Impac Mortgage Holdings Inc (IMPM)

[kyeh]

To put the lawsuit in plain english for non-legal types:

Preferred B shareholders should NOT be able to vote on amendments on Preferred C shares.

Preferred C shareholders should NOT be able to vote on amendments on Preferred B shares.

Or put it another way:

Preferred B shareholders should ONLY be able to vote on Preferred B amendments.

Preferred C shareholders should ONLY be able to vote on Preferred C amendments.

If Timms wins his argument, then:

Preferred B received < 66.6% of the required votes to pass the amendments to Preferred B shares (IMPHP). The amendments would NOT have passed and would not have taken effect.

Preferred C received > 66.6% of the required votes to pass the amendments to preferred C shares (IMPHO). The amendments would pass and take effect.

If IMH wins their argument, then:

Preferred B and Preferred C are the same since they are both preferred shares of IMH stock. The overall vote of B and C shareholders combined was > 66.6% to effect the amendments. The amendment would pass and take effect.

You do the math.