change is $7.3 million. However, given the large 2009 operating losses for TMST, Inc., it is reasonably possible that the potential tax liability will not be incurred. As such, the Company did not record it in the comparative balance sheet nor recognize it in the profit and loss statement. |
Rev. 4/2008
Page 12 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-E
SUPPORTING SCHEDULES
For Period: December 1, 2009 to December 31, 2009
POST PETITION TAXES PAYABLE SCHEDULE
| Beginning Balance |
Amount Accrued |
Amount Paid |
Date Paid |
Check Number |
Ending Balance | |||||||||||
| Income Tax Withheld |
||||||||||||||||
| Federal |
$ | — | $ | 19,057 | $ | 19,057 | 12/14/2009 | Wire | $ | — | ||||||
| 18,846 | 18,846 | 12/30/2009 | Wire | — | ||||||||||||
| State |
— | 3,762 | 3,762 | 11/13/2009 | Wire | — | ||||||||||
| 3,737 | 3,737 | 11/25/2009 | Wire | — | ||||||||||||
| FICA Tax Withheld |
— | 4,426 | 4,426 | 11/13/2009 | Wire | — | ||||||||||
| 4,266 | 4,266 | 11/25/2009 | Wire | — | ||||||||||||
| Employer’s FICA Tax |
— | 4,426 | 4,426 | 11/13/2009 | Wire | — | ||||||||||
| 4,266 | 4,266 | 11/25/2009 | Wire | — | ||||||||||||
| Unemployment Tax |
||||||||||||||||
| Federal |
— | — | — | 11/13/2009 | Wire | — | ||||||||||
| — | 11/25/2009 | Wire | — | |||||||||||||
| State |
— | 42 | 42 | 11/13/2009 | Wire | — | ||||||||||
| 46 | 46 | 11/25/2009 | Wire | — | ||||||||||||
| Sales, Use & Excise Taxes |
— | — | — | — | ||||||||||||
| Property Taxes |
— | — | — | — | ||||||||||||
| Accrued Income Tax |
||||||||||||||||
| Federal |
— | — | — | — | ||||||||||||
| State |
— | — | — | — | ||||||||||||
| TOTALS |
$ | — | $ | 62,874 | $ | 62,874 | $ | — | ||||||||
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 | |||||
| Trustee Surety Bond |
Liberty Mutual Insurance Company | 25,000,000 | 10/28/2010 | 10/28/2010 | |||||
Rev. 4/2008
Page 13 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-E
SUPPORTING SCHEDULES
For Period: 12/1/2009 to 12/31/2009
ACCOUNTS RECEIVABLE AND POST PETITION PAYABLE AGING
| Due |
Accounts Receivable |
Post Petition Accounts Payable |
||||||
| Under 30 days |
$ | 441,897 | (1) | $ | 871,083 | (2) | ||
| 30 to 60 days |
— | 1,003,934 | ||||||
| 61 to 90 days |
492,482 | 738,785 | ||||||
| 91 to 120 days |
47 | 418,908 | ||||||
| Over 120 days |
147 | 1,365,459 | ||||||
| Unavailable |
10,603,746 | (3) | ||||||
| Total Post Petition |
11,538,319 | |||||||
| Pre Petition Amounts |
3,959,990 | (3) | ||||||
| Total Accounts Receivable |
15,498,309 | |||||||
| Less: Bad Debt Reserve |
— | |||||||
| Net Accounts Receivable (to Form 2-C) |
$ | 15,498,309 | ||||||
| |
Total Post Petition Accounts Payable |
|
$ | 4,398,169 | ||||
| (1) | See Exhibit B for Accounts Receivable Aging |
| (2) | See Exhibit C for Accounts Payable Aging |
| (3) | Includes escrow and other non-P&I advances receivable from in excess of 3,300 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) | ||||||||||
| Debtor’s Counsel |
$ | 1,735,000 | $ | — | $ | 1,171,823 | $ | 601,719 | ||||||
| Debtor’s Special Counsel (2) |
310,304 | — | — | 449,718 | ||||||||||
| Debtor’s Financial Advisor |
250,000 | — | 690,182 | 373,637 | ||||||||||
| Creditors’ Committee’s Counsel |
100,000 | 229,835 | 291,828 | 1,028,961 | ||||||||||
| Unsecured Creditors’ Financial Advisor |
— | 24,922 | 83,397 | 382,377 | ||||||||||
| Chapter 11 Trustee (3) |
— | 75,000 | — | 150,000 | ||||||||||
| Trustee’s Counsel |
— | 176,588 | — | 482,841 | ||||||||||
| Trustee’s Financial Advisor |
— | 190,000 | 27,145 | 386,453 | ||||||||||
| Claims Agent |
— | 20,000 | 87,715 | 20,000 | ||||||||||
| Total |
$ | 2,395,304 | $ | 716,345 | $ | 2,352,090 | $ | 3,875,706 | ||||||
| * | 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. |
| (3) | Chapter 11 Trustee fees are an estimate based on time spent performing the Trustee function at customary rates. The actual fees awarded are subject to Bankruptcy Court approval and may vary from the estimate. |
Rev. 4/2008
Page 14 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-E
SUPPORTING SCHEDULES
For Period: 12/1/2009 to 12/31/2009
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 15 of 16
| DEBTOR: |
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. |
CASE NO: | 09-17787 |
Form 2-F
DISBURSEMENT SUMMARY
For the Month Ended: December 31, 2009
QUARTERLY DISBURSEMENT CALCULATION
| TMST, Inc., et al. | |||||
| 1. |
Disbursements made in calendar quarter | ||||
| October 2009 |
$ | 1,512,952 | |||
| November 2009 |
2,739,471 | ||||
| December 2009 |
5,163,775 | ||||
| Quarterly Total |
$ | 9,416,198 | |||
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 calendar 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 16 of 16
Exhibit B
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.
Accounts Receivable
As of December 31, 2009
| 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 | — | — | — | |||||||||||||||
| Cenlar, P&I Advance |
12/18/2009 | 2,947 | 2,947 | — | — | — | — | — | |||||||||||||||
| Cenlar, December 09 Servicing |
12/31/2009 | 438,950 | 438,950 | — | — | — | — | — | |||||||||||||||
| Borrower Escrow Advance Balance (2) |
Various | 8,983,726 | — | — | — | — | — | 8,983,726 | |||||||||||||||
| Borrower Corporate Advance Balance (2) |
Various | 1,601,932 | — | — | — | — | — | 1,601,932 | |||||||||||||||
| Borrower 3rd Party Advance Balance (2) |
Various | 184 | — | — | — | — | — | 184 | |||||||||||||||
| Borrower Inspection Fees (2) |
Various | 17,904 | — | — | — | — | — | 17,904 | |||||||||||||||
| Total Post Petition Accounts Receivable |
$ | 11,538,319 | $ | 441,897 | $ | — | $ | 492,482 | $ | 47 | $ | 147 | $ | 10,603,746 | |||||||||
| Pre Petition |
Date | Amount | |||
| Adfitech |
3/25/2009 | $ | 1,000 | ||
| Thomas G. Ennis, Premium Recapture |
4/30/2009 | 6,888 | |||
| Borrower Escrow Advance Balance (2) |
Various | 3,464,111 | |||
| Borrower Corporate Advance Balance (2) |
Various | 461,299 | |||
| Borrower 3rd Party Advance Balance (2) |
Various | 14,067 | |||
| Borrower Inspection Fees (2) |
Various | 12,625 | |||
| Total Pre Petition Accounts Receivable |
$ | 3,959,990 | |||
| (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 December 31, 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 | |||||||||
| O’Melveny & Myers, LLP |
06/01/09 | 8,886 | — | — | — | — | 8,886 | |||||||||
| 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 | |||||||||
| 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 | |||||||||
| Thompson, Hickey, Cunningham, Clow, & April |
06/30/09 | 29 | — | — | — | — | 29 | |||||||||
| Thompson, Hickey, Cunningham, Clow, & April |
06/30/09 | 3,669 | — | — | — | — | 3,669 | |||||||||
| Verizon |
07/20/09 | (264 | ) | — | — | — | — | (264 | ) | |||||||
| J.H. Cohn LLP |
07/31/09 | 29,290 | — | — | — | — | 29,290 | |||||||||
| Orrick,Herrington & Sutcliffe LLP |
07/31/09 | 127,078 | — | — | — | — | 127,078 | |||||||||
| Protiviti, Inc. |
07/31/09 | 30,028 | — | — | — | — | 30,028 | |||||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
07/31/09 | 46,960 | — | — | — | — | 46,960 | |||||||||
| Tydings & Rosenberg LLP |
07/31/09 | 2,739 | — | — | — | — | 2,739 | |||||||||
| Venable LLP |
07/31/09 | 53,704 | — | — | — | — | 53,704 | |||||||||
| Thompson, Hickey, Cunningham, Clow, & April |
07/31/09 | 1,099 | — | — | — | — | 1,099 | |||||||||
| J.H. Cohn LLP |
08/31/09 | 27,474 | — | — | — | — | 27,474 | |||||||||
| Orrick,Herrington & Sutcliffe LLP |
08/31/09 | 281,761 | — | — | — | — | 281,761 | |||||||||
| Protiviti, Inc. |
08/31/09 | 27,230 | — | — | — | — | 27,230 | |||||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
08/31/09 | 38,176 | — | — | — | — | 38,176 | |||||||||
| Tydings & Rosenberg LLP |
08/31/09 | 4,185 | — | — | — | — | 4,185 | |||||||||
| Venable LLP |
08/31/09 | 83,885 | — | — | — | — | 83,885 | |||||||||
| Thompson, Hickey, Cunningham, Clow, & April |
08/31/09 | 3 | — | — | — | — | 3 |
Page 1 of 3
Exhibit C
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.
Post Petition Accounts Payable
As of December 31, 2009
| Vendor |
Date | Amount | Under 30 days | 30 to 60 days | 61 to 90 days | 91 to 120 days | Over 120 days | |||||||
| Bingham McCutchen LLP |
09/03/09 | 8,536 | — | — | — | 8,536 | — | |||||||
| KPMG LLP |
09/24/09 | 8,910 | — | — | — | 8,910 | — | |||||||
| KPMG LLP |
09/24/09 | 53,326 | — | — | — | 53,326 | — | |||||||
| O’Melveny & Myers, LLP |
09/28/09 | 13,628 | — | — | — | 13,628 | — | |||||||
| J.H. Cohn LLP |
09/30/09 | 20,576 | — | — | — | 20,576 | — | |||||||
| Protiviti, Inc. |
09/30/09 | 108,672 | — | — | — | 108,672 | — | |||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
09/30/09 | 47,287 | — | — | — | 47,287 | — | |||||||
| Tydings & Rosenberg LLP |
09/30/09 | 5,620 | — | — | — | 5,620 | — | |||||||
| Venable LLP |
09/30/09 | 143,955 | — | — | — | 143,955 | — | |||||||
| Thornburg Mortgage Advisory Co |
09/30/09 | 8,400 | — | — | — | 8,400 | — | |||||||
| KPMG LLP |
10/09/09 | 44,770 | — | — | 44,770 | — | — | |||||||
| Thornburg Mortgage Advisory Co |
10/15/09 | 29,657 | — | — | 29,657 | — | — | |||||||
| Goldin Associates, LLC |
10/31/09 | 6,505 | — | — | 6,505 | — | — | |||||||
| J.H. Cohn LLP |
10/31/09 | 173,613 | — | — | 173,613 | — | — | |||||||
| Protiviti, Inc. |
10/31/09 | 51,395 | — | — | 51,395 | — | — | |||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
10/31/09 | 284,370 | — | — | 284,370 | — | — | |||||||
| Tydings & Rosenberg LLP |
10/31/09 | 8,472 | — | — | 8,472 | — | — | |||||||
| Venable LLP |
10/31/09 | 133,544 | — | — | 133,544 | — | — | |||||||
| Thornburg Mortgage Advisory Co |
10/31/09 | 6,460 | — | — | 6,460 | — | — | |||||||
| Rubin Katz Law Firm |
11/06/09 | 117 | — | 117 | — | — | — | |||||||
| Rubin Katz Law Firm |
11/06/09 | 2 | — | 2 | — | — | — | |||||||
| Rubin Katz Law Firm |
11/06/09 | 8 | — | 8 | — | — | — | |||||||
| Pepper Hamilton LLP |
11/10/09 | 26,705 | — | 26,705 | — | — | — | |||||||
| Thornburg Mortgage Advisory Co |
11/15/09 | 28,453 | — | 28,453 | — | — | — | |||||||
| O’Melveny & Myers, LLP |
11/18/09 | 1,900 | — | 1,900 | — | — | — | |||||||
| Chapter 11 Trustee_Joel I. Sher |
11/30/09 | 75,000 | — | 75,000 | — | — | — | |||||||
| Goldin Associates, LLC |
11/30/09 | 189,948 | — | 189,948 | — | — | — | |||||||
| J.H. Cohn LLP |
11/30/09 | 41,122 | — | 41,122 | — | — | — | |||||||
| Protiviti, Inc. |
11/30/09 | 27,299 | — | 27,299 | — | — | — | |||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
11/30/09 | 212,168 | — | 212,168 | — | — | — | |||||||
| Shapiro Sher Guinot & Sandler |
11/30/09 | 306,253 | — | 306,253 | — | — | — | |||||||
| Tydings & Rosenberg LLP |
11/30/09 | 17,026 | — | 17,026 | — | — | — | |||||||
| Venable LLP |
11/30/09 | 39,723 | — | 39,723 | — | — | — | |||||||
| KPMG LLP |
11/30/09 | 31,220 | — | 31,220 | — | — | — | |||||||
| RR Donnelley |
11/30/09 | 1,517 | — | 1,517 | — | — | — | |||||||
| Thornburg Mortgage Advisory Co |
11/30/09 | 5,024 | — | 5,024 | — | — | — | |||||||
| O’Melveny & Myers, LLP |
12/01/09 | 449 | — | 449 | — | — | — | |||||||
| Fed Ex |
12/04/09 | 635 | 635 | — | — | — | — |
Page 2 of 3
Exhibit C
TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al.
Post Petition Accounts Payable
As of December 31, 2009
| Vendor |
Date | Amount | Under 30 days | 30 to 60 days | 61 to 90 days | 91 to 120 days | Over 120 days | ||||||||||||
| Unknown Electronic Check (1) |
12/07/09 | 7,385 | 7,385 | — | — | — | — | ||||||||||||
| Fed Ex |
12/11/09 | 376 | 376 | — | — | — | — | ||||||||||||
| Equibond, Inc |
12/17/09 | 1,725 | 1,725 | — | — | — | — | ||||||||||||
| Fed Ex |
12/18/09 | 761 | 761 | — | — | — | — | ||||||||||||
| Fed Ex |
12/25/09 | 579 | 579 | — | — | — | — | ||||||||||||
| Bravo Technical Resources |
12/29/09 | 3,377 | 3,377 | — | — | — | — | ||||||||||||
| RR Donnelley |
12/30/09 | 1,375 | 1,375 | — | — | — | — | ||||||||||||
| TMST Employee |
12/30/09 | 174 | 174 | — | — | — | — | ||||||||||||
| Chapter 11 Trustee_Joel I. Sher |
12/31/09 | 75,000 | 75,000 | — | — | — | — | ||||||||||||
| Epiq Bankruptcy Solutions, LLC |
12/31/09 | 20,000 | 20,000 | — | — | — | — | ||||||||||||
| Goldin Associates, LLC |
12/31/09 | 190,000 | 190,000 | — | — | — | — | ||||||||||||
| J.H. Cohn LLP |
12/31/09 | 24,922 | 24,922 | — | — | — | — | ||||||||||||
| Quinn Emanuel Urquhart Oliver & Hedges |
12/31/09 | 200,000 | 200,000 | — | — | — | — | ||||||||||||
| Shapiro Sher Guinot & Sandler |
12/31/09 | 176,588 | 176,588 | — | — | — | — | ||||||||||||
| Tydings & Rosenberg LLP |
12/31/09 | 29,834 | 29,834 | — | — | — | — | ||||||||||||
| Workman’s Compensation Tax |
12/31/09 | 34 | 34 | — | — | — | — | ||||||||||||
| Fed Ex |
12/31/09 | 450 | 450 | — | — | — | — | ||||||||||||
| Hotel Santa Fe |
12/31/09 | 2,279 | 2,279 | — | — | — | — | ||||||||||||
| New Mexico Regulation Commission |
12/31/09 | 69 | 69 | — | — | — | — | ||||||||||||
| Thornburg Investment Management |
12/31/09 | 49 | 49 | — | — | — | — | ||||||||||||
| Thornburg Mortgage Advisory Co |
12/31/09 | 32,438 | 32,438 | — | — | — | — | ||||||||||||
| Office of the U.S. Trustee |
12/31/09 | 15,275 | 15,275 | — | — | — | — | ||||||||||||
| Payroll Accrual |
12/31/09 | 87,759 | 87,759 | — | — | — | — | ||||||||||||
| 4,360,652 | 871,083 | 1,003,934 | 738,785 | 418,908 | 1,327,942 | ||||||||||||||
| Potential obligations - Invoices under review |
07/31/09 | 37,518 | — | — | — | — | 37,518 | ||||||||||||
| Post Petition Accounts Payable |
4,398,169 | $ | 871,083 | $ | 1,003,934 | $ | 738,785 | $ | 418,908 | $ | 1,365,459 | ||||||||
| 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. |
| (1) | TMST, Inc., is researching a deposit received where there was little information. The Company recorded the amount as a payable until it can correctly determine where to attribute the amount or return it. |
Page 3 of 3
| DEBTOR: | TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. | CASE NO: | 09-17787 | |||||
Exhibit D
For Period Ending December 31, 2009
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.
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