By the way, you might not have noticed that the Impac common and preferred actually have positive book value. Restructuring the shares won't take an act of Congress or a Supreme Court ruling. We aren't relying on a senile old man who can't remember where his father was born to save us from permanent limbo status.
And the preferred have won a court room ruling for the B shares. The C shares have a strong chance on appeal, due to the realization that C shareholders were not given an opportunity to provide "written consents" or vote at a special meeting. Trial date is set for October on the appeals.
Meanwhile, none of the old management is still in place. And new management has accumulated excess proceeds from sales of MSRs to fund securitization of over $700 million in Non-QM. So, the picture of this stock is set to change.
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