Exhibit 25.1
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
 
     
o   CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2)
WELLS FARGO BANK, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)
         
A National Banking Association
    94-1347393  
(Jurisdiction of incorporation or
    (I.R.S. Employer
organization if not a U.S. national
    Identification No.)
bank)
        
 
        
101 North Phillips Avenue
        
Sioux Falls, South Dakota
    57104  
(Address of principal executive offices)
    (Zip code)
Wells Fargo & Company
Law Department, Trust Section
MAC N9305-175
Sixth Street and Marquette Avenue, 17th Floor
Minneapolis, Minnesota 55479
(612) 667-4608
(Name, address and telephone number of agent for service)
 
METALS USA, INC.1
(Exact name of obligor as specified in its charter)
         
Delaware
    76-0533626  
(State or other jurisdiction of
    (I.R.S. Employer
incorporation or organization)
    Identification No.)
 
        
One Riverway, Suite 1100
       
Houston, Texas
    77056  
(Address of principal executive offices)
    (Zip code)
 
11.125% Senior Secured Notes due 2015
(Title of the indenture securities)
 
 
    1 See Table 1 – List of additional obligors

 

 

Table 1
The address for each Guarantor listed below is One Riverway, Suite 1100, Houtson, Texas 77056.
             
    Guarantor   State of Incorporation   Federal EIN
1.
   Allmet GP, Inc.   Delaware   75-2858998
2.
   Allmet LP, Inc.   Delaware   75-2859000
3.
   Flag Intermediate Holdings Corporation   Delaware   20-3779375
4.
   Interstate Steel Supply Co. of Maryland, Inc.   Maryland   52-1684672
5.
   Intsel GP, Inc.   Delaware   98-0165917
6.
   Intsel LP, Inc.   Delaware   98-0165916
7.
   I-Solutions Direct, Inc.   Delaware   23-3026655
8.
   Jeffreys Real Estate Corporation   Delaware   72-1396636
9.
   Jeffreys Steel Holdings, L.L.C.   Alabama   None
10.
   Levinson Steel GP, Inc.   Delaware   25-1862440
11.
   Levinson Steel LP, Inc.   Delaware   25-1862437
12.
   Metals Receivables Corporation   Delaware   76-0593300
13.
   Metals USA Building Products, L.P.   Texas   75-2585164
14.
   Metals USA Carbon Flat Rolled, Inc.   Ohio   34-0891223
15.
   Metals USA Finance Corp.   Delaware   76-0549340
16.
   Metals USA Flat Rolled Central, Inc.   Missouri   43-1186503
17.
   Metals USA Management Co., L.P.   Delaware   76-0541394
18.
   Metals USA Plates and Shapes Northeast, L.P.   Delaware   25-1807253
19.
   Metals USA Plates and Shapes Southcentral, Inc.   Oklahoma   73-1309371
20.
   Metals USA Plates and Shapes Southeast, Inc.   Alabama   63-0518679
21.
   Metals USA Plates and Shapes Southwest, Limited Partnership   Connecticut   98-0166286
22.
   Metals USA Realty Company   Delaware   76-0655830
23.
   Metals USA Specialty Metals Northcentral, Inc.   Delaware   36-4219582
24.
   Musa GP, Inc.   Delaware   76-0541470
25.
   Musa LP, Inc.   Delaware   76-0541471
26.
   Musa Newark, LLC   Delaware   30-0345285
27.
   Queensboro, L.L.C.   North Carolina   56-2186693

 

 

Item 1. General Information. Furnish the following information as to the trustee:
  (a)   Name and address of each examining or supervising authority to which it is subject.
Comptroller of the Currency
Treasury Department
Washington, D.C.
Federal Deposit Insurance Corporation
Washington, D.C.
Federal Reserve Bank of San Francisco
San Francisco, California 94120
  (b)   Whether it is authorized to exercise corporate trust powers.
              The trustee is authorized to exercise corporate trust powers.
Item 2. Affiliations with Obligor. If the obligor is an affiliate of the trustee, describe each such affiliation.
None with respect to the trustee.
No responses are included for Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.
Item 15. Foreign Trustee.      Not applicable.
Item 16. List of Exhibits.      List below all exhibits filed as a part of this Statement of Eligibility.
     
Exhibit 1.
  A copy of the Articles of Association of the trustee now in effect.*
 
    
Exhibit 2.
  A copy of the Comptroller of the Currency Certificate of Corporate Existence and Fiduciary Powers for Wells Fargo Bank, National Association, dated February 4, 2004.**
 
    
Exhibit 3.
  See Exhibit 2
 
    
Exhibit 4.
  Copy of By-laws of the trustee as now in effect.***
 
    
Exhibit 5.
  Not applicable.
 
    
Exhibit 6.
  The consent of the trustee required by Section 321(b) of the Act.
 
    
Exhibit 7.
  A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.
 
    
Exhibit 8.
  Not applicable.
 
    
Exhibit 9.
  Not applicable.

 

 

 
*   Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated December 30, 2005 of Hornbeck Offshore Services LLC file number 333-130784-06.
 
**   Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of Trans-Lux Corporation file number 022-28721.
 
***   Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated May 26, 2005 of Penn National Gaming Inc file number 333-125274.

 

 

SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Minneapolis and State of Minnesota on the 31st day of March 2006.
         
  WELLS FARGO BANK, NATIONAL ASSOCIATION  
 
  /s/ Jane Schweiger    
  Jane Schweiger   
  Vice President   

 

 

         
EXHIBIT 6
March 31, 2006
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
In accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the undersigned made by Federal, State, Territorial, or District authorities authorized to make such examination may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.
         
  Very truly yours,

WELLS FARGO BANK, NATIONAL ASSOCIATION		  
 
  /s/ Jane Schweiger    
  Jane Schweiger   
  Vice President   

 

 

         
EXHIBIT 7
Consolidated Report of Condition of
Wells Fargo Bank National Association
of 101 North Phillips Avenue, Sioux Falls, SD 57104
And Foreign and Domestic Subsidiaries,
at the close of business December 31, 2005, filed in accordance with 12 U.S.C. §161 for National Banks.
                 
            Dollar Amounts  
            In Millions  
ASSETS
                
Cash and balances due from depository institutions:
                
Noninterest-bearing balances and currency and coin
           $ 15,347  
Interest-bearing balances
             1,496  
Securities:
                
Held-to-maturity securities
             0  
Available-for-sale securities
             37,327  
Federal funds sold and securities purchased under agreements to resell:
                
Federal funds sold in domestic offices
             2,394  
Securities purchased under agreements to resell
             950  
Loans and lease financing receivables:
                
Loans and leases held for sale
             37,316  
Loans and leases, net of unearned income
     255,460          
LESS: Allowance for loan and lease losses
     2,122          
Loans and leases, net of unearned income and allowance
             253,338  
Trading Assets
             6,375  
Premises and fixed assets (including capitalized leases)
             3,846  
Other real estate owned
             173  
Investments in unconsolidated subsidiaries and associated companies
             377  
Customers’ liability to this bank on acceptances outstanding
             70  
Intangible assets
                
Goodwill
             8,735  
Other intangible assets
             13,074  
Other assets
             22,440  
 
                
 
              
Total assets
           $ 403,258  
 
              
 
                
LIABILITIES
                
Deposits:
                
In domestic offices
           $ 295,315  
Noninterest-bearing
     82,045          
Interest-bearing
     213,270          
In foreign offices, Edge and Agreement subsidiaries, and IBFs
             24,081  
Noninterest-bearing
     5          
Interest-bearing
     24,076          
Federal funds purchased and securities sold under agreements to repurchase:
                
Federal funds purchased in domestic offices
             12,959  
Securities sold under agreements to repurchase
             4,684  

 

 

         
    Dollar Amounts  
    In Millions  
Trading liabilities
     5,276  
Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases)
     5,267  
Bank’s liability on acceptances executed and outstanding
     70  
Subordinated notes and debentures
     7,830  
Other liabilities
     11,951  
 
        
 
      
Total liabilities
   $ 367,433  
 
        
Minority interest in consolidated subsidiaries
     54  
 
        
EQUITY CAPITAL
        
Perpetual preferred stock and related surplus
     0  
Common stock
     520  
Surplus (exclude all surplus related to preferred stock)
     24,671  
Retained earnings
     10,249  
Accumulated other comprehensive income
     331  
Other equity capital components
     0  
 
        
 
      
Total equity capital
     35,771  
 
        
 
      
Total liabilities, minority interest, and equity capital
   $ 403,258  
 
      
I, Karen B. Martin, Vice President of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.
Karen B. Martin
Vice President
We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.
Dave Munio
John Stumpf                         Directors
Avid Modjtabai