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Impac Mtg Hldg C Pfd $25 Liq. Pref. (IMPHO)

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Last Post: 5/24/2016 4:45:33 PM - Followers: 11 - Board type: Free - Posts Today: 0
Impac Mortgage Holdings, Inc. (IMH) is publicly traded on the NYSE and through its subsidiaries, provides mortgage and real estate services, including mortgage lending, portfolio loss mitigation and real estate services, and title and escrow services. The Company's operations include the management of the long-term mortgage portfolio, including the residual interest in securitizations, to mitigate losses and maximize cash flows and the mortgage and real estate related fee-based business activities. The development of these business activities focuses on vertical integration of a centralized platform which can operate synergistically to maximize revenues and profits.
 
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IMPAC Mortgage Holdings, 9.125% Series C Cumul Redeem Preferred Stock
Ticker Symbol: IMPHO     CUSIP: 45254P409     Exchange: OTOTC
Security Type:   Traditional Preferred Stock

 

IMPAC Mortgage Holdings Inc., 9.125% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 11/23/2009 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 9.125% ($2.28125) per annum paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the first calendar day of the month in which the payment is due or on the date fixed by the board, not more than 60 days or less than 10 days prior to the payment date. Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
OTOTC 9.13% 
$2.28125
$25.00 
$25.00
11/23/2009 
None
NF / NF 
4/10/13
Suspended!
3/31, 6/30, 9/30 & 12/31

 
No

 

Parent Company Ticker: (IMH)
Notes:  Dec. 10, 2008 -- Impac Mortgage Holdings, Inc. announces that the Board of Directors will not be declaring, and the Company will not pay, a fourth quarter 2008 dividend on the Company's 9.375% Series B Cumulative Redeemable Preferred Stock (Pink Sheets: IMPHP) and 9.125% Series C Cumulative Redeemable Preferred Stock (Pink Sheets: IMPHO). Although the Company will not be making the fourth quarter 2008 dividend payment, unpaid dividends on the preferred stock will accumulate. Until such time as all cumulative dividends on the preferred stock are paid, the Company may not pay dividends on, nor redeem, repurchase or make any distribution on, shares of its common stock. If the Company does not pay dividends on its preferred stock for six or more quarterly periods (whether or not consecutive), preferred stockholders will be entitled to elect two additional directors to the Company's Board of Directors to serve until all dividends are paid. The Board of Directors also approved the deferral of the payments of interest on its four series of trust preferred securities. The Company is deferring interest on the Impac Capital Trusts #1, #2 and #4 securities due January 30, 2009, and interest on the Impac Capital Trust #3 securities due December 30, 2008. The Company has the right to defer payment of interest on the Securities for a period of up to 4 consecutive quarterly interest payment periods for Impac Capital Trust #1, #2, and #3, and 20 consecutive quarterly interest payment periods for Impac Capital Trust #4. Pursuant to the terms of the trust preferred obligations, the deferral of interest payments is not deemed an event of default. During the deferral period, interest on the trust preferred securities will bear additional interest at a rate equal to the coupon rate on the respective security. Unless the Company again elects to defer interest payments, the Company is required to pay all accrued interest together with the additional interest at the next payment date. Furthermore, during the time that the Company defers interest payments, it may not, with limited exceptions, pay dividends on or redeem or purchase its capital stock nor make any payments on outstanding debt obligations that rank equally with or junior to the trust preferred obligations and, in some cases, it may not allow subsidiaries to pay dividends. The Company intends to offer cash of $100.00 for every $1,000.00 of trust preferred securities outstanding under each of its Impac Capital Trusts #1, #2, #3 and #4, which offer will expire on December 30, 2008.

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What is the book value per preferred share?

Total liquidation value of the preferred stock is $51.7 million, as found in the equity section of the company's balance sheet.   The company has about $28 million (as of 9/30/2013) in stockholder's equity.  In the event of the company being liquidated, this stockholders equity would be paid to preferred stockholders first.  Despite the fact that these preferreds have suspended dividends, it is questionable to assume dividends could be restored to the common while the liquidation value is not fully met by book value.  


 


SOURCE: 1st Q 2013 SEC 10Q filing, Balance Sheet

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What is the value of the company's Net Operating Losses?

On September 4th, 2013, the company adopted an agreement to preserve their massive Deferred Tax Assets.  These assets have a full valuation allowance against them, meaning that they are carried on the books at $0.  All shareholders would see book value climb significantly if these assets are activated.  As an example, in May 2013, Fannie Mae reported the largest profit in their history by declaring that there DTA had value of nearly $50 billion. Other companies such as Freddie Mac, Radian, and MGIC Investment Corp. also have massive Deferred Tax Assets with full valuation allowances.  This preferred stock represents the steepest discount to book value of all of these company's equity.



SOURCE: 2nd Q 2013 SEC 10Q filing, page 43

 



Recent Company News

Impac Mortgage Announces Fully Operational Residential Warehouse Lending Division
Housing Wire: Impac Mortgage correspondent division aims to educate clients
Housing Wire: No breaking on Impac
Impac Survives Subprime Meltdown
Surviving the mortgage meltdown - The Orange County Register
Impac Mortgage Holdings, Inc. Adopts Tax Benefits Preservation Rights Agreement to Protect Its Net Operating Losses



Recent Macro Economic News
*Mortgage Lending Reaches 5-Year High
August Existing-Home Sales Rise, Limited Inventory Continues to Push Prices

Single-Family Production Pushes Housing Starts Up in August


 

Household Mortgage Debt

 

Restructuring and Strategic Options for Preferred Stock

Cash or Stock Tender offer - NBG, Regions, Duff and Phelps, IPG, Pitney Bowes, HBAN, Suntrust, RBS (prior to dividends resumed)
Conversion to Common Stock - Citigroup, Bank of America, Keybank
Redemption - Brookfield, Emmis, CVS, and GE
Dividends Resumed - Felcor , Grammercy, Ford, Lloyds Banking, and RBS (after tender offer)
Warrants Used - Goldman Sachs
Other Examples of Tender Offers and Restructurings:
Multiple Options with Tender Offer for Subordinated Debenture - Assured Pharmacy
Convertible Countrywide Debentures - Bank of America
58 cents on the dollar for Debentures - Liberty Media
Tender offer Increased and Extended - Toys R Us
51 Cent Tender Offer on Debentures - Cox Communications
Dutch Auction Method Cash Tender - ITT Corp
0% Debenture tendered for 87 cents - GAMCO


For those of you interested in following the case updates on Timm vs Impact Mortgage, here is the official link from the Baltimore, MD district court where you can see the case progress.
http://casesearch.courts.state.md.us/inquiry/inquiryDetail.jis?caseId=24C11008391&loc=69&detailLoc=CC
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IMPHO
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#325   http://seekingalpha.com/article/3977309-latest-circumstances-call-direct-preferr jwnoble3 05/24/16 04:45:33 PM
#324   http://seekingalpha.com/article/3958770-preferred-stockholders-seek-restructurin jwnoble3 03/16/16 01:43:08 AM
#323   Agree, just added some yesterday. IMH is now jwnoble3 12/08/15 10:00:01 PM
#322   I don't think you have missed the boat. dpsimswm 12/08/15 08:11:13 AM
#321   New here did I miss the boat? StockKnowledge 11/11/15 11:31:49 PM
#320   What happened to the lawsuit? kyeh 10/09/15 12:40:15 AM
#319   Given all you said, it's not a bad camaro4me 08/18/15 12:42:30 PM
#318   From Lsigurd; Joe Stocks 08/17/15 10:44:53 AM
#317   Earnings report; Joe Stocks 08/06/15 05:30:54 PM
#316   Several of us flew into Irvine for the dpsimswm 07/24/15 10:36:55 AM
#315   Impac IMH announced $10 billion in full year dpsimswm 07/24/15 10:34:11 AM
#314   New Home Sales worse than expected, but still dpsimswm 07/24/15 10:28:31 AM
#313   I think you might be right. dpsimswm 07/24/15 10:26:04 AM
#312   Settlement? It sure smells like some type of settlement kyeh 07/23/15 02:59:09 PM
#311   Impac Mortgage Holdings, Inc. Announces Live Webcast of robigus 07/17/15 11:12:46 PM
#310   Hmm, it is curious that the court date kyeh 07/14/15 08:21:45 PM
#309   Court date cancelled -- settlement? obscureinvestor 07/14/15 10:13:13 AM
#308   IMH was recently added to Russell 3000 Index kyeh 06/23/15 04:34:48 PM
#307   Trail date set for 8/17 Joe Stocks 06/04/15 10:48:25 AM
#306   Looks like Pickup is picking up more shares! kyeh 06/03/15 07:18:55 PM
#305   IMH insider market buy just posted; Joe Stocks 06/02/15 03:23:24 PM
#304   Here's something I posted to tumblr yesterday. dpsimswm 05/15/15 08:41:13 AM
#303   I didn't swap out my IMPHO for IMPHP because... kyeh 05/13/15 01:20:59 AM
#302   kyeh, What haven't you swapped out your IMPHO Joe Stocks 05/08/15 06:34:57 PM
#301   Hmm...raising $25 mil. Joe Stocks 05/08/15 06:25:56 PM
#300   Impac Mortgage Holdings, Inc. (NYSE MKT: IMH), announced Joe Stocks 05/08/15 11:38:26 AM
#299   Lawsuits, lawsuits, lawsuits.... dpsimswm 05/06/15 10:21:29 AM
#295   Are you a lawyer? If not, go read loobeyondbm 05/04/15 07:27:44 AM
#294   To put the lawsuit in plain english for kyeh 05/04/15 06:02:24 AM
#293   It has everything to do with the class kyeh 05/01/15 05:54:59 PM
#292   Both of you and Joe are confused on loobeyondbm 05/01/15 12:36:35 PM
#291   5. Concerning lawsuit, the court order is pretty kyeh 04/30/15 08:00:30 PM
#290   IMPHO vs IMPHP differences kyeh 04/30/15 03:01:39 PM
#289   It is a journey. In a few dpsimswm 04/27/15 02:12:41 PM
#288   IMO they not only have various options to camaro4me 04/27/15 01:32:58 PM
#287   I sure am glad that I listened to robigus 04/27/15 01:29:12 PM
#286   Interesting point. dpsimswm 04/27/15 12:53:39 PM
#285   with interest rates on savings so low, what Nellafom 04/27/15 12:31:23 PM
#284   I think we are a few quarters away dpsimswm 04/27/15 11:36:22 AM
#283   Why would anyone sell a stock for $9 dpsimswm 04/27/15 11:30:33 AM
#282   imo preferreds will lag commons but will do better. camaro4me 04/27/15 11:29:00 AM
#281   Arguing on IMPHP/IMPHO is meaningless. The outcome is loobeyondbm 04/27/15 10:35:46 AM
#280   Dang! Why don't I own any common! Joe Stocks 04/27/15 10:29:38 AM
#279   2. IMPHP/IMPHO ratio used to be 2, now Joe Stocks 04/27/15 10:24:16 AM
#278   1. Market could be very stupid - it's loobeyondbm 04/27/15 10:15:04 AM
#277   Perhaps. Still up in the air how the Joe Stocks 04/27/15 10:14:17 AM
#276   If you bought imphp instead of impho, you camaro4me 04/27/15 09:45:14 AM
#275   We'll obviously with IMPHP shares selling at a Joe Stocks 04/27/15 09:34:59 AM
#274   I read the order and my conclusion is loobeyondbm 04/27/15 09:17:20 AM
#273   loobeyondbm, You are most absolutely wrong. I don't Joe Stocks 04/27/15 08:43:18 AM
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