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Re: Capital Table of NOVC is 95M owned by investors that do not trade. So who buying 3m shrs over last month?IMHO NOVC will monetize their CCR cleanup call rights by having expert Managers who own common equity Fortress Wesley Edens, Peter Briger, Manny Friedman Founder and co-CEO of EJFCap.com aka FBR and Thomas Akin of IMH, DX, NOVC plus Mass Mutual Barings can leverage the very profitable/seasoned collateral assets by triggering these CCR from $120m x 5:1 leverage very comfortably into $600M per year. Note NovaStar Financial Inc. at its peak produced 400M gross less SGA $200M and paid out 100% of Taxable Income $190M Dividends as MREIT. So the real annual cash flow is not $120M but more like 5:1 $600M per year. That is about 1 per share in dividends if one assumes NOVC 103M shares outstanding today plus 500M by the issue the private placement PS Series F approved at 10/4/1018 annual meeting (PS Ser F is nothing but 500M common equivalents pricing one common right at $2.33 (MM Barings cost basis and direct conflict to all the common NOVC Board have taken in lieu of cash compensation). If the loans average life is 10 years this is 10 x 600M = $6B cash flow for shareholders. NOW NOVC shareholders can appreciate why MREIT experts like Manny Friedman of EJFCap.com and FBR Friedberg, Billings Ramsey, Wesley Edens, Peter Briger both of Fortress, Barry Igdaloff/Howard Amster both of DX and NOVC and Thomas Akin ex COB & CEO of DX, Major Shareholder in NOVC and IMH, and hanger on Todd Emoff (Igdaloff college friend) own with Mass Mutual Barings 84M NOVC common shares out of 103M outstanding (I added in 21.250M Ten Yr Warrants 1 penny strike given Fortress and EJFCap true economic owners hiding behind CDOs Taberna I & II and Kodiak CDO I.) This does not even include www.healthcare-staffing.com HCS. I interviewed ex HCS leaders and found them to be very competent, more so then Richard Rector ex CEO of HCS who resigned leaving HCS 4/22/19 and taking est 750k NOVC RSU. If fact it appears Rector pushed these two leaders from HCS, both handpicked by Bill Dallas Founder of HCS then Rector resigned from HCS. This indicates Rector has some agreement with NOVC Board (controlled by 3 Gillman, Eberwein appointees or 3 Amigos V2.) NOVC SEC disclosures and behavior are opposite the economic best interest of all NOVC shareholders and shareholders should find out why. My thesis is NOVC kept HCS web site down for maintenance for most of 2019, removed half dozen leaders because by submerging HCS and using Sr Debt they can drive PPS to penny to justify taking half the company 41M shrs. To provide illustration take 21/26 80% x $3B portfolio = $2.4B collateral assets to be resecuritized x NIM of 500 Bpts = net interest margin per year of 120M/annual leverage 5:1 into $600M, let us assume mortgages last another 10 Years on average that is FV $6B NIM net interest margin. This gives shareholders a sense as to why these investors all experts in Non-QM aka Subprime mortgages, MREIT, CCR, NOLs own 80% of the Novation Companies Inc OTCBB:NOVC. Their track records, accomplishments are beyond reproach. They are experts and all know each other. Question for NOVC shareholders is if Fortress can take Newcastle Investment Group NCT from 5/share in 2013 and split NCT into 4 tax favored companies with shareholder value/total over $33/price per share: NRZ $15 pays 2 annual dividend + DS $4 + SNR $7.87 pays .52 dividend + NEWM $6.35 Ask NOVC Board and officers when will NOVC (80% owned by Fortress, EJFCap.com Mass Mutual Barings and experts like Thomas Akin, Howard Amster and Barry Igdaloff) spin NovaStar Financial Inc back out as MREIT tax exempt like NRZ, NEWM, SNR, IMH, DX and trigger CCR and leverage 5:1 into a dividend and build HCS into $500M tax free EBITDA thanks to NOLs? |
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