Replies to post #290 on TMST, Inc., 8% Senior Notes (TMA.GB)

[Enterprising Investor]

I need to clarify some information in the litigation table that would make calculations based on percentages of the claim amount somewhat erroneous. It would also be my fault.

The claim amounts represent the amounts sought in the initial filing. The Court eliminated some counts in earlier cases, which reduced claim amounts in subsequent cases. For example, the original claim for JPM was $1.9 billion, but was reduced down to $1.3 billion.

One example is the case against RBC Capital Markets LLC. The initial claim was $35 Million. I have no idea what the revised claim was. However, judgment was entered in the amount of $26,259,118 plus prejudgment interest at the rate of nine 9% from 8/14/07 through the date of judgment (the total amount of the Judgment with pre-judgment interest totaled $45,256,330.87, inclusive of $18,997,212.87 in interest). I believe this was the full amount sought.

[mrholty]

Thanks EI.

I guess I will be going through the filings over the next couple of weeks. Much of my investable cash has been tied up in other investments (Syncora) and Point Blank. I've been trimming in Syncora as I am overweight and looking for something interesting.

Who is MattlinPatterson? I guess I will have to read up. Do they hold the Sr. Subordinated Notes or are those trading anywhere.

Like you said the next 200M goes to Sr. Note holders. Then it should go to Sr. Sub noteholders. The first 2 were settled at 25%. The RBC after interest was more than 100% if I read that correct. Even a return of 25% makes the senior noteholders whole and I assume based on how these are trading there is minimal interest in the Sr. Sub notes if they are available at all.