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

[56Chevy]

Welcome to the board Olmsted.

I'm sure EI will respond but I have a couple comments/questions.

My general concern is that this seems to good to be true - and I'm trying to figure out what I'm missing.

That's been everyones first thought lol. But I think part of the reason this opportunity exist has in part a fairly simple explanation. Thornburg Mortgage as you know was one of the first big BK casualties in 09 and never really did get the level of attention/scrutiny/traction of some of the large BK's (like WAMU et al) that followed and I think TMA completely fell off the radar... [everyone's radar except EI that is..he doesn't miss much].

A basic question - read the operating report - why is the ~$270m of senior note claims not recorded under pre-petition secured liabilities?

These are Senior but not secured.