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NOVC common equity is 78% owned by Mass Mutual sub Barings 19M 17% a Group Connected to Chairman Barry Igdaloff & his DX hack Howard Amster 40M & THEIR PALS FORTRESS SUB OF SOFTBANK & EJF CAPITAL 31.3M NOVC common $NOVC common equity is 78% owned by Mass Mutual sub Barings 19M 17% + a Group Connected to Chairman Barry Igdaloff & his $DX hack Howard Amster 40M 34% & THEIR PALS FORTRESS SUB OF SOFTBANK & EJF CAPITAL own 31.3M 27% $NOVC common HIDDEN BEHIND CDOs (Fortress behind Taberna and EJF Capital behind Kodiak which they paid almost nothing to hold via CDO Service Rights https://thefly.com/landingPageNews.php?id=1229858&headline=RAS-RAIT-sells-collaterial-management-rights-on-eight-Taberna-securitizations #AICPA 200 CPA firm www.boulaygroup.com audited $NOVC 2020 10K & with $NOVC Board led by Barry Igdaloff JD, CPA conceal the fact Fortress/EJF Capital hidden behind CDOs Taberna/Kodiak own both control over $NOVC Common Equity and at same time NOVC ONLY Sr Debt. By doing this they create a temporary Going Concern in 10K which writes off $730M NOLs + aids in concealing future plans for Rights that control Billions of collateral assets. These Rights are Cleanup Call Rights per Service Rights Transfer Agreement Sec 5.04 see Q3 2007. This failure is breach of GAAP and provides the basis for Barry Igdaloff to give his DX Co investor Fortress 31.3M Shares at pennies and convert for his and his co investors trouble Board Compensation into 18M RSU exactly 10% of 117M $NOVC common shares outstanding diluted per 10K pasting https://sec.report/CIK/0001025953 To fund this restructuring, which should have been accomplished inside Ch 11, I believe these investors have already agreed to and shareholders have approved a Preferred Stock Series F shelf offering that prices one NOVC common right to dividend/vote at $2.33 per share, exactly Mass Mutual and Barings cost basis, see NOVC Oct 2018 Proxy 14A https://www.marketwatch.com/investing/stock/novc/SecArticle?guid=12923098 (page 11-15 page 12 prices NOVC common at $2.33/common share times 500M common equivalents equals over $1.1B. Fortress parent Softbank can take this entire sum down with petty cash). One 8K and $NOVC only Sr Debt is erased. This Sr Debt IMHO has been fodder, ruse to buy shares in the open market at the temporary or artificial share price. Manny Friedman, CEO of EJF Capital owned by White Mountains Capital $WTM and Wesley Edens, CEO of Fortress a wholly owned subsidiary of Softbank Group Corp $SFTBY let alone NOVC Chairman of the Board Barry Igdaloff served on Dynex Capital NYSE $DX Board for 20 year many with Thomas Akin, ex-Chairman and CEO of $DX are all world class MREIT experts. Any reasonable investor that does a bit of due diligence on these investors should expect them to monetize the rights that control the future use of rich, seasoned collateral assets under the signed CCR cleanup call rights per Section 5.04 of Service Rights Transfer Agreement SRTA Further the appearance they have created that they will waste $730M NOLs is not reasonable. As we appreciate the CCR per SRTA Section 5.04 are triggered when the actual Bond Balance hits 10% trigger (I believe this is all but complete). Michael Huang Quant at Fortress & Portfolio Manager at $NRZ stated Fortress likes to buy the actual Bonds back at discount before triggering the CCR, but it can take longer because they need to hunt down who owns the actual bonds. CCR rights just give NOVC control over the underlying collateral assets. Let us assume they buy the Bonds back before triggering the CCR at 50% discount. NOVC aka new $NFI gains access to billions of rich and seasoned collateral assets for half price greatly increasing ROE and decreasing common share dilution. Softbank Parent to Fortress, $WTM owner of EJF Capital, Mass Mutual & Barings let alone their affiliates have trillions in cash dry powder that can be used to turn almost nothing $0 cash invested in CDO Service Rights held by Fortress behind Taberna EJF behind Kodiak into over $2B for just the real Economic Owners of NOVC only Sr Debt plus they cash annually ever year 100Ms in management fees and dividends just like Fortress did in restructuring Newcastle $NCT into $NRZ, $SNR and $GCI before changing Newcastle name and trading symbol to www.driveshack.com $DS. Fortress' PARENT Masa Son, CEO of Softbank Group Corp $SFTBY holds $130B cash alone. Blizzard-hit SoftBank launches buyback after $10 billion Vision Fund lossPedestrians wearing protective masks walk past signage for SoftBank Corp. near a store in Tokyo, Japan, on May 15, 2020. Kiyoshi Ota | Bloomberg | Getty Images SoftBank Group Corp slumped to a quarterly loss on Monday, as its Vision Fund unit took a $10 billion hit from a decline in the share price of its portfolio companies and as China’s regulatory crackdown on tech firms weighed. Even as the value of its assets slide, the Japanese tech conglomerate said its stock is undervalued and will spend up to 1 trillion yen ($9 billion) buying back nearly 15% of its shares. While CEO Masayoshi Son has likened SoftBank to a goose laying “golden eggs”, Monday’s results underscore the headwinds for the investment business. “We are in the middle of a blizzard,” Son told a news conference, adding he was “not proud” of the Vision Fund’s performance in the quarter. Yet he said the company was making steady steps to double the numbers of “golden eggs” compared to last year. Stock picks and investing trends from CNBC Pro:The group’s largest asset, Chinese e-commerce firm Alibaba , saw its valuation fall by around a third in the second quarter. Its stake in Chinese ride-hailer Didi, acquired for $12 billion, was valued at $7.5 billion. Another notable hit was online retailer Coupang , which gave up a third of its value. “The strategy of let’s create the perception of enhanced value by taking things public hasn’t really worked this year,” Redex Research analyst Kirk Boodry said. ‘Crude lever’Son says the change in the value of the group’s assets rather than profit is the primary measure by which performance should be gauged. Asset values plunged by 23% to $187 billion in the three months to September. While SoftBank shares trade at around a 50% discount, lower than a record gap that triggered the launch of an eventual 2.5 trillion yen buyback last year, the conglomerate has the capital to do repurchases now, Son said. “I am excited because we are discounted compared to our true strength,” Son said. Investors have been calling for a buyback to enhance returns. Repurchased shares will be retired, a move that lowers the bar for Son, SoftBank’s top shareholder, to potentially launch a management buyout. “The buyback gives them a crude lever to influence the discount the shares trade at,” said Boodry, adding that the more gradual pace may reduce share price volatility. Future upside for the Vision Fund includes its India portfolio with ride-hailer Ola and logistics firm Delhivery targeting listings. WATCH NOW VIDEO03:58 Softbank won’t ever get its full investment back even if WeWork is profitable “The pipeline is very robust,” Navneet Govil, Vision Fund’s chief financial officer, told Reuters in an interview. The planned listing of Southeast Asian ride-hailer Grab via a merger with a special purpose acquisition company (SPAC) will provide further valuation gain, Govil said. The group’s net loss of 398 billion yen ($3.5 billion) compared to a profit of 628 billion yen a year earlier. Vision Fund’s investment loss totalled 1.167 trillion yen. SoftBank has been raising capital by trimming stakes in companies such as ride-hailer Uber Technologies and food delivery firm DoorDash following the expiry of lock-up periods. The group has returned $9.8 billion to investors and is focusing on investing through its second Vision Fund that has $40 billion in committed capital from SoftBank and Son himself. The second fund had invested $33.5 billion in 157 startups at the end of the quarter. Eight of those firms have already listed. SoftBank shares, which have lost around a quarter this year, closed down 0.77% at 6,161 yen ahead of earnings on Monday. |
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Msg # | Subject | Author | Recs | Date Posted |
156146 | Re: NOVC common equity is 78% owned by Mass Mutual and THOSE ARE ALL LIES, Chlorine | bankbuyer | 0 | 11/8/2021 10:56:39 AM |
156147 | Re: NOVC common equity is 78% owned by Mass Mutual sub Barings 19M 17% a Group Connected to Chairman Barry Igdaloff & his DX hack Howard Amster 40M & THEIR PALS FORTRESS SUB OF SOFTBANK & EJF CAPITAL 31.3M NOVC common | poolblue3 | 2 | 11/8/2021 10:58:12 AM |
156149 | Re: NOVC common equity is 78% owned by Mass Mutual sub Barings 19M 17% a Group Connected to Chairman Barry Igdaloff & his DX hack Howard Amster 40M & THEIR PALS FORTRESS SUB OF SOFTBANK & EJF CAPITAL 31.3M NOVC common | bottomfeeder001 | 0 | 11/8/2021 11:49:59 AM |