To be clear Aug 2019 NOVC Board led Barry Igdaloff Chairman gave his past Co Investor from DX Fortre | NOVC Message Board Posts


Novation Companies, Inc.

  NOVC website

NOVC   /  Message Board  /  Read Message

 

 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board
Msg  154621 of 156074  at  4/5/2021 3:00:27 PM  by

poolblue3

The following message was updated on 4/5/2021 3:01:48 PM.

To be clear Aug 2019 NOVC Board led Barry Igdaloff Chairman gave his past Co Investor from DX Fortress, Note Holder behind CDOs Taberna I & II most of 31.3M NOVC Commons Shares

  
To be clear Aug 2019 NOVC Board led Barry Igdaloff Chairman gave his past Co Investor from DX aka Fortress, NOVC largest Note Holder behind CDOs Taberna I & II 2.3rd or most of 31.3M NOVC Commons Shares outright see exhibit below. Further this exhibit below the First Amendment to Secured Sr Notes was also given 50% of NOVC Excess Cash Flow.
 
It this a breach of NOVC Board Members fiduciary duty to NOVC Shareholders? Is it incompetence or is it an inside job. I can say with conviction the windfall NOVC Board has given Note Holders since Ch 11 ($11M cash plus 31.3M common shares does not promote independence between NOVC Board and Note Holders as they are the one and the same. 
 
Barry Igdaloff/his HF Rose Capital Mgt and his cabal mostly DX investors & cabals of Chuck Gillman, Jeff Eberwein, Whitney Tilson, along with my small shareholder count hold at least 68M NOVC Common + Note Holders 31.3M shares and MassMutual and Barings 19.3M shares adds up to 118M shares held not traded as compared to 116M Common Shares outstanding Dilute per SEC filed 2020 10K for NOVC. No float, no news, 10K with a going concern, Board members filing Form 4 suggesting they are selling at rock bottom it all adds up to a false narrative or fraud while someone has bought 57M shares since 4.2.2020 and 30M shares since holidays at pennies. 
Fortress // EJF Capital Note Holders via CDOs are largest shareholder in Novation Companies $NOVC with EJF Capital 31.3M shares see https://www.globenewswire.com/news-release/2019/08/09/1900133/0/en/Novation-Companies-Inc-Executes-First-Amendment-to-Senior-Secured-Note-Purchase-Agreement.html 9M common and 22.250M ten year warrants. READ extract from below
"Under the amendment, Novation will issue to holders of the senior notes a total of 9 million shares of common stock, as well as 10-year warrants to purchase a total of 22.3 million shares of common stock at an exercise price of $0.01 per share.
The operative word is ISSUE to Holders of Sr Notes (the only Sr Notes to exit Ch 11 with $6.3M cash including $5.8M all back interest compounded and $500K Non Defined Penalty with no cram down reduction in Sr Debt).
31.3M 28% of NOVC shares are held by Note Holders, as of Dec 12, 2019 last NOVC annual meeting NOVC CEO David Pointer referenced these economic owners.
Barry Igdaloff stands to make as much as $400M Plus $40M annual dividends, out of maybe $1M invested mostly in PS Series C.
Fortress is largest shareholder in Novation Companies $NOVC with EJF Capital 31.3M shares Fortress behind Taberna I & II and EJF Capital behind Kodiak CDO https://www.globenewswire.com/news-release/2019/08/09/1900133/0/en/Novation-Companies-Inc-Executes-First-Amendment-to-Senior-Secured-Note-Purchase-Agreement.html NOVC March 4, 2021 10K certified by Boulay Group top 200 CPA firm left out of the Schedule of Beneficial Interests that note holders were issued almost two years ago 31.3M NOVC common. Note Holders economic owners are Taberna I & II aka Fortress (Wesley R. Edens past COB of CMO that owned and reorganized DX with Barry Igdaloff who served on DX Board for 20 yrs and Thomas Akin/HF Talkot Capital ex Chairman/CEO of DX 9M common and 22.250M ten year warrants=31.3M shares)..

 

 


     e-mail to a friend      printer-friendly     add to library      
|  
Recs: 3  
   Views: 0 []
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board

Replies
Msg # Subject Author Recs Date Posted
154622 Re: To be clear Aug 2019 NOVC Board led Barry Igdaloff Chairman gave his past Co Investor from DX Fortress, Note Holder behind CDOs Taberna I & II most of 31.3M NOVC Commons Shares poolblue3 5 4/5/2021 3:13:42 PM
154623 Re: To be clear Aug 2019 NOVC Board led Barry Igdaloff Chairman gave his past Co Investor from DX Fortress, Note Holder behind CDOs Taberna I & II most of 31.3M NOVC Commons Shares golfar1 1 4/5/2021 3:52:50 PM
154624 Re: To be clear Aug 2019 NOVC Board led Barry Igdaloff Chairman gave his past Co Investor from DX Fortress, Note Holder behind CDOs Taberna I & II most of 31.3M NOVC Commons Shares mcspazm 2 4/5/2021 3:55:08 PM


Financial Market Data provided by
.
Loading...