Wingspan Portfolio Advisors Caught Up in a Class Action Lawsuit

IN THE UNITED STATES DISTRICT COURT FOR THE
WESTERN DISTRICT OF MISSOURI
WESTERN DIVISION

MICHAEL P. AND SHELLIE GILMOR,
ET AL.,                                               

Plaintiffs,

vs.                                                    

PREFERRED CREDIT CORPORATION,
ET AL., & Defendants Impac Mortgage Holdings, Inc., IMH Assets Corporation, Impac Funding Corporation, Impac Secured Assets Corporation, Wingspan Portfolio Advisors, LLC (collectively, “Impac Defendants” or
“Settling Defendants”)

                                           Defendants.

Case No. 10-0189-CV-W-ODS 

ORDER PRELIMINARILY APPROVING
CLASS ACTION SETTLEMENT

This case commenced in Clay County Circuit Court. On January 2, 2003, that court certified a litigation class comprised of those persons who obtained a Missouri residential second mortgage loan from Preferred Credit Corporation (f/k/a T.A.R. Preferred Mortgage Corporation) (“PCC”) on or after June 27, 1994, and as is particularly described in the Court’s Order Certifying Plaintiff Class (the “Litigation Class”).

The case eventually found itself in this Court, and now pending is a motion to approve a Settlement Agreement (“Agreement”) with respect to certain plaintiffs and Defendants Impac Mortgage Holdings, Inc., IMH Assets Corporation, Impac Funding Corporation, Impac Secured Assets Corporation, Wingspan Portfolio Advisors, LLC (collectively, “Impac Defendants” or
“Settling Defendants”). Specifically, the Agreement relates to the Missouri residential second mortgage loans obtained from PCC that were purchased by, assigned or conveyed to, or otherwise owned and/or held by or serviced by Impac Mortgage Holdings, Inc., IMH Assets Corporation, Impac Funding Corporation, Impac Secured Assets Corporation, and/or Wingspan
Portfolio Advisors, LLC (defined in the Agreement as the “PCC-Impac Loans”).