Today, management for the IMH Secured Loan Fund filed with the Securities and Exchange Comission (SEC) a statement [Form SC 14D9] recommending that investors reject the tender offer from MacKenzie Patterson Fuller (MPF) to purchase their units at a price of $1,000 per unit. MPF’s offer expires April 26, 2010. MPF is offering investors the opportunity to obtain an immediate cash out of their investment in the fund. IMH’s fund manager characterized the tender offer as “an opportunistic attempt to deprive the Members of the Fund who tender Units in the Offer of the potential opportunity to realize a greater long-term value of their investment in the Fund.” IMH’s fund manager, however, could not provide any guarantees or assurances to investors about the fund’s long-term prospects. Before deciding whether to accept or reject the tender offer, investors are strongly urged to read “Item 8 (Additional Information)” contained in the recent SEC filing by the fund’s manager.
Investors in desperate need of cash who accept MPF’s tender offer may be able to recover some or all of their losses through securities arbitration. The Alcala Law Firm currently represents several investors, many of them elderly or retired, who are pursuing arbitration claims against their financial advisors for inappropriately recommending the IMH fund to them.