Although there is no news to report regarding the proposed IPO from IMH Financial Corporation, the company did file a new Form 10-K with the Securities and Exchange Commission (SEC) today. According to the SEC filing, the book value for IMH Financial Corporation shares (as of December 31, 2010) was $11.98 per share, which represents a 20% decrease from the company’s previously reported book value of $15.05 per share.
Under IMH’s new valuation, a $100,00 investment in IMH is now worth approximately $26,397, which gives new meaning to the company’s motto:
Since IMH Financial Corporation stock is not publicly traded, investors are unable to sell their stock at any price.
Customers who purchased IMH Secured Loan Fund units through a securities broker may be able to recover damages by pursuing an arbitration claim before the Financial Industry Regulatory Authority (FINRA).