Trustee Objects To TMST Employee Incentive Plan

Law360, New York (October 19, 2009, 7:39 PM EDT) -- The U.S. trustee has objected to an emergency motion filed by bankrupt real estate investment firm TMST Inc., formerly known as Thornburg Mortgage Inc., for approval of its wind-down employee incentive plan.

In a statement of opposition filed with the U.S. Bankruptcy Court for the District of Maryland Monday, the trustee notes that the court is still in the midst of a hearing on a motion to appoint a Chapter 11 trustee, filed by the U.S. trustee and joined by the unsecured creditors committee.

“Given the...
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