TMST, Inc., 8% Senior Notes (TMA.GB)

[vpagano]

Thinking out loud on the math to make us whole using 30% lawyer fees (per note):

$878.12 to make whole -
~$75 in assets via MOR -
~$52 post-lawyer fees via Barclays -
~$40 via Goldman (25%ish recovery and 30% fees)
$711.12

$711.12 * 300K notes = $213,336,000

x= recovery amount
x - 30%x = $213,336,000

x = $304,765,714

$304,765,714 / $1,900,000,000 = 16% recovery via JPM needed

If they can get anything meaningful, I say pay 'em as it will benefit us nicely.

-Pagz