Toyota Repair: Corolla Transmission, bright orange color, toyota corolla

Question
I recently purchased a 1993 Toyota Corolla, everything was fine until I decided to Drive the car on The NJ Turnpike,  As I was driving I started to hear a loud grinding noise, And eventually the car would rev up when I stepped on the accelartor but wouldn't go any faster. So I pulled over.  When I looked under the hood the inside the manifold was glowing a bright orange color.  I got the car towed back to a friends house.  Now when I put it in gear I hear a loud grinding noise like gears grinding agaisnt each other.  The car will not move an inch now.  The  grinding noise get even louder when I throw the car into park.  I believe the Transmission is shot and also the cat converter might be clogged up.  Would you say that is a fair assesment.  Thanks for any help in advance.

Answer
Yes it sounds like that's a pretty good diagnosis, did you get any kind of warranty when you bought the car or was it a private sale? If you bought it very recently you may be able to negotiate with the seller for some assistance it sounds to me there were some problems when the car was sold to you.