It is my opinion FIG Fortress owner of NOVC Sr Debt and new subprime per Wall Street Journal 8.10.15 KING CEO Wes Edens was in on “The Domino Effect (greatest macro trade to destroy/freeze credit markets, eliminate competition especially GSE/carve up the future of these profitable markets, and make billions using CDS and PUTS)” which is why they were allowed to carve up AIG by buying AIGs entire subprime business placing it into LEAF Springleaf Holdings eventually months ago buy Citibanks Subprime OneMain for over 4B. LEAF even adopted the name OneMain OneMain Holdings, Inc. (LEAF) I believe this is why NFI garnered a 1% carry for 5 yrs till end of next month 12/31/15. The GS cabal new it would take this long before they carved up the spoils and restart biz. This is why Lance Anderson Linkedin says he is on Sabbatical not retired like 8k stated.
Fortress does not intent nor did it ever intend to hold NOVC Sr Debt to 2033 maturity (I believe they bought the debt a massive discount like Leon Black did after selling bonds at DBL he started Apollo to buy it all up and convert it to equity). They and Betsy Cohen of RAIT and FBR will restart the NFI subprime business by buying another subprime co. Anderson (also explain his happy go lucky linkedin page) with his now 5.3m shares will step in with Steve Haslam, (whos $400k salary NOVC shareholders have paid for last yr Oct 2014 till last month), Dave Pazgan, Chris Sullivan will join him & they sub out the portfolio mgt to Credentia Group (Mike Bamburg/Scott Hartman x CIO/CEO and Steve Haslam + entire quant team of NFI Dave Farris x Smith Breeden Advisors to S&Ls). NOVC will cash out the NOL $650m + Corvisa and take the portfolio 6m per yr + 25-30M + 10.5M Assurant and some of the cash from this event and get back into the lending business. It was prearranged. See LEAF Car loan debt portfolio for subprime is collecting 14% average WAC vs cost of money free.
Take a dive on LEAF and see why Wes Edens FIG made billions in just few wks this spring. This also explains why NOVC board kept Rodney Schwatken named him CEO gave him higher base and extra 350k stock options because Anderson will return into a new NFI. FIG and Sr Debt holders will convert their low interest Sr Debt matures 2033 (20 yrs) into equity and IMO + invest tens of millions more for larger equity position. NOVC shareholders will get a big payout in the form of new stock in Corvisa Merge/trade/? Structure that may be worth est4.50 or more per share (2.5+++ Corvisa/ManyWho + 2.10/share or $195 m for NOL that est 4.50). Shareholders can sell or hold the new issue. The new NFI aka NOVC will be DEBT FREE albeit lower % of the new pie but the Corvisa deal will make up for that dilution.
ALL my opinion as NOVC board remains in stealth so a few investors can step in front the market. Just my opinion do your own due dilly and share.
Happy Thanksgiving J