Trustee Reverses Course On TMST's Incentive Plan

Law360, New York (November 5, 2009, 6:56 PM EST) -- Less than three weeks ago the Chapter 11 trustee overseeing bankrupt real estate investment firm TMST Inc. objected to its emergency motion for approval of a wind-down employee incentive plan, but on Thursday he reversed course, saying not only that he supported the plan, but that the incentive payments should be increased.

In court papers filed with the U.S. Bankruptcy Court for the District of Maryland, trustee Joel Sher said he had conducted an independent review of the employee incentive plan and that he was now...
To view the full article, register now.