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Impac Mortgage Holdings Inc. Message Board

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  • cheechnchan cheechnchan Dec 25, 2012 1:07 AM Flag

    Preferreds are worthless

    hi leshgarcia,

    Thanks for the info, this is great. I have a question on the ability to pay common dividends without paying preferred. For the clause below, I read it as IMH can pay common without paying preferred dividends that was owed from the past, but how about going forward? can they really pay common dividend without paying preferred? (although this might be a moot point - I'm not even sure the company is legally allowed to pay common dividend with negative retained earnings...)

    Here's the clause I'm referring to.
    (ii) 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,


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