Impac Mortgage Holdings Inc (IMPM)

[Nellafom]

Hmmm at $3 plus in earning, I think the common holder are expecting a dividend payment ... but hold on there is one little problem :)

IRVINE, Calif., March 31 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings,
Inc. (Pink Sheets: IMPM), or the "Company," a Maryland corporation, announces that the Board of Directors will not be declaring, and the Company will not be paying, dividends indefinitely 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 dividend payments, 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.