UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~February 23~~March 19, 2012

TMST, INC.

(Exact name of registrant as specified in its charter)

Maryland

001-11914

85-0404134

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

125 Lincoln Avenue, Suite 100, Santa Fe, New Mexico 87501

(Address of principal executive offices) (ZIP Code)

Registrant’s telephone number, including area code: (505) 989-1900

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 78 – ~~Regulation~~Other FDEvents

Item 78.01. ~~Regulation~~Other ~~FD Disclosure~~Events.

On ~~May~~ February 113, ~~2009~~2012, ~~TMST,~~Joel ~~Inc~~I. Sher, aChapter ~~Maryland~~11 ~~corporation~~Trustee ~~formerly known as Thornburg Mortgage, Inc.~~ (the “~~Company~~Chapter 11 Trustee”)~~, together~~ ~~with~~for ~~certain~~the ofbankruptcy ~~its~~estates ~~wholly-owned~~of ~~direct and indirect subsidiaries~~TMST, ~~ADFITECH,~~ Inc., ~~a Nevada corporation~~ (the “~~ADFITECH~~Company”), TMST Acquisition Subsidiary, Inc., a(“TMST ~~Delaware corporation formerly known as Thornburg~~ Acquisition ~~Subsidiary~~”), ~~Inc.,~~ TMST Home Loans, Inc., (“TMST ~~a Delaware corporation formerly known as Thornburg Mortgage~~ Home Loans”), ~~Inc.,~~ and TMST Hedging Strategies, Inc., a(“TMST ~~Delaware~~Hedging” ~~corporation~~and, ~~formerly~~together ~~known~~with asTMST ~~Thornburg~~Acquisition ~~Mortgage~~and ~~Hedging~~TMST ~~Strategies,~~Home ~~Inc. (collectively~~Loans, the “~~Debtors~~Company Subsidiaries”), ~~filed~~entered ~~voluntary~~into ~~petitions~~a ~~for~~Settlement ~~relief~~Agreement ~~under Chapter 11 of~~ (the ~~United~~“Settlement Agreement”) ~~States~~with ~~Bankruptcy~~Amy ~~Code~~Pell (~~the~~ “~~Bankruptcy Code~~Pell”), inDeborah ~~the~~Burns ~~United~~(“Burns”), ~~States~~Larry ~~Bankruptcy~~A. ~~Court~~Goldstone ~~for the District of Maryland~~ (~~the~~ “~~Bankruptcy Court~~Goldstone”), ~~under~~Clarence ~~case~~G. ~~numbers 09-17787~~Simmons, ~~09-17788,~~III ~~09-17790~~(“Simmons”), ~~09-17791~~SAF ~~and 09-17792~~Financial, ~~respectively~~Inc. ~~The~~(“SAF”), ~~Chapter~~Karen 11Dempsey (“Dempsey”), ~~cases~~Orrick, ~~are~~Herrington & ~~being~~Sutcliffe, ~~jointly~~LLP ~~administered~~(“Orrick”), byThornburg ~~the~~Mortgage ~~Bankruptcy~~Advisory ~~Court~~Corporation as(“TMAC”), ~~Case~~Garrett ~~No. 09-17787~~Thornburg (~~the~~ “~~Bankruptcy Cases~~Thornburg”). ~~On October 23~~and, ~~2009,~~together ~~the~~with ~~Bankruptcy~~Pell, ~~Court~~Burns, ~~ordered~~Goldstone, ~~that~~Simmons, aSAF, Dempsey, ~~Chapter 11~~Orrick, ~~Trustee~~TMAC beand ~~appointed~~Thornburg, ~~for~~ the ~~Company,~~“Defendant ~~TMST Acquisition Subsidiary~~Parties”), ~~Inc.~~ and ~~TMST~~W. ~~Home~~Clarkson ~~Loans~~McDow, ~~Inc~~Jr. ~~On October 26~~, ~~2009,~~United ~~the Bankruptcy~~States ~~Court ordered that a Chapter 11~~ Trustee ~~be appointed~~ for ~~TMST~~Region ~~Hedging Strategies~~4, ~~Inc.~~relating Onto ~~October 28,~~the ~~2009,~~settlement ~~the~~of ~~Bankruptcy~~various ~~Court~~claims ~~entered~~and andefenses ~~order~~in ~~approving~~connection with the ~~appointment~~lawsuits ofstyled Joel I. Sher, ~~as the~~ Chapter 11 Trustee ~~for~~v. ~~the Company,~~SAF ~~TMST Acquisition Subsidiary~~Financial, Inc., ~~TMST~~et ~~Home Loans~~al., ~~Inc~~Case No. 10-1895 and ~~TMST~~W. ~~Hedging~~Clarkson ~~Strategies~~McDow, ~~Inc~~Jr., ~~Additional~~United ~~information~~States ~~concerning~~Trustee ~~the~~v. ~~Bankruptcy~~Orrick ~~Cases~~Herrington & ~~may~~Sutcliffe, beLLP, ~~obtained~~Case ~~through~~No. 10-2619 pending in the ~~Bankruptcy~~United States District Court orfor atthe ~~http://chapter11~~District of Maryland, the cases having been consolidated into Case No.~~epiqsystems~~ 10-1895 (collectively, the “Lawsuits”).~~com/tmstinc.~~

~~The~~Pursuant ~~provisions~~to of the ~~Bankruptcy~~Settlement ~~Code~~Agreement, ~~require~~ the ~~Debtors~~Defendant toParties ~~file~~have ~~monthly~~agreed ~~operating~~to ~~reports~~pay ~~with~~ the ~~Bankruptcy~~Company ~~Court during the Bankruptcy Cases~~$6.5 Onmillion ~~February 23,~~in ~~2012,~~cash (the ~~Chapter~~“Settlement 11Payment”) ~~Trustee~~no ~~for~~later ~~the~~than ~~Company~~10 ~~filed~~business ondays ~~behalf~~from of the ~~Debtors,~~date ~~except~~that ~~for ADFITECH,~~ a final ~~report~~nonappealable ~~covering~~order ~~the~~is ~~period~~entered ~~from~~by ~~January 1,~~the ~~2012~~Bankruptcy ~~through~~Court ~~January 31,~~approving ~~2012 (~~the ~~“Monthly Operating~~terms ~~Report”),~~of ~~attached~~the asSettlement ~~Exhibit 99~~Agreement.1 ~~hereto~~In ~~and~~addition, ~~incorporated~~the ~~herein~~Chapter by11 ~~reference.~~Trustee, ~~ADFITECH~~for ishimself, nothe ~~longer~~Company, ~~a wholly-owned subsidiary of~~ the Company ~~and~~Subsidiaries, ~~therefore,~~and ~~its~~their ~~operating~~bankruptcy ~~reports~~estates, ~~are~~has noagreed ~~longer required~~ to ~~be filed by the~~ ~~Company.~~release ~~Certain attachments to~~ the ~~Monthly~~Defendant ~~Operating~~Parties ~~Report~~and ascertain ~~filed~~directors, ~~with~~officers, ~~the~~employees, ~~Bankruptcy~~insurers, ~~Court~~and ~~have~~others ~~been omitted~~ from ~~the~~any ~~Exhibits~~and ~~attached~~all ~~hereto.~~claims Aand ~~complete~~causes ~~copy~~ of ~~the~~action, ~~Monthly~~including ~~Operating~~the ~~Report~~claims ~~may~~made beby ~~found through~~ the ~~Bankruptcy~~Trustee ~~Court~~in orthe ~~at http://chapter11~~Lawsuits.~~epiqsystems.com/tmstinc.~~

As previously announced, it is not expected that there will be any distribution to the Company’s equity holders in connection with the Bankruptcy Cases under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Maryland under case numbers 09-17787, 09-17790, 09-17791, and 09-17792. The Bankruptcy Cases, which are continuing under Chapter 11, are “liquidating Chapter 11” cases, which thereby afford the Chapter 11 Trustee flexibility to administer and liquidate the remaining assets and to prosecute litigation, with the ultimate goal of confirming a liquidating Chapter 11 Plan distributing estate funds to certain creditors. Additional information concerning the Bankruptcy Cases may be obtained at http://chapter11.epiqsystems.com/tmstinc.

The ~~Monthly~~Settlement ~~Operating~~Agreement ~~Report~~also isprovides ~~limited~~that ~~in scope, covers a limited time period and has been prepared solely for~~ the ~~purpose~~Defendant ofParties ~~complying~~have ~~with~~released ~~reporting requirements of~~ the ~~Bankruptcy~~Chapter ~~Court~~11 ~~and~~Trustee, the ~~Bankruptcy~~Company, ~~Code. The financial information contained in~~ the ~~Monthly Operating Report is preliminary~~Company ~~and~~Subsidiaries, ~~unaudited and does not purport to show~~ the ~~financial~~bankruptcy ~~statements~~estates of ~~any of~~ the ~~Debtors~~Company inand ~~accordance with accounting principles generally accepted in~~ the ~~United~~Company ~~States~~Subsidiaries, ~~of America (“GAAP”)~~ and, ~~therefore,~~others ~~may~~from ~~exclude~~any ~~items required by GAAP, such as certain reclassifications, eliminations, accruals~~ and ~~disclosure~~all ~~items~~claims. The ~~Company~~parties ~~cautions~~have ~~readers~~filed ~~not~~stipulations toof ~~place~~dismissal ~~undue reliance on the Monthly Operating Report. The Monthly Operating Report may be subject~~ to ~~revision.~~dismiss ~~The Monthly Operating Report is in a format required by~~ the ~~Bankruptcy~~Lawsuits ~~Court~~with ~~and the Bankruptcy Code and should not be used for investment purposes~~prejudice. ~~The information in the Monthly Operating Report should not be viewed as indicative of future results.~~

InA ~~accordance~~copy ~~with General Instruction B.2~~ of ~~Form 8-K,~~ the ~~information~~Settlement inAgreement ~~this~~is ~~Item 7.01~~attached ~~shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,~~ as ~~amended,~~Exhibit or99.1 ~~otherwise subject~~ to ~~the~~this ~~liabilities~~Current ofReport ~~that~~on ~~section,~~Form ~~nor~~8-K ~~shall~~and ~~such~~is ~~information be deemed~~ incorporated by reference. ~~in any filing under the~~The ~~Securities~~foregoing ~~Act~~description of ~~1933,~~the asSettlement ~~amended,~~Agreement ~~except~~is asqualified ~~shall~~in beits ~~expressly~~entirety ~~set~~by ~~forth~~reference byto ~~specific~~the ~~reference~~full intext ~~such~~of athe ~~filing~~Settlement Agreement.

Section 9 – Financial Statements and Exhibits

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are filed as part of this report in accordance with the provisions of Item 601 of Regulation S-K:

Exhibit Number		Name of Exhibit
99.1		~~Monthly~~Settlement ~~Operating~~Agreement, ~~Report~~dated as of ~~TMST~~February 13, 2012, by and among Amy Pell, Deborah Burns, Larry A. Goldstone, Clarence G. Simmons, III, SAF Financial, Inc., ~~and~~Karen ~~certain~~Dempsey, ~~subsidiaries~~Orrick, Herrington & Sutcliffe, LLP, Thornburg Mortgage Advisory Corporation, Garrett Thornburg, Joel I. Sher, Chapter 11 Trustee for the ~~period~~bankruptcy ~~January~~estates 1of TMST, ~~2012~~Inc. ~~through~~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 ~~including~~TMST ~~January~~Hedging 31Strategies, ~~2012~~Inc. f/k/a Thornburg Mortgage Hedging Strategies, ~~filed~~Inc., ~~with~~and ~~the~~W. Clarkson McDow, Jr., United States ~~Bankruptcy~~Trustee ~~Court~~ for ~~the~~Region ~~District of Maryland~~4.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


TMST, INC.

By:		/S/ JOEL I. SHER
		Joel I. Sher
		Chapter II Trustee

Date: ~~February~~March 2720, 2012

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