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Msg  4166 of 4261  at  1/18/2021 11:34:06 AM  by

poolblue3


 In response to msg 4140 by  Berner
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Re: Georgia Returns and MSR Valuations

 

Re: Let's take a deeper dive into investors that sit on 28% of all Novation Companies Inc. OTCBB NOVC Equity and use ALL Sr Debt as Fodder to drive pps to pennies while taking 31.3M shares Aug 2019. NRZ Portfolio Manager Michael Huang and his superiors Fortress Co CEOs Wesley R. Edens, Peter Briger (paid 1.5% x NRZ Equity in Mgt Fees per NRZ 10K). They own 28% of Novation Companies Inc. OTCBB NOVC with EJF Capital, Co CEOs Manny Friedman, Neal Wilson own NOVC only Sr Debt to exist Ch11. Their co-investors in NOVC are Mass Mutual and Barings and MREIT Pros Thomas Akin, Barry Igdaloff both ex DX Board Members. Combined they own 75% of all NOVC common and all of NOVC only Sr Debt. My calculation is they can make $3.4B at NOVC and collect like Fortress does at NRZ hundreds of millions annually in dividends and lucrative Mgt Fees.

https://www.linkedin.com/in/michael-huang-cfa-97a0021
Michael Huang's email & phone | Fortress Investment Group's Senior Vice  President and Portfolio Manager email

Michael Huang

Vice President/Portfolio Manager at Fortress Investment Group LLC · New York City
Michael Huang holds title Portfolio Manager at NRZ www.newresi.com but the reality is he is a Quant & Employee under Wes Edens and Peter Briger Co CEOs, COBs of Fortress that own all of NOVC only Sr Debt to exited Ch 11 4/19/19 with all back interest paid & compounded and own 31.3M NOVC common with Sr Debt partners EJF Capital aka White Mountains.
Truth is Huang carefully reviewed all of NOVC documents concerning $3B portfolio of RMBS, Non-QM mortgage loans with 600 Bpts WAC. Only Novastar Financial Inc. ex MREIT 100% owned by Novation Companies Inc. NOVC own these CCR cleanup call rights per Service Rights Transfer Agreement sec 5.04 (Bond Remittance Reports and per Edgar Reports PSA Pooling Service Agreements, Trust Agreements). After this review he declared the CCR very valuable stating NRZ and Fortress are the worlds largest counter party investor in CCR. Listen to CEO of NRZ reference CCR.
These rights allow only NOVC aka their dormant MREIT sub saved by Ch 11 Novastar Financial Inc. NFI to call back rich and seasoned collateral assets in $3B portfolio of RMBS Non QM mortgage loans. These collateral assets can be leveraged 15:1 like DX, NRZ, RWT deploy and garner NIMs of 500 Bpts (FFR 0%). The result of this MREIT practice would result in estimated annual dividend of $3.75/NOVC common share.
Michael Huang is on record as stating they (Fortress and the worlds largest CCR investor NRZ wwww.newresi.com) like to buy the actual bonds back in the portfolio before triggering the CCR.
I state with 100% conviction MREIT experts that own 75% of NOVC Equity including Wes Edens, Fortress, Manny Friedman of EJF Capital, (via CDOs (CDO Service Rights) they paid virtually nothing to control; Taberna and Kodiak. These CDOs conceal their identities courtesy of Igdaloff) Mass Mutual Barings owns 18% 19.3M shares and Barry Igdaloff (BI cabal own at least 36M shares in NOVC), Thomas Akin ex DX Chairman of the Board, both Board Members understand CCR cleanup call rights per Service Rights Transfer Agreement sec 5.04.
DX Board Member for 20 yrs Barry Igdaloff serving since 2000 control NOVC and understands this practice Stone Cold (per DX 8K filed 9-3-20 Igdaloff resigned leaving $126k in board fees from DX after restructuring DX with Fortress, Wes Edens (via Fortress ownership of Capstead Mortgage CMO). Days after resigning from DX Board Igdaloff was appointed Chairman of the Board at Novation Companies, Inc. NOVC.
Record Barry Igdaloff denied all knowledge of CCR and Service Rights Transfer Agreement (attached to NOVC own 10Q) although in same breath David Pointer blurts out did Bill Wallis Barings Director representing Mass Mutual 19.3M common shares show you sec 5.04. Sec 5.04 is the specific section which proves NOVC aka NFI owned exclusively these valuable CCR.
Bill Wallis Barings Director assigned with the task of reorganizing NOVC so as to monetize NOVC NOL $730M and CCR stated NIMs of only 200 Bpts are economical. Thomas Finke ex CEO of Barings and officer Chief Investment Officer of Mass Mutual assigned Wallis this task. Wallis stated he wanted to copy KKR investment in COOP Mr. Cooper aka WMIH, WAMU (this was prior to Fortress selling Nationstar to COOP for $3.8B. Fortress owned 70%).
These MREIT experts that own all of NOVC Sr Debt (only Debt to exit from Ch 11) and at least 87M 75% of NOVC Equity understand that the CCR are triggered once the Bonds hit 10% of original value of the Bonds. Par is required to access the collateral assets unless as Michael Huang stated you buy the Bonds back at say 50% discount then NOVC aka NFI access $3B of Collateral Assets at 50% which would drastically reduce dilution from PS Series F (see Proxy 2018 14A page 13) and increase dividends per share.
At this stage Novation Companies, Inc. OTC NOVC shareholders (NRZ brother shareholders via Fortress 1.5% x NRZ Equity Mgt Fee) can expect NOVC Board & C- Suite to be puppets and instructed to not respond, deny, deflect and insult vs answer any questions. My advice is call and write with return receipt those puppeteers
Fortress via CDO Service Rights held on Taberna I & II - Wesley Edens, Peter Briger, Michael Huang EJF Capital via CDO Service Rights held on Kodiak CDO One, Manny Friedman, Neal Wilson Co CEOs and EJF Capital parent White Mountains VP Frank Bazos, Bill Wallis Director of Alternative Investments at Barings and ask them:
When will NOVC and their controlled group of investors duplicate their restructuring blueprint from Newcastle (now called DS Drive Shack DS after separating 3 MREIT NRZ, SNR and NEWM/GCI) at Novation Companies by separating NFI Novastar Financial Inc. back out as MREIT (leverage/resecuritize collateral assets into est 3.75/share ANNUAL DIVIDEND) and position 2nd remaining company HCS www.healthcare-staffing.com as SPAC but with $730M NOLs
View Michael Huang, CFA'S professional profile on LinkedIn. LinkedIn is the ... Vice President, Private Equity at Fortress Investment Group. New York City ...
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