Mortgage REIT Insider: Impac Gets Creative in Face of Cash Crunch

"In a bold move, the Company announced that it is considering making an offer to the holders of its Series B and Series C preferred stock to exchange those shares for common stock of the company. Impac said in a filing with the Securities and Exchange Commission after market close Wednesday that if the exchange is completed on favorable terms it may have the effect of increasing common stockholders’ equity."