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Impac Mortgage Holdings Inc. Message Board

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  • cloggervic cloggervic Sep 6, 2012 10:33 AM Flag

    anyone know how the IMH preferreds ?

    If I remember correctly, IMH stated three years ago that no dividend would ever again be dec akred on the preferreds, which essentially makes them worthless. This is being challenged in a new class action suit now that IMH is making moiney again.

    Sentiment: Buy

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    • On June 29, 2009, the Company filed Articles of Amendment to its charter with the State Department of Assessments and Taxation of Maryland to
      modify the terms of each of its 9.375% Series B Cumulative Redeemable Preferred Stock and 9.125% Series C Cumulative Redeemable Preferred
      Stock as follows:
      • make dividends non-cumulative;
      • eliminate the provisions prohibiting the payment of dividends on junior stock and prohibiting the purchase or redemption of junior or
      parity stock if full cumulative dividends for all past dividend periods are not paid or declared and set apart for payment;
      • eliminate any premiums payable upon the liquidation, dissolution or winding up of the Company;
      • eliminate the provision prohibiting the Company from electing to redeem Preferred Stock prior to the fifth year anniversary of the
      issuance of such Preferred Stock;
      • eliminate the provision prohibiting the Company from redeeming less than all of the outstanding Preferred Stock if full cumulative
      dividends for all past dividend periods have not been paid or declared and set apart for payment;
      • eliminate the right of holders of Preferred Stock to elect two directors if dividends are in arrears for six quarterly periods; and
      • eliminate the right of holders of Preferred Stock to consent to or approve the authorization or issuance of preferred stock senior to
      the Preferred Stock.
      Item 5.03. Amendments to Articles of Incorporation

      Sentiment: Buy

 
IMH
6.57-0.02(-0.30%)Sep 16 4:00 PMEDT

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