Impac Mortgage Holdings Inc (IMPM)

[Joe Stocks]

Dave, No need for two different boards - they are both joined at the hip sort of speak. Any news that comes out on IMH will affect both. Both are preferreds for the same company, and once both had the same terms. I think someone new to either IMPHP or IMPHO should be aware of the possible differences. They are both party to the Timms Lawsuit. If one talks of the shortcomings of IMPHO, they can't help to clarify why IMPHP would not be equally affected. Investors visiting the board are better served hearing the debate between the two, as well as negative opinion on both in general IMO. That is the true value of these message boards; to hear differing opinion, and then form your own.

Can you explain why you are so much against IMPHP? And don't want it discussed here in relationship to IMPHO? I don't think you have ever addressed the differences in the two that have been pointed out by myself and others.

BTW, I do understand the zero coupon theory. Due to the tender offer vote I think it is more applicable to IMPHP than IMPHO. Just my opinion. I don't like the fact that the tender offer allows a more senior preferred to be issued. If that were to happen, and IMPHO and P were denied dividends as they new preferred received one, that would weigh heavily on the O and P's value. IMO only the P's have a leg to stand on to fight that, but it will take a win on the lawsuit.