Impac Mortgage Holdings Inc (IMPM)

[dpsimswm]

"Second, the company continues to operate with a retained deficit in earnings. In our view, the issue of the retained equity deficit of $114.7 million needs to be addressed. Preferred stockholders committed capital to the company and have not received this capital back through previous dividend payments or redemption. No business can borrow money and simply refuse to pay the lender their invested capital."