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Impac Mortgage Holdings Inc. Message Board

  • possum336 possum336 Dec 27, 2012 7:52 PM Flag

    This is Why the preferreds are worth more

    This is a direct quote from the proxie as presented by the company. Read it carefully and maybe you will un derstand. Remenber dividends are distributions. " The Preferred Stock will continue to rank senior to our Common Stock with respect to the payment of distributions and the distribution of assets upon liquidation, dissolution or winding up and entitled to a larger amount of our assets. Plus, our ability to make distributions to holders of common stock will remain limited. Unless full cumulative dividends are paid on the Preferred Stock, no dividends (other than in shares of Common Stock) or distributions can be paid and shares of Common Stock nor can any shares of Preferred Stock be redeemed, purchased or otherwise acquired" The key being payment of distributions.

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    • Possum, You cant read can you?

      WHy dont you just ask the company?

      When they changed the terms of the preferred, the preferred only is senior in the even of liquidation or dissolution.

      For some reason you dont seem to tie together distributions and distributions of assets with the next statement "upon liquidation...."

      Mgmt has confirmed this on all conference calls, and will confirm this in person or on the phone.

      Even the litigating preferred holders realize this.

      If you want you can live in a "cloud" but I have beent trying to save you money.

      Why do you think they bothered to change the terms of the preferred?

      They had the choice either to leave the company and start all over or to change the terms of the preferred and their debt securities to leave upside for the common.

      If they didnt change the terms of the preferred they would have left and propably started a new company.

      You dont seem to want to believe the Truth! Are you a herbalife distributor?

      Sentiment: Strong Buy

      • 1 Reply to leshgarcia
      • You don't seem to get it, and thet will be your loss. You are reading into the statement conditions that do not exist. it matters not what the company says in a conference call, It only matters what the documents that were voted on say, and those documents and the ones filed with the SEC say the preferred is still the senior security, beleive what you want, but I have spent a good deal of my professional life interpreting prospectus, proxie and SEC documents. the copied section in my post was the conditions offered and voted on. They are the current features of the preferred as declared by the company. As of now right now, this moment the following statement is true "The Preferred Stock will continue to rank senior to our Common Stock with respect to the payment of distributions and the distribution of assets upon liquidation, dissolution or winding up and entitled to a larger amount of our assets. Plus, our ability to make distributions to holders of common stock will remain limited. Unless full cumulative dividends are paid on the Preferred Stock, no dividends (other than in shares of Common Stock) or distributions can be paid and shares of Common Stock nor can any shares of Preferred Stock be redeemed, purchased or otherwise acquired". Legal action may turn it even more in the preferreds favor, but it will not make the common senior to the preferred in any capicity.Sorry but a dividend is a distribution. It can be monetary, in kind or equivalent but it is still a distribution and the preferreds are senior in that respect.

 
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