TMST Inc. (fka THMRQ)

[Enterprising Investor]

Preferreds stand in line for the next $48.2 million.

There are approximately 1,927,512 shares outstanding.

The Exchange Offer and Consent Solicitation expired at 5:00 p.m., New York City time, on November 19, 2008 (the “Expiration Date”). On November 19, 2008, the Company announced that it accepted for exchange all validly tendered shares of Preferred Stock, which included: 5,834,744 shares of Series C Preferred Stock, representing approximately 89.4% of the outstanding shares of Series C Preferred Stock, 3,646,556 shares of Series D Preferred Stock, representing approximately 91.2% of the outstanding shares of Series D Preferred Stock, 2,913,110 shares of Series E Preferred Stock, representing approximately 92.1% of the outstanding shares of Series E Preferred Stock, and 29,692,293 shares of Series F Preferred Stock, representing approximately 97.9% of the outstanding shares of Series F Preferred Stock, and that it would issue 126,260,109 shares of its Common Stock in exchange for such shares of Preferred Stock promptly after the Expiration Date. Following settlement of the Exchange Offer and Consent Solicitation, 690,256 shares of Series C Preferred Stock, 353,444 shares of Series D Preferred Stock, 249,390 shares of Series E Preferred Stock and 634,422 shares of Series F Preferred Stock will remain outstanding.

http://sec.gov/Archives/edgar/data/892535/000119312508240197/dsctoia.htm