Impac Mortgage Hldgs. v. Timm

Impac Mortgage Holdings, Inc. v. Curtis J. Timm, et al. No. 18, September Term 2020 Corporations – Charter – Construction. A corporate charter is a contract between the corporation and its shareholders. When a charter provision is ambiguous as to the rights of shareholders of publicly-issued stock, the provision should be construed in a way in which a reasonable person in the shoes of the shareholders would construe it. The fact that a corporation enters into an agreement with an underwriter in connection with an initial public offering of shares of the corporation does not make the…