Allow me to ask you and others. Seems to me. It is obvious:
If you paid Sr Debt Holders Taberna CDOs I and II/Fortress and Kodiak CDO I/EJF Capital owned by White Mountains Capital $WTM all their back interest compounded $5.8M inside Ch 11 plus $500K Non Defined Penalty inside Ch 11 ($6.3M cash in all paid to the Note Holders CDOs held by Fortress/EJF Capital inside Ch 11) don't you think $NOVC Board of Directors and their Lawyer Joel Sher, NOVC Ch 11 Attorney should have received consideration in return? What would have been fair consideration?
Joel Sher is the famed Founder and Partner of Shapiro Sher one of the most accomplished Bankruptcy Law Firms IN USA which was not cheap. Should they have at least received in return say half the $85M Face Value eliminated? A CRAM DOWN!
Keep in mind the $6.3M cash was est 20 times the cost of CDO Service Rights Fortress/EJF Capital paid for these CDOs. Fortress/EJF Capital have almost no cash invested in the $NOVC Sr Debt the Notes held in CDOs. I have published the links over and over.
Now keep in mind $NOVC Board -- Chairman Barry Igdaloff & Master Mind per Top MREIT Professional, Howard Amster made a fortune restructuring 2000-03 Dynex Capital NYSE $DX thanks to Wesley Edens, Founder, CEO of Fortress. 2000-03 Wesley Edens was COB of both Fortress and Capstead Mortgage $CMO now traded $FBRT camouflaging Fortress ownership of $DX. I have verified this feel free to corroborate it. Both Barry Igdaloff and his close college pal Todd Emoff (together Igdaloff and Emoff have accumulated est 20M NOVC Common) 20M NOVC common most camouflaged are on record stating how important Wes Edens was to them, Howard Amster and others invested in $DX. They explained in detail how Wesley Edens traveled to Columbus OH to meet and discuss how to oust Thomas Potts as CEO of Dynex Capital NYSE $DX. They took DX from pennies to 10/share (pre 3:1 reverse split to join NYSE under MREIT trading exemption). Trust me if you fly to Columbus, OH you will not forget it.
Then many months after $NOVC exit Ch 11 $NOVC Board of Directors, Barry Igdaloff, Howard Amster that had already spent est $14M to restructure $NOVC inside Ch 11 including the $6.3M mostly interest plus professional fees JUST hand over to Note Holders CDOs held by Fortress/EJF Capital millions more cash plus 31.3M 27% at less then one penny, of all $NOVC Common Shares Outstanding dilute 116.1M
Don't you believe some consideration should have been in order for 31.3M 27% of 116.1M common shares? They gave the 31.3 M TO Fortress/EJF Capital at below 1 ct. Don't you BELIEVE they should have at least erased the entire remaining Face Value of Sr Debt? THE SR DEBT is RUSE on Mr. Market to buy time for something and take the majority of their common at pennies or less. At the least a restructuring plan should have been disclosed or at least one would be coming by X Date instead they have lied, spread FUD to fulfill their own agenda a others expenses. Boulay Group deceives Minority Shareholders but no clearly disclosing the Sr Debt his also owned by Common Equity Holders and they are related working together to ensure common shares had result in shareholder value that is at least better then a "GAAP Going Concern".
I have NO EXCUSES for this behavior and can only say these transactions were not arms length and handled in a reasonable course of business. What would you suggest motivated this behavior and how could some of the top third party professionals like www.olshanlaw.com and www.boulaygroup.com allow these insider transaction to happen? Boulay Group a top 100 CPA firm per AICPA and Olshan Law signed engagement letters between their firms and $NOVC Common Shareholders. The Board and C Suite are only agents for $NOVC Common Shareholders. These professional should at least have complied with ethical standards of their respectful conducted per AICPA and any Legal Governing Body. Lawyer know their bar would at least not expect these third party professional to do any harm to their clients $NOVC Common Shareholders. YET THAT IS JUST WHAT THEY DID they have harmed minority shareholders out the huddle of NOVC Board, Note Holders Fortress/EJF Capital by helping them spread FUD Fear Uncertainty & Disinformation.
How did they get MassMutual and their sub Barings, Jefferies to go along with this abuse of power, abuse of fiduciary board of director duty? Was it a quid pro quo understanding that we give the Board and their co investors Fortress/EJF Capital extra candy 47M NOVC Common at pennies or less in return for something. Is that something the understand these powerful investors will join them investing in NOVC PS Series F shelf offering buried in their poison pill renewal see Oct 2018 Proxy 14A page 12 that prices up to 500M $NOVC common equivalents at $2.33/per NOVC Common precisely their cost basis?
How did Barry Igdaloff, Howard Amster and their thugs Chuck Gillman, Jeff Eberwein and their 4 Board appointees remove Gregory Barmore x CEO of Genworth, Lance Anderson CEO ex DX, SAX and their 2 appointees ex KPMG Partner Edward Mehrer and Art Burtscher agree to leave NOVC Board? It was a carrot or a stick. After all 3 of them left in 2015 when these people shared a plan of action, which has not happen for over half decade 8/15/2022.
Have you ever heard of letting Ch 11 deal ripen. Well $NOVC official exited Ch 11 4/19/19 so this can not be it. Do you think by giving Note Holders' Fortress/EJF Capital 20 times the cost of CDO Service Rights PLUS 31.3M shares they would help you make it happen? Read David Pointer comments in the Press Release a posted a few day ago see link above. He seemed to think so. Does anyone believe that giving Fortress/EJF Capital est $11M cash plus 27% of all common shares that it would look like $NOVC Board was really objective and independent NO WAY.
These investors have a game plan and it has been conceal from Mr. Market as a way to take 47M shares at pennies and to BUY TIME time so Edens and his co investors can buy Fortress back from Softbank. If anyone has a better guess that explains why Barry Igdaloff, JD, CPA and Howard Amster described by a top MREIT professional as the master mind would behave corrupt or grossly negligent then let us hear it.