Impac Mortgage Holdings Inc (IMPM)

[dpsimswm]

Judge P ruled on 12/29 that the B Series had a right to receive cumulative dividends and elect two board members. Impac will appeal. So will Curtis Timm as a holder of IMPHO.

With $21 in cumulative dividends, a full valuation on IMPHP would be about $46. IMPHO is worth $25, in my opinion. The greater risk reward is with IMPHO right now. That's my belief.

Also, I believe the common shares have nearly the same risk/reward as IMPHO at the current price. IMPHO may be slightly undervalued in comparison.