All parties won the right to litigate on. Better for all if it gets equitably settled.
The real story here is the value creation in 2018...
These values rise as i-rates increase:
- Servicing rights 3Q value ~$159 million
- servicing portfolio continues to grow, soon will be nearing almost $10 million per quarter in servicing income in 2018
- September 30, 2017, increased servicing portfolio from the end of the second quarter by 7%, bringing the portfolio to approximately $15.7 billion
These further strengthen the balance sheet:
- last year's Capital Trust exchange to common.
- Cash Call earn-out is over and Impac has a good amount of tax-loss carry forwards to utilize.
- Beginning in 2018, the contingent consideration will no longer be on Impacs balance sheet
- restructure/retire/refi preferreds
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