Replies to post #106 on TMST, Inc., 8% Senior Notes (TMA.GB)

[Enterprising Investor]

Stipulation And Consent Order Resetting Deadline For The Filing Of Objections To Chapter 11 Trustees Motion Pursuant To Section 506(c) (6/29/12)

Deadline to file objections is 7/16/12.

The Credit Suisse role is as Collateral Agent. The Counterparties are UBS, Citigroup, JPMorgan Chase, Bear Stearns Investment Products Inc. and RBS. Each has the ability to file objections.

Needless to say, the Trustee is also pursuing much larger claims against some of these parties. The end result could be WAMUQ-like down the road.

[Olmsted]

EI -

Ah - so $74.8m of the $106m in cash on the trustee's operating report is really Credit Suisse's? That means only $30m (or $100 per note) for the senior notes, plus any income from lawsuits, minus legal and trustee fees. That seems more in line with where it's currently trading, and less of a margin of safety.

Is my understanding of Credit Suisse's security interest correct?

I'm not sure I quite follow your analogy of the endgame potentially being "WAMUQ-like". Do you mean the drastically reduced recovery for WAHUQ holders in progressive PoRs would be analogous to the recovery prospects for TMST Senior Subordinated?