Impac Mortgage Holdings Inc (IMPM)

[kyeh]

RE: IMPHP vs IMPHO

I've reading the replies and I'm going to chime in here.

Full disclosure: I am long both IMPHP and IMPHO. (More P less O)

I think we can all try to pretend to be the lawyer or judge trying this case but the only opinion that truly matters is what this particular judge thinks of the language and the case being tried.

Please keep in mind: We can all argue and reason as to which side has the better argument or how the legal language is spelled out on the amendments -- but at the very end of the day, it's still a human judge with his/her own personal opinions on the case that truly matters. And this judge will rule based on his/her own interpretations.

That being said -- here's my personal view on the lawsuit and as an investor, why I like IMPHP more

If Timms wins and IMPHP and the amendments are nullified, then it's a sure win for all IMPHP shareholders. Plain and simple, IMPHP wins and that's that. No additional risks there.

I'm order for IMPHO shareholders to win, they need IMPHP to win AND win a secondary argument that says IMPHO on is on par with IMPHP. You can all argue the merits of that all you want but at the end of the day, it's still a human judge that decides. Right or wrong, the judge's opinion is the only one that matters. And yes, judges make mistakes too.

My point is that there is clearly more risk with IMPHO than IMPHP and that is why the market has prices the shares as so.