Good reason for Masa Son to CEO Fortress back to Co CEOs Peter Briger, Wesley R. Eden | NOVC Message Board Posts

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Msg  157730 of 157845  at  11/18/2022 8:33:03 AM  by


The following message was updated on 11/21/2022 9:22:34 AM.

Good reason for Masa Son to CEO Fortress back to Co CEOs Peter Briger, Wesley R. Eden

Good reason for Masa Son, Softbank CEO to SELL Fortress back to Fortress Co CEOs Peter Briger, Wesley R. Eden -- I believe this is the catalyst for Fortress/EJF Capital Novation Companies Inc $NOVC only Note Holders to exit Ch 11, IDs hidden behind CDOs and active co-common $NOVC shareholders/investors that also own 31.3M $NOVC common 27% 91m with their $NOVC shareholders/co-investors NOVC Board Barry Igdaloff, Chairman, Howard Amster, REAL MASTER MIND that hold 35% of NOVC common est  40M (16M taken at their engineered share price and most common camouflaged by misleading Form 4s filed by Board past and present or leaving Board hoping no one will follow them) and Mass Mutual sub Barings 17% 19.3M (19.3M+40M+31M = 91M or 80% of NOVC CSOS 116M. This does even include Jefferies $JEF 20M per 6/23/2011 13D Form filed). Both Rich Handler Jefferies and Brian Friedman, President demand a vote or proxy. Barry Igdaloff, Howard Amster have failed to hold annual meeting since 12/12/19 thus have failed to file 14A Proxy making all professional fees including those paid CPA firm Shareholders outside auditor relied on by SEC to filed 10K certification in accordance with GAAP Boulay Group ill gotten. Boulay Group fails to disclose same investors they hide behind CDOs own both $NOVC only Debt and 91M NOVC common 80%.
I introduced $NOVC CEO Lance Anderson to Frank Bazos who at the time was VP Century Capital. 2019 he became VP M&A at White Mountains Capital $WTM and later that year 2019 $WTM invested a large position in EJF Capital aka Kodiak CDO I (NOT A COINCIDENCE IMHO) Fortress bought (CDO Service Rights) all 8 Taberna CDOs 8 including CDOs I and II that hold $NOVC only Sr Debt to exit Ch 11 67%, Kodiak CDO I aka EJF Capital aka White Mountains Capital owns 33% via Kodiak CDO I. Fortress as the bizjournal link above shows paid a only $15.9M for $6 BILLION AUM for all Eight Taberna CDOs see extract. I est the cost of CDOs I and II that hold $NOVC only Sr Debt is no more then $300K at best. Fortress for 300K has been paid by related investors from $DX aka NOVC Board of Directors Barry Igdlaoff, Howard Amster, with EJF Capital est $11M cash most interest plus 31.3M NOVC common shares 27% of 116M CSOS at less then ONE PENNY all for no consideration the the bogus Debt remains on NOVC Balance Sheet at Face Value.

THIS IS A KEY MO modus operanda of both Fortress and EJF Capital - they buy up CDO Service Rights paying nothing then break the AUM up and either repurpose the collateral assets into new Securitization SIV or combine them aka leverage into new deals. JUST LIKE they plan on doing IMO with Novation Companies Inc. $NOVC so as to monetize $730M NOLs and CCR cleanup call rights that control the future use of billions of rich/seasoned collateral assets in $3B RMBS Non-QM portfolio. ONLY NOVC hold these call rights. Igdaloff said for years that the Mortgage Servicer Ocwen Financial Inc. $OCN also held these CCR and fact they did not exercise confirmed their value. NOTE Current Value is NA as the only thing that matters are the future plans by these expert investors. Fortress and pals own and control all of $OCN.

This thesis has been confirmed in long discussions with many Quants including; Jason Stewart JS Head of MREIT Research at JonesTrading. JS was formerly EJF Capital/FBR Friedman Billings and Ramsey (FBR was the Book Runners IB for both Dynex Capital  NYSE $DX & Saxon Capital sold to Morgan Stanley for $760M. Saxon Capital signed SRTA Section 5.04 the defines $NOVC aka sub $NFI CCR see Exhibit 2.1 of NOVC 10Q filed 2007 Q3. 2007. STRA was signed Oct 2007 by ex $NOVC CEO Lance Anderson ex CEO of NOVC (fired by Amster and Igdaloff so as to take 47M $NOVC shares at their engineered share price of less then one cent). Lance Anderson and Michael Sawyer and Scott Hartman worked closely at Dynex Capital/Saxon Capital. They worked very closely with Fortress to restructured Dynex Capital $DX 2000-03. NOVC Board is tightly connected to $NOVC only Note Holders to exit Ch 11 aka Fortress/EJF Capital behind CDOs Taberna/Kodiak. The Senior Debt allowed NOVC Board lead by Dynex Capital Shareholders Igdaloff (former DX Board Member for 20 yrs) and Amster to remove 10% of $NOVC common or 16M RSUs common for themselves Board of Directors converting some of their compensation taken under false pretenses). Saxon Capital signed the SRTA Service Rights Transfer Agreement and they are all connected via the restructuring at MREIT Dynex Capital NYSE $DX. 
Barry Igdaloff and his college mate Todd Emoff (read Igdaloff own book "Guest in Nightmare" on Amazon) both separately explained how important Wesley R. Edens was to restructure Dynex Capital $DX 2000-03. They both explained how Wesley Edens than COB of both Fortress/Capstead Mortgage $CMO now traded $FBRT, flew to Columbus OH 2000 to strategize with them on $DX restructuring from pennies to $10/share Pre 3:1 reverse split to trade on NYSE MREIT Exemption, same exemption used by $DX and $NOVC NFI and SAX, NRZ/RITM, GCI, SNR and so many MREIT restructured by these investors). This included the ouster of Thomas Potts then CEO of $DX. 
Wesley R. Edens was at this time 2000-03 COB of both Fortress and Capstead Mortgage $CMO now traded $FBRT the entity used to camouflaged Fortress' control over $DX with Igdaloff, Thomas Akin, Howard Amster and Emoff). Saxon Capital and Dynex Capital $DX were both tax exempt MREITs like $NOVC was Novastar Financial Inc. that traded on NYSE as $NFI both spun out of the same public company in Glen Allen, VA.
This thesis was confirmed by ex CEO of Saxon Capital Michael Sawyer who I spoke to for hours. Mr. Sawyer and the Head of JonesTrading MREIT Research Jason Stewart along with Michael Huang former Portfolio Mgr at New Residential $NRZ now traded $RITM also confirmed these collateral assets that NOVC aka $NFI control can be leveraged aka combined with other assets and resecuritized recreating another tax exempt MREIT Dividend. Huang told me to get lost once he understand of Barry Igdaloff, Howard Amster past connection with Wesley R. Edens and Peter Briger.
Why would Huang go from a very nice Boy Scout speaking for months, studying NOVC aka NFI Bond Remittance Reports, Pooling Service Agreements see Edgar Reports, to a rude animal knowing this relationship? I had approached him 2018 when on the surface he was Portfolio Manager at NRZ now $RITM but then to my surprise I found out he was an employee of Peter Briger, Wesley Edens Co CEOs of Fortress. Newcastle a MREIT externally managed by Fortress was restructured by spin out 3 tax exempt MREITs before changing name to Drive Shack $DS which kept all 160M NOLs as MREIT are already tax exempt. Those 3 MREITS were NEWM now GCI, SNR sold for 2.3B and $NRZ now $RITM. $RITM paid Fortress every year over $150M Mgt Fee. Fortress recently cancelled this piggy bank triggering a $400M Termination Fee. As past CFO of REIT, CPA I can say this 400M must be part of Edens, Briger, Rajeev Misra buyout of Fortress from Softbank Masa Son, CEO. Son owes Softbank $4.7B see link at top. 
This means Fortress, EJF Capital $NOVC largest Common Shareholders and only Note Holders hidden behind CDOs and their agents from DX restructuring Barry Igdaloff, Chairman of NOVC and Howard Amster NOVC Board have not just mislead minority investors shareholders but have willfully lied over and over again.
Jason Stewart, Michael Sawyer and Michael Huang made it clear NO EXPERT INVESTOR like Barry Igdaloff who served on Dynex Capital DX Board for 20 Years up to 8/31/2020 (confirmed by SEC 8K filed by DX 9/3/2020) and Howard Amster both made wealthy by Fortress in $DX restructuring from pennies to $10/DX common Pre 3:1 reverse split, Wesley Edens, Peter Briger, Manny Friedman, Neal Wilson and other DX investors that happen to own millions of NOVC shares like MREIT expert Thomas Bruce Akin ex CEO of DX and ex Board Member and Shareholder of $IMH (Fortress use to own IMH) will NOT waste the rights CCR that control the future use of BILLIONS of collateral assets and $730M NOLs. 

Extract showing Fortress has no cash invested in NOVC only SR DEBT Taberna CDOs I and II to exit Ch 11 already paid by NOVC Board Igdaloff, Amster all their back interest compounded plus 31M NOVC common shares.

RAIT Financial Trust has sold or delegated its collateral management rights and responsibilities relating to eight Taberna securitizations to an affiliate of Fortress Investment Group.

The securitizations have about $5.9 billion in total AUM assets under management and were sold or delegated to the Fortress affiliate for $16.5 million. The move by RAIT (NYSE:RAS) is part of its strategy to reposition the company to focus on its core commercial real estate portfolio. RAIT is based in Philadelphia.

Masayoshi Son Now Owes SoftBank $4.7 Billion on Side Deals

  • Billionaire’s deficit rose about $750 million in last quarter
  • CEO’s compensation plan backfiring amid plunging valuations see wall
SoftBank announced its acquisition of Fortress, one of New York real estate's more active lenders, in February 2017. The deal came out to $8.08 per share, or $3.3 billion overall.Aug 9, 2022 

Fortress on chopping block as owner SoftBank bleeds

Asset manager has backed some of New York's biggest developers

New York /
August 09, 2022 04:19 PM

Masayoshi Son Now Owes SoftBank $4.7 Billion on Side Deals

  • Billionaire’s deficit rose about $750 million in last quarter
  • CEO’s compensation plan backfiring amid plunging valuations 
    Masayoshi Son 
    Masayoshi Son

    Photographer: Kiyoshi Ota/Bloomberg wall 
    Updated on

    Masayoshi Son is now personally on the hook for about $4.7 billion on side deals he set up at SoftBank Group Corp. to boost his compensation, after mounting losses in the company’s tech portfolio wiped out the value of his interest in the second Vision Fund.

    Over the years, the Japanese billionaire’s controversial personal stakes in SoftBank’s investments drew fire from investors, who pointed to the mix of personal and company interests as a corporate governance concern. Son -- who holds a more than 30% stake in SoftBank -- has denied there was a conflict of interest and said it was remuneration for his investment expertise, in lieu of investment fees.


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Msg # Subject Author Recs Date Posted
157731 Re: Good reason for Masa Son to CEO Fortress back to Co CEOs Peter Briger, Wesley R. Eden JBurnis2 1 11/20/2022 2:43:08 PM

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