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Re: Thesis Overview on Novation Companies, $NOVCOne day loyal long time Novation Companies, Inc. OTCBB $NOVC common shareholders outside Barry Igdaloff's, NOVC Chairman & his co-investors in $NOVC, huddle will watch them file an 8K that finally shows their tremendous experience restructuring so many companies with the same attributes to $NOVC ($730M NOLs and control over the future use of valuable collateral assets per Service Rights Transfer Agreement Section 5.04 Cleanup Call Rights CCR are standard operating practice for these MREIT Professional Investors all working together with Bill Wallis, Thomas Finke of Barings aka parent Mass Mutual 19.3M (see Bond Remittance Reports and Pooling Service Agreements PSA on Edgar Reports) especially Dynex Capital NYSE $DX and New Residential Inv Corp www.newresi.com NYSE $NRZ, $SNR, $GCI, Drive Shack $DS. $NOVC SEC filings shows Igdaloff’s biggest co investors 31.3M common are also the only Creditor Sr Debt Holder he referenced at the end of NOVC 8/17/21 8K. Barry Igdaloff co investors in $NOVC common shareholders all connected to Barry Igdaloff, Howard Amster both major Dynex Capital NYSE $DX investors that have accumulated at least 40M shares half taken in RSU they valued at pennies per share. Barry Igdaloff served on $DX Board 20 years per $DX 8K filed 9/3/2020). Barry Igdaloff and most of these co investors restructured $DX with Wesley R. Edens 2000-03 Edens was COB of both Capstead Mortgage $CMO which owned $DX and Fortress is an 100% subsidiary of Softbank Group Corp $SFTBY (www.elliottmgmt.com Paul and son Gordon have billions invested in Softbank). Same Fortress hidden along with another world class MREIT pro Manny Friedman Emanuel Joshua Friedman, CEO of EJF Capital behind CDOs that hold NOVC only Sr Debt and 31.3M common shares 27%. Fortress behind Taberna CDOs I & II and EJF Capital behind Kodiak CDO One. Fortress co-COB/CEOs Mr. Edens Mr. Peter Briger and EJF Capital Mr. Manny Friedman paid almost no cash for CDO Service Rights used to take from NOVC common shareholders for no cram down, est $11M cash in interest $6.3M inside Ch 11 than months after official exit Ch 11 4/19/19 $NOVC Board gave CDOs 27% of all $NOVC common for no reduction in principle aka no cram down. Mr. Igdaloff biggest co-investors he has allowed to take most of the 18M RSU value NOVC at pennies (price per share they both engineered) is Whitney Tilson’s small cap crew Chuck Gillman, Jeff Eberwein (Eberwein is ex CoB & ex CEO of $NOVC and now CEO/CoB at Hudson RPO Symbol $HSON (global staffing company. Eberwein has been buying $HSON Treasury Stock and Jeff Eberwein is buying $HSON shares possible in anticipation of merger between $HSON with $NOVC www.healthcare-staffing.com to pick up $730M NOLs. This merger would only happen after MREIT Experts Barry Igdaloff, Wesley Edens, Manny Friedman with Mass Mutual and sub Barings assistance break off NOVC former NYSE $MREIT Novastar Financial Inc. $NOVC use to trade as $NFI under MREIT exemption. The same MREIT exemption deployed by $NRZ, $DX, etc. This announcement will in some form include values hidden under Audit by Boulay Group www.boulaygroup.com including: NOLs $730M NOLs/HCS Healthcare Staffing www.healthcare-staffing.com that operates tax free with a high moat Rights that control future use of Billions in rich, seasoned Collateral Assets the real DIAMOND is $NOVC ex MREIT New Novastar Financial Inc. formerly traded over NYSE symbol $NFI which holds cleanup call rights CCR per Service Rights Transfer Agreement SRTA Sec 5.04 (back of Q3 2007) to most of the $3 Billion RMBS, Non-QM portfolio of collateral assets 6% WAC. See Edgar Reports for Pooling Service Agreements and Bond Remittance Reports. People/Investors Novation Companies Inc. $NOVC other weapon directly related to Billions in CCR above are the people/investors that control both the only Sr Debt to exit Ch 11 and 31.3M common shares/ 90M if you include their co investors Mass Mutual & sub-Barings 19.3M $NOVC 40M common shares held by ex-Dynex Capital $DX Board Members/Investors Thomas Akin ex CEO and COB of $DX/Barry Igdaloff served on DX Board for 20 years per 9/3/20 DX 8K/Howard Amster. These people are all related and working together at Novation Companies Inc and include Wesley R. Edens/Peter Briger, COB/CEO of Fortress and Manny Emanuel Joshua Friedman, CEO of EJF Capital & Founder of FBR, both hidden behind CDOs in $NOVC SEC filings Fortress behind Taberna CDOs I and II and EJF Capital behind Kodiak CDO I (Fortress/EJF paid almost no cash to hold these CDOs). The other important people/investors at $NOVC are Mass Mutual & sub-Barings (Bill Wallis, Director of Alternative Investments in Charlotte, N.C. & Thomas Finke x CEO of Barings and Chief Investment Officer of Mass Mutual) and most important are ex Dynex Capital $DX Board Members/Investors that made a fortune at $DX thanks to Fortress, Wesley Edens 2000-03 who via Capstead Mortgage $CMO owned $DX. Igdaloff and his good friend Todd Emoff are both maxed out in their common shares of $NOVC per Poison Pill Renewal (see Oct 2018 Proxy 14A filing page 12). They both explained to me how Wesley Edens flew to Columbus OH and was the leader in the removal of Thomas Potts, ex $DX CEO and the restructuring of DX. Barry Igdaloff now Chairman of $NOVC and Wesley Edens led the 2000-03 restructuring of Dynex Capital $DX from pennies to all time high $10/$DX common share ($DX pays them a Common Dividend of $1.56/share payable monthly .13 and trades at 9% yield). $DX is where NOVC Founders Scott Hartman, Quant/Portfolio Manager and Lance Anderson worked prior to founding NOVC aka $NFI in 1997. It is my belief these investors are all working together to restructure $NOVC and have yet to reveal their tremendous experience in restructuring other organizations very similar to $NOVC like $OCN, $NRZ, $SNR, $GCI and Drive Shack $DS all restructured out of Newcastle NCT by Fortress, NationStar Fortress sold to Mr. Cooper $COOP for $3.8B, One Main $OMF Fortress sold their 40% common position in $OMF to Leon Black, Apollo Global Management for $1.4B. I expect these collateral assets can be leverage & resecuritized into new dividend just like Igdaloff and his co investors Fortress EJF Capital hidden behind CDOs Taberna/Kodiak + $DX investors ex Board Members & MassMutual Barings have accomplished before. They all have a very successful track record restructuring very similar organizations including Dynex Capital $DX and New Residential Inv www.newresi.com $NRZ. As you 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 $3B of collateral for 50% or $1.5B. If $NOVC uses same leverage as $DX 15:1 that generates $45B portfolio (note Sec 5.04 does not apply to the entire $3 B portfolio so this is an illustration) times a net interest margin NIM of 500 Bpts or $2.3B NIM less some SGA or est $3.30/annual dividend per share. $DX trades off 9% yield to $1.56/annual dividend $3.30/9% = $36/stock price for just one of Novation Companies, Inc. $NOVC two tax free companies. The 2nd public co HCS tax free $730M NOLs. Sr Debt Holders aka CDOs held by Fortress/EJF Capital turn 0 in CDO Service Rights into est $1.127B and still will pick up annually dividends and another lucrative management fee like that Fortress cashes every year from $NRZ. $NOVC Board and CPA firm www.boulaygroup.com willfully fail to disclose that CDOs held by Fortress/Taberna & EJF Capital/Kodiak own both $NOVC only Sr Debt & the same time at least 31.3M $NOVC shares. They have most certainly colluded to take 49.3M shares including 31.3M+18M RSU or 90M of 117M shrs outstanding per 202 10K audited by Boulay Group. THIS failure breaches GAAP & creates a temporary “Going Concern” so as to temporarily drive the share price to pennies providing a basis to take 50M shares at lowest price point. A Small count of private investors hold 35M shares + 90M = 125M vs 117M Shares Outstanding in 2020 10K. So how can 50M $NOVC common shares have traded just in 2021 most have been shorted per www.otcshortreport.com/company/NOVC. My point is Wesley Edens CEO of Fortress, Manny Friedman, CEO of EJF, MassMutual Baring their parents Softbank, White Mountains Capital $WTM may be buying $NOVC at the temporary price per share off their true narrative. Someone is! Please note this memo represents only my research/analysis and is for entertainment purposes only. As you appreciate every investor is responsible for their own due diligence. To fund this restructuring, which should have been accomplished inside Ch 11, I believe these investors have already agreed to and $NOVC 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 Group Corp $SFTBY can take this entire sum down with petty cash). One 8K and $NOVC only Sr Debt is erased. My only conclusion is $NOVC only Sr Debt owned by these CDOs held by Fortress and EJF Capital have 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 years 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. They have created a false narrative a ruse aka the appearance in SEC filings that they will waste $730M NOLs & these CCR/former MREIT $NFI. |
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Msg # | Subject | Author | Recs | Date Posted |
156079 | Re: Thesis Overview on Novation Companies, $NOVC- your lame ass returns with same old BS | bankbuyer | 0 | 10/20/2021 12:56:34 PM |
156080 | Re: Thesis Overview on Novation Companies, $NOVC | mcspazm | 2 | 10/20/2021 2:23:20 PM |
156081 | Re: Thesis Overview on Novation Companies, $NOVC | bottomfeeder001 | 2 | 10/22/2021 1:32:19 PM |