##### Table of Contents



U.S. SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 Form 10-QSB
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2005
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from to
 COMMISSION FILE NUMBER: 0-16011
 UST LIQUIDATING CORPORATION (F/K/A USTMAN TECHNOLOGIES, INC.)
  California(State or other jurisdiction of
incorporation or organization)
    
    95-2873757(I.R.S. Employer
Identification No.)201 Post Street, Suite 100 San Francisco, California
(Address of principal executive offices)
    
    94108
(Zip Code)Issuers telephone number:
    
    (415) 989-7770
  þ o
 þ o




---



TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTSITEM 2. MANAGEMENT DISCUSSION AND ANALYSISITEM 3. CONTROLS AND PROCEDURESPART II OTHER INFORMATIONITEM 1. LEGAL PROCEEDINGSITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDSITEM 3. DEFAULTS UPON SENIOR SECURITIESITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSITEM 5. OTHER INFORMATIONITEM 6. EXHIBITS AND REPORTS ON FORM 8-KSIGNATURESEXHIBIT INDEXCertification Pursuant to Section 302Certification Pursuant to Section 302Certification Pursuant to Section 906Certification Pursuant to Section 906    Table of Contents  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 2




---



##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 
 ITEM 1. FINANCIAL STATEMENTS
 UST LIQUIDATING CORPORATION
 CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2005
(UNAUDITED)
 ASSETSCurrent and total assets:Cash
    
    $
    772,000LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    81,000Estimated costs of liquidation (Note 2)
    
    
    309,000Total current liabilities
    
    
    390,000Estimated costs of liquidation, net of current portion (Note 2)
    
    
    378,000Total liabilities
    
    
    768,000Contingency (Note 5)Shareholders equity (Notes 3 and 4):Series A preferred stock, no par value; 1,000,000 shares
authorized; 9,717 shares issued and outstanding; remaining
liquidation preference, $11,100,000
    
    
    4,000Common stock, no par value: 25,000,000 shares authorized,
22,298,598 shares issued and outstanding
    
    
    12,360,000Class A common stock, no par value; 15,000,000 shares
authorized, none issued and outstanding
    
    
    Class B common stock, no par value; 15,000,000 shares
authorized, none issued and outstanding
    
    
    Accumulated deficit
    
    
    (12,360,000
    )Total shareholders equity
    
    
    4,000Total liabilities and shareholders equity
    
    $
    772,000
  3




---



##### Table of Contents



UST LIQUIDATING CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(UNAUDITED)
 2005
    
    
    2004General and administrative expenses (Note 4)
    
    $
    (3,000
    )
    
    $
    (3,000
    )Other income:Interest income
    
    
    4,000
    
    
    
    2,000Net income (loss)
    
    $
    1,000
    
    
    $
    (1,000
    )Basic and diluted net income (loss) per share applicable
to common shareholders (Note 3)
    
    $
    0
    
    
    $
    0Weighted average number of common shares outstanding
    
    
    22,298,598
    
    
    
    22,298,598
  4




---



##### Table of Contents



UST LIQUIDATING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(UNAUDITED)
 2005
    
    
    2004Operating activities:Net cash used in operating activities and decrease in cash
    
    $
    (53,000
    )
    
    $
    (54,000
    )Cash,
beginning of period
    
    
    825,000
    
    
    
    990,000Cash, end of period
    
    $
    772,000
    
    
    $
    936,000
  5




---



##### Table of Contents



UST LIQUIDATING CORPORATION
 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
 1.
    
    BASIS OF PRESENTATION:
   2.
    
    SALE OF COMPANY ASSETS, PLAN OF LIQUIDATION, AND MANAGEMENTS PLANS:
     6




---



##### Table of Contents



UST LIQUIDATING CORPORATION
 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
 3.
    
    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
 USE OF ESTIMATES:
  EARNINGS (LOSS) PER SHARE:
 Earnings Per Share,
  4.
    
    RELATED PARTY TRANSACTIONS:
  7




---



##### Table of Contents



UST LIQUIDATING CORPORATION
 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
 5.
    
    LITIGATION:
    8




---



##### Table of Contents



ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS
  RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
  FINANCIAL CONDITION AND LIQUIDITY
    
 ITEM 3. CONTROLS AND PROCEDURES
   9




---



##### Table of Contents



PART II  OTHER INFORMATION
 
 ITEM 1. LEGAL PROCEEDINGS
   
 ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
  
 ITEM 3. DEFAULTS UPON SENIOR SECURITIES
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
 ITEM 5. OTHER INFORMATION
  
 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
 (a) Exhibits31.1
    
    Certification pursuant to Rule 13A-14 or 15D-14 of the Securities Exchange Act of
1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Certification pursuant to Rule 13A-14 or 15D-14 of the Securities Exchange Act of
1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.32.2
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
 10




---



##### Table of Contents



SIGNATURES
  UST Liquidating Corporation(Registrant)By
    
    /s/ Marc A. WeismanMarc A. WeismanDirector     November 14,
2005By
    
    /s/ Barry S. RosensteinBarry S. RosensteinDirector     November 14,
2005
 11




---



##### Table of Contents



EXHIBIT INDEX
 Exhibit No.
    
    Description31.1
    
    Certification pursuant to Rule 13A-14 or 15D-14 of the Securities Exchange Act of
1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Certification pursuant to Rule 13A-14 or 15D-14 of the Securities Exchange Act of
1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.32.2
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.