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                          UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D. C. 20549

                          SCHEDULE 13-G

            Under the Securities Exchange Act of 1934

                       (Amendment No.    )


                 IMPAC Commercial Holdings, Inc.               
                         (Name of Issuer)

                           Common Stock                
                  (Title of Class of Securities)

                            45254R-10-8         
                                 (CUSIP Number)
                                                 
                                                   
                                 
Check the following box if a fee is being paid with this statement    (A fee
is not required only if the filing person: (1) has a previous statement on
reporting the beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2)  has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).


*The remainder of this cover page shall be filled out for a reporting person's
 initial filing on this form with respect to the subject class of securities,
 and for any subsequent amendment containing information which would alter the
 disclosures provided in a prior cover page.


The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities and
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

                       







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          Name of reporting person:  Ryback Management Corporation
          I.R.S.  Identification  No. of  Above Entity 43-1615580


          Check Appropriate Box  if  a member of a group*

3.       SEC use only

4.       Citizenship or Place of Organization

            Michigan                  

Number of     5.            Sole Voting Power

Shares                         431,200

Beneficially  6.            Shared Voting Power            

Owned by                         6,800

Each          7.            Sole Dispositive Power

Reporting                      431,200

Person With   8.            Shared Dispositive Power
                                                          
                                 6,800
      
9.   Aggregate Amount Beneficially owned by each reporting person:

       438,000 shares managed by Ryback Management Corporation

10.  Check Box if the Aggregate amount in Row (9) excludes certain shares


11.  Percent of  Class Represented by Amount in Row  (9)
    
           5.09% 

12.  Type of Reporting Person

IA - Ryback Management Corporation   IV - Lindner Investment Series Trust


sec 1745 (6-80)   
                    SEE INSTRUCTION BEFORE FILLING OUT!


                                          
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                              SEC 13 G
                       SECURITIES AND EXCHANGE COMMISSION
                          SCHEDULE 13-G Amendment No. 

Item 1(a)   Name of Issuer:

            IMPAC Commercial Holdings, Inc.
         
Item 1(b)   Address of Issuer's Principal Executive Offices:

           20371 Irvine Avenue
          Santa Ana Heights, CA 92707
            
Item 2(a)   Name of Person Filing:

            Ryback Management Corporation

Item 2(b)   Address of Principal Business Office:

            7711 Carondelet Ave., Box 16900, St. Louis, MO 63105
  
Item 2(c)   Citizenship:

            Michigan

Items 2(d)  Title and Class of Securities:

            Common Stock

Item 2(e)   CUSIP:

            45254R-10-8

Item 3)     If this statement is filed pursuant to Rule 13d-1(b) or, 13d-2(b),
            check whether the person filing is a:

 [X] Investment Company registered under Section 8 of the Investment Company
 Act  ( LINDNER INVESTMENT SERIES TRUST)

 [X] Investment Company Adviser registered under Section 203 of the Investment
 Advisers Act of 1940     (RYBACK MANAGEMENT CORPORATION)

Item 4   Ownership:
         The Shares listed below were held in a fiduciary capacity by   
         Ryback Management Corp. and/or Lindner Investment Series Trust
         as of December 31, 1998:
     
     (A) Amount beneficially owned: 438,000 managed by Ryback Management Corp.
     (B) Percent of class:   5.09%
     (C) Number of shares as to which such subject COMPANY has:
         (1)sole power to vote or direct to vote: 431,200
         (2)shared power to vote or direct to vote:    6,800
         (3)sole power to dispose of or direct disposition of: 431,200
         (4)shared power to dispose or direct disposition of: 6,800

 Instruction:  For computation regarding securities which represent the right 
               to acquire an underlying security see Rule 13d-3(d)(1).

     

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Item 5.  Ownership of Five Percent or Less of a Class
         Not Applicable 

Item 6.  Ownership of More than Five Percent on Behalf of Another Person.
         Not Applicable 
        
Item 7.  Identification and Classification of the Subsidiary which Acquired 
         the Security Being Reported On By the Parent Holding Company.
          See Item 3

Item 8.  Identification and Classification of Members of the Group.
         Not Applicable

Item 9.  Notice of Dissolution of Group
         Not Applicable

Item 10.  Certification
          
          By signing below I certify that, to the best of my knowledge and
          belief, the securities referred to above were acquired in the
          ordinary course of business and were not acquired for the purpose of
          and do not have the effect of changing or influencing the control of
          the issuer of such securities and were not acquired in connection
          with or as a participant in any transaction having such purposes or
          effect.


After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and
correct.

DATED: January 29, 1999          


                         /S/  Eric E. Ryback, President
                              Ryback Management Corporation
                              Lindner Investment Series Trust
                              (314) 727-5305