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Non-Tech : IMCC..........MORTGAGE COMPANY
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To: LORD ERNIE who wrote (18)3/31/2000 1:33:00 AM
From: Kevin Clarke  Read Replies (1) of 47
 
Can someone help me out here, this is the bottom paragraph from IMCCs 10K that was released 3/10/2000.

The Greenwich Funds hold shares of Class C exchangeable preferred stock of IMC, which after March 31, 1999 are exchangeable for shares of Class D preferred stock, having voting rights equivalent to approximately 40% of the voting power of the Company. In addition, the Greenwich Funds have the right to exchange their right to receive payment of the loan under the $38 million Greenwich Funds loan agreement for additional shares of Class C exchangeable preferred stock of Class D Preferred stock representing an additional 50% of the voting power of the Company. Accordingly, if the Greenwich Funds were to exchange their Class C exchangeable preferred stock for Class D preferred stock and exercise their exchange option under the loan facility, they would hold shares of Class C and/or Class D preferred stock representing approximately 90% of the voting power of the Company, which would permit the Greenwich Funds over time to effect a change in control of the Company. In addition, if the Class D preferred stock constitutes a majority of the voting power of the issued and outstanding capital stock of IMC, then the number of directors constituting the Board of Directors shall be adjusted to permit the holders of Class D preferred stock, voting separately as one class, to elect a majority of the Board of Directors of IMC and a special meeting of shareholders shall be called to permit such election.
edgar-online.com

Can you tell me if the black highlighted area means that Greenwich will take control of IMCC? and if so what would they take control of?

Thanks

KC
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