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

[Olmsted]

That's a real simple answer to a really stupid question. I don't know why - but somehow the word "secured" got stuck in my head - though of course I see now that the notes are not secured.

Regarding the lack of a following, it probably is as you describe - I just am paranoid that there's some liability (counterparty claims, repo deals, etc.) above us somewhere that aren't reflected in the trustee operating report. But unlikely. Also - there are numerous subsidiaries: f/k/a Thornburg Mortgage, Inc., TMST Acquisition Subsidiary, Inc. f/k/a Thornburg Acquisition Subsidiary, Inc., TMST Home Loans, Inc. f/k/a Thornburg Mortgage Home Loans, Inc., and TMST Hedging Strategies, Inc. Have we checked that those other unsecured claims don't get paid at the subsidiary level before the waterfall to the TMST, inc. parent?

I'm looking into that now. Have been burned in distressed before (dimeq comes to mind) and therefore wary of the "unknown unknowns."

That said, as far as I can tell so far, this looks like a pretty clean situation.

Thanks for the welcome!