Impac Mortgage Holdings in Irvine has no intention of filing for bankruptcy, CEO Joseph Tomkinson told investors and analysts during the lender’s conference call today, reports Reuters. Here’s more:
“Despite the severe disruptions to the mortgage industry and our business, we continue to believe that our seasoned team and portfolio of unencumbered assets” put the company in a good position to survive, Tomkinson said on a conference call.
“We have no intention of declaring bankruptcy,” he said.
Impac on Tuesday posted a $152.5 million loss in the second quarter compared with earnings of $26.4 million in the same period in 2006. Deteriorating market conditions and rising delinquencies led the Irvine, California-based lender to boost its provisions for loan losses by $163 million.
Note to the CEO, creditors control whether a firm goes BK or not.
Management never intends to go BK, but somehow BK filings always happen.
Matt:
File this one under Captain Obvious.
Message from the Crawford Ranch: Ken Lay is recommending IMH as a BUY!
so what your really saying is ??
Maybe he thought what worked for Thornburg would work for Impac…I’m afraid not…Impac is a much smaller fish than Thornburg, and will likely file for bankruptcy in the coming future.
It amazes me how CEOs continue to downplay this situation. Anyone who actually took part in this industry will know the truth.
Dr.What? do you know? :
what everyone is saying on this board is : you should watch out for A#1 (yourself). The company is not watching out for its investors and it’s not watching out for its employees.
Heck, someone posted on here that they’re sitting around doing nothing at their desk at impac. Having that person quit would benefit the company.
Thats right. We have NOTHING to do!!!!
But can we do if we quit we dont get severance.
You can’t handle the truth.
I heard Pinnacle had lay offs today.
Bored3 :
your desire for severance shocks me, it sounds greedy, like you want someone to pay you for sitting around.
…which is exactly what you’ve said is occurring right now; you’re sitting around and not working.
don’t look to gain anything except a smooth transition to a new job. if you’re lucky, you’ll find a job and you won’t have any downtime.
i seem to recall someone from new century posting their experience of how no one got severance when they locked their doors.
look at it this way : you’re fortunate to have time to take a 2 hour lunch and go interview.
im actually working but no loans are coming thru what about that ??
is it so bad to take advantage of no work and sit around ?? pay me im important too
hey after being here for more than 5 years and working my butt off for this company severance is the LEAST that I can get- you need to mind your own business. I already have a few jobs lined up but thanks for your concern.
Butt Out:
That is the same rationale some employees had at Enron, having jobs lined up won’t help while that whole sector of the economy is radioactive.
Good luck, I lived through it, you will too, but it will suck.
sunsetbeachguy- and what makes you think that the jobs are in the mortgage industry?
Anything debt related is pretty grim but best of luck to you.
Joe T. will do whatever it takes to first sell off the commercial platform as they have been the only glimmer of hope this past 1+ year. Rest assured that once he stuffs his sombrero, he will quietly disappear to Impaco del Sur, his resort retreat in Costa Rica.
Per the 10-Q, i can’t help but be skeptical because of the timing.
As of the filing date of this report Joseph R. Tomkinson, the Company’s Chairman and Chief Executive Officer, is also performing the functions of the principal financial officer while Gretchen Verdugo, the Company’s Executive Vice President and Chief Financial Officer, has been out due to an illness from May 22, 2007 through June 20, 2007 and June 27, 2007 through July 31, 2007. Ms. Verdugo’s leave has recently been extended to a medical leave of absence with an estimated duration until September 15, 2007 during which time Mr. Tomkinson will continue to perform the functions as principal financial officer. Further information regarding Mr. Tomkinson, his business experience and arrangements with the Company are hereby incorporated by reference from the sections entitled “Information Concerning Director Nominees” and “Employment Agreements” of the Company’s proxy statement filed with the Securities and Exchange Commission on April 27, 2007.
first magnus done
I used to work at Impac and knew Gretchen quite well - does anyone who works there now know what kind off illness she has == who takes that much time off - please let me know - I dont care for the company but I liked Gretchen personally….
I don’t know for sure why gretchen is out but anyone who’d been around her lately knows that she lost a ton of weight in a short amount of time. I’d say 35-40 pounds in 3-4 months. It was a radical transformation that didn’t seem natural or healthy.
You got it right on the money Bored5. She didn’t even look the same from when I started at Impac many years ago when she was running the Warehouse division(IWLG). She has slithered away to nothing…she is far too skinny. Unrecognizable to be totally honest. Hope she gets some much needed rest and help during her LOA.
Bill Ashmore drove his Porsche Cayenne to Countrywide’s Laguna Niguel office and waited half an hour to cash out $500,000, which he then wired to an account at Bank of America.
“It’s because of the fear of the bankruptcy,” said Ashmore, president of Irvine’s Impac Mortgage Holdings, which escaped bankruptcy itself recently by shutting down virtually all its lending and laying off hundreds of employees.
“It’s got my wife totally freaked out,” he said. “I just don’t want to deal with it. I don’t care about losing 90 days’ interest, I don’t care if it’s FDIC-insured — I just want it out.”
Oh no - I dont know if you all know but Gretchen has triplets (and a son ) they were all very young when I worked at Impac - she was not skinny - I would say normal average - I last saw her a year and half ago - Hope she is ok
I know someone who works at Impac in the IT dept. Expect another major layoff before the end of the month. They need to survive and are doing everything they can to cut operational costs. Long term though, they’ll make it but it will be tough.
Can anyone still at Impac please explain to me why any lender or broker would have a necessity to deliver their fannie or freddie loans to Impac? If you honestly believe that this is the direction for survival of the company, you have been (once again) led astray. Your leadership, which has exactly $0.00 invested in the company is making every effort to sell off the commercial unit. Once this has been completed, it’s adios amigos… and off to Impaco del Sur in Costa Rica.
So Impac announced today its letting go fo 50% more of its workforce! They’ve implemented the WARN act and sent letters to those that are being canned….
Those are the lucky ones, they get some notice! The ones that stay will likely go down with the ship in another 90-120 days.
IMPAC just became GIMPAC.