John Gittelsohn reports:
Impac Mortgage Holdings Inc. of Irvine has not received a waiver on a $407 million reverse repurchase facility, throwing the company into technical default, according to a securities document filed today.
The announcement triggered a slump in Impac’s stock, which fell 8 cents, or more than 8 percent, in after hours trading. During regular trading, the stock closed at 94 cents, down 3 cents.
In the filing, Impac said it was in technical default on arrangements with UBS Real Estate Securities and Colonial Bank worth $407 million, because it was in violation of income and tangible net worth covenants and had not received a waiver from the two companies.
Impac discontinued mortgage lending and other operations in September, laying off one-third of its workforce, because it was unable to find a secondary market for its loans.
Click HERE to see Impac’s announcement.
Didn’t Impac start lending again too?!! It’s amazing that these companies just won’t stop with their bad habits.
Just to clarify, Impac is asking for a waiver of default because they failed to satisfy certain income and tangible net worth covenants as of September 30, 2007.
To me, the greater question is, didn’t Impac have an obligation to disclose these material events within four days by filing a Form 8-K? Joe Tomkinson is so quick to speak out whenever he can positively spin news, but god forbid Impac ever have to admit a blunder. When was the last time they filed an SEC report ON-TIME?
Another one bites the dust…….So Sad
Did you know that Joe Tomkinson also is a silent owner of REDC the company in Irvine that is an auction house??? They work their employees like a sweatshop, 6 days - 7 days a week at a $2500 mo. salary. Sad huh? The working conditions in the building are horrible. So no worries, Impac is closing the doors Jan 1, they told employees not to count on having their job after xmas. But Joe T. is making his money at REDC.