Impac Mortgage Holdings Inc (IMPM)

[kyeh]

IMPHO vs IMPHP differences

- Judges are human and the ultimate ruling can be quite unpredictable. What may seem logical to you may not seem be logical to the judge who's opinion is the only one that counts -- not yours. The judge could very well rule in favor of IMPHP and say that same ruling does not apply to IMPHO. There's a variable premium to that possibility which is reflected in the price of the two preferreds.

- The preferred shares pay differently. 9.125% vs 9.375%. A small 0.25% difference but a difference nonetheless. This also applies to the potential for retroactive dividends in case the ruling favors both IMPHP and IMPHO. IMPHP sharedholders will get more $$$.

Disclosure: I am long shares of both IMPHO and IMPHP as well as the common stock.