Chairman and CEO of Impac Mortgage Holdings, Inc.
Credit: http://ir.impaccompanies.com/phoenix.zhtml?c=119470&p=irol-govManage | ©Impac Mortgage Holdings, Inc.
Bank Activities Reform Commission Investigates Impac Mortgage Holdings, Inc. Preferred Stock Dividends and Payments on Trust Preferred Securities
Joseph R. Tomkinson, Chairman/Chief Executive Officer of Impac Mortgage Holdings, Inc. resigned as President of Imperial Credit Industries, Inc. a company which acording to Google Finance now trades at around five thousandths of a penny on the OTC.
In 1986, Mr. Tomkinson organized the sale of his ownership of American Mortgage Network to Imperial Bank (NYSE- IMP). But "further investigation is necessary," says Gabor S. Acs, spokesperson for the organization he founded more than four decades ago dedicated to L. Ron Hubbard as part of a global project to rid the planet of slavery in the form of bankers and banking, what Hubbard termed, "The 4th Dynamic Engram".
"It now trades around a nickel a share on averages of 800,000 shares a day, but they are very behind on their audited financials it would appear from cursory examination", said Mr. Acs.
From June of 1986 to December 1991, Mr. Tomkinson served as a divisional President of Imperial Bank Mortgage. In December of 1991, Imperial Credit Industries (NASD - ICII) was created as a public entity. Mr. Tomkinson served as President and Chief Operating Officer of Imperial Credit Industries until February of 1996.
"There appears to be a need to look into the possibe failure or forced mergers with financial institutions with the name "Imperial" somewhere in American history", said Gabe as his network of financial informants around the world call him.
In 2007 the Board of IMPH was composed of five persons who got paid almost $1,000,000 for their services to the stockholders, despite the fact that by that time the stock was tanking. Their web site lately shows four directors but no recent information on whether they continue to get paid.
In 1986, Mr. Tomkinson organized the sale of his ownership of American Mortgage Network to Imperial Bank (NYSE- IMP). But "further investigation is necessary," says Gabor S. Acs, spokesperson for the organization he founded more than four decades ago dedicated to L. Ron Hubbard as part of a global project to rid the planet of slavery in the form of bankers and banking, what Hubbard termed, "The 4th Dynamic Engram".
"It now trades around a nickel a share on averages of 800,000 shares a day, but they are very behind on their audited financials it would appear from cursory examination", said Mr. Acs.
From June of 1986 to December 1991, Mr. Tomkinson served as a divisional President of Imperial Bank Mortgage. In December of 1991, Imperial Credit Industries (NASD - ICII) was created as a public entity. Mr. Tomkinson served as President and Chief Operating Officer of Imperial Credit Industries until February of 1996.
"There appears to be a need to look into the possibe failure or forced mergers with financial institutions with the name "Imperial" somewhere in American history", said Gabe as his network of financial informants around the world call him.
In 2007 the Board of IMPH was composed of five persons who got paid almost $1,000,000 for their services to the stockholders, despite the fact that by that time the stock was tanking. Their web site lately shows four directors but no recent information on whether they continue to get paid.
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http://seekingalpha.com/article/54158-is-impac-mortgage-insolvent?source=commenter
10 4 1 stock split
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01/11/2009
Impac Mortgage Holdings, Inc. (Pink Sheets: IMPH), or the "Company," a Maryland corporation, being taxed as a real estate investment trust ("REIT"), announces that its previously reported 1-for-10 reverse stock split will begin to trade on a split-adjusted basis at the open of business on January 12, 2009. At that time the security will be traded-over-the-counter under the new ticker symbol "IMPM" and the new CUSIP number 45254P 508.
Impac Mortgage halts payments to preferred stockholders
December 12th, 2008, 4:40 pm · 1 Comment · posted by Mathew Padilla, Reporter
Irvine-based Impac Mortgage Holdings, once a top issuer of loans to people who don't document their income, said earlier this week it won't pay dividends on preferred stock that's supposed to yield investors more than 9%.
Last year Impac stopped paying dividends to common stockholders.
Impac, which previously reported a Q3 loss of $16 million, is offering preferred shareholders 10 cents on the dollar for their stock ($100 for every $1,000 in shares). The offer is good until the end of the year.
Money-losing Impac stopped making loans after the credit crunch hit in summer 2007. It still owns mortgages it previously made or purchased, reporting $9 billion in assets in September.
Impac is trying to build other businesses, including financial consulting. Read its latest release.
http://securities.stanford.edu/1038/IMH_01/2007817_f01c_0700970.pdf
http://securities.stanford.edu/1038/IMH_01/
NYSE to Suspend Trading in Impac Mortgage Holdings, Inc. and Related Securities
Summary: The judge dismissed the Second Consolidated Complaint on October 6, 2008 but provided plaintiffs 21 days to amend and re-file. A Third Consolidated Complaint was filed on October 27, 2008.
The judge ordered related cases to be consolidated on November 9, 2007, at the same time appointing lead plaintiff and approving selection of lead counsel. The First Consolidated complaint was filed January 8, 2008, which defendants moved to have dismissed. Before ruling on the motion, plaintiffs amended their complaint and re-filed on June 20, 2008.
According to a press release dated August 18, 2007, the complaint charges Impac and its top executive officers with violating the federal securities laws by issuing a series of materially false and misleading press releases and filings with the SEC concerning Impac's financial results and business prospects.
Specifically, the complaint alleges that Imp
http://finchannel.com/index.php?option=com_content&task=view&id=24574&Itemid=18#josc34
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