IMH Secured Loan Fund / IMH Financial Corporation Update
IMH just disclosed in the company's latest filing with the Securities Exchange Commision (SEC), that former CEO Shane Albers transferred 313,484 shares of stock to NW Capital as part of his separation agreement with IMH at a price of $8.02 per share. According to the SEC filing, NW Capital paid Albers $1.2 million over and above the estimated fair value for the IMH stock. By my calculation, this means the "fair value" given to Albers' IMH stock was approximately $4.25 per share. IMH investors who purchased ownership units for $10,000/each, paid the equivalent of $45.38 per share--thus, according to these latest figures, IMH has declined by more than 90%.
There are several lawsuits pending against IMH and the original principals of the company, including a class action lawsuit. In addition, numerous investors have filed lawsuits and securities arbitration claims against their stockbrokers or financial advisors who recommended IMH. In fact, our securities law firm is currently representing a group of investors who filed an arbitration claim against Scottsdale, Arizona, financial advisor Randolf Albers who recommended and sold IMH to his clients through Albers Financial Group and Sunset Financial Services, Inc. Randy Albers is the father of IMH's former CEO Shane Albers.