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Impac Mortgage Holdings Inc. Message Board

  • nolaloha nolaloha May 12, 2011 5:17 PM Flag

    IMPAC HDDEN DEBT- PFD STOCK

    For those of you with some interest in the past, the subject of the IMPAC Holdings Preferred stock might raise the hair on the back of your necks. During the depth of the financial crisis, IMH management put a gun to the head of the common and preferred share holders: either allow us to buy back the preferred at pennies on the dollar, and stop paying the dividends on the people that refuse to be blackmailed, or we will go bankrupt. May people did tender their preferred, and the money saved saved the company. But a lot of people did not tender their preferred, and those shares are still out there. What is interesting is that Preferred still has an intrinsic value of $25 per share: In the event that the company is dissolved or taken over, the holders of the preferred must be paid BEFORE any of the Common Shareholders. So when ou look at the book value per share, for tis company, that book value does not apply to your common shares directly, it only applies AFTER you subtract the money due the Preferred Shareholders. I suggested to the Board that theybuy these shares in and clear off their balance sheet, but there has been no response so far.

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