Impac Mortgage Holdings Inc (IMPM)

[dpsimswm]

"First, in the company's balance sheet, the company states the liquidation value as $16.6 million and $35 million. This has been stated at least four times a year since any tender offer may have altered any rights of the preferred in 2009. To any ordinary investor, the understanding would be that the company intends to pay this out to the shareholders in the event of a liquidating event. In the broadest possible terms, most investors understand that a liquidating event is a sale, merger, divestiture or bankruptcy."