On March 30, 2012, IMH Financial Corporation (formerly known as the IMH Secured Loand Fund) filed their Annual Report with the Securities & Exchange Commision (“SEC”). (Click here to read IMH’s Form 10-k.) The company made the following disclosure regarding the purported $9.79/share book value of the Class B and C common stock shares:
In connection with the Conversion Transactions, we issued 3,811,342 shares of Class B-1 common stock, 3,811,342 shares of Class B-2 common stock, 7,721,055 shares of Class B-3 common stock, 627,579 shares of Class B-4 common stock and 838,448 shares of Class C common stock. We have not determined a specific value for the aggregate shares issued in connection with the Conversion Transactions. However, based on our net tangible book value of approximately $165.3 million as of December 31, 2011, the current estimated book value per share for the shares issued in connection with the Conversion Transactions is $9.79 per share.
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