Fortress who just terminated their lucrative management agreement with $NRZ now $RITM (generating $400M Termination Fee for Softbank $SFTBY Masa Son, CEO) has joined Manny Friedman, CEO of www.EJFCap.com Manny was also Founder of FBR Friedberg, Billings Ramsey one of the top MREIT Market Markers in owning at least 80% 91M common shares of Novation Co $NOVC with #MassMutual their sub Barings & #Jefferies $JEF. EJF Capital is White Mountains Capital $WTM. They own these 91M $NOVC common with $NOVC Board of Directors Barry Igdaloff, Howard Amster both are major Dynex Capital NYSE $DX investors. Igdaloff served 20 years on $DX Board from 2000 to 8/31/2020 after they restructured $DX with Fortress help 2000-03.
Fortress Founder Co CEO/Co COB was also COB of Capstead Mortgage $CMO now traded $FBRT which camouflaged Fortress ownership of DX. Igdaloff and Amster became very wealthy thanks to Fortress. Igdaloff, Amster camouflage most of their 15M $NOVC common by parking shares at related accounts yet filing Form 4s creating the deception they sold their millions on an exchange FALSE. In return Igdaloff, Amster conceal the ID identity of Fortress/EJF Capital behind CDOs Taberna CDO I & II/Kodiak CDOI which helps them conceal from Outside AUDITORS www.boulaygroup.com their past relation together at least at $DX. I believe they intend to do what Fortress and Igdaloff/Amster did at Dynex Capital $DX and what Fortress did in restructuring Newcastle Inv Corp $NCT again at Novation Co $NOVC that is split $NOVC into 2 tax free companies the first tax exempt MREIT like $RITM and second merging www.healthcare-staffing.com and $NOVC $730M NOLs with another company just like Fortress spun out of $NCT 3 MREITs $SNR, sold months ago $2.3B, $GCI and $NRZ now $RITM. They will replicate the management fee agreement used at $NRZ $RITM at the new MREIT basically relaunch NOVC prior MREIT Novastar Financial Inc. $NFI which use to trade on NYSE and was $NOVC prior trading symbol. What is holding up the show?
NOVC Board both Dynex Capital $DX Investors I believe are waiting for Fortress CO CEO/COB Wesley R. Edens & Peter Briger to buy Fortress back at discount from Softbank? Fortress/EJF Capital hidden by CDOs own at the same time 31.3M $NOVC Common 91M with co investors and they own the only Sr Debt to exit Ch 11.
Once the deal is done where Igdaloff, Amster co investors buy Fortress back from Softbank they will move on this or a very similar transaction. Buying Fortress back from Softbank lays the ground work for $NOVC to split into 2 tax-free public co a MREIT/Divvy ex NYSE $NFI that hold CCR cleanup call rights that control future use of Billions of collateral assets (seasoned with WAC weighted average coupons close to 600 Bpts. See Exhibit 2.1 of NOVC 10Q filed at SEC Q3 2007 signed between NOVC aka $NFI and Saxon Capital $SAX (sold to Morgan Stanley for $760M). NOVC Founders Scott Hartman Quant and Lance Anderson both worked at SAX prior to founding $NOVC. SAX and DX were both MREIT spun out of the same public company. The move on Healthcare www.healthcare=staffing.com HCS with $730M NOLs will be gravy just like Newcastle Inv Corp $NCT new name Drive Shack $DS. Fortress, Wesley Edens, Peter Briger, Rich Nardone and Manny Friedman, Neal Wilson DO NOT LOOSE?
One click and $NOVC Sr Debt is vaporized and $NOVC can issue a Shelf Offering hidden inside their poison pill renewal that protects $730M NOLs or most of it from Sec 382 of IRC. $250M of 730M NOLs are unrealized capital tax losses which are not effected by Sec 382. This Shelf Offering is PS Series F defined on page 12 of $NOVC Oct 2018 Proxy Form 14A. Mass Mutual Barings, Jefferies, White Mountains Capital $WTM must have an understanding with these investors $NOVC only Note Holders Fortress/EJF Capital and their puppets NOVC Board Barry Igdaloff, Howard Amster which is "You join us investing in or participate in PS Series F up to 500M common equivalents x $2.33/value per one NOVC common (precisely MassMutual Barings and Jefferies Cost Basis in $NOVC) and we let NOVC Board hand you 31.3M NOVC common for below ONE PENNY, NOVC Board can convert some of their compensation at pennies per share into 16M RSUs. We camouflage most of this until we are all ready to go See the deal NOVC Board gave Fortress/EJF Capital after paying them inside Ch 11 all their back interest plus some 6.3M Cash for NO CRAM DOWN 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
See 7/12/22 Bloomberg story reporting Mubadala Investment Co MIC is about to Buy Fortress back from Softbank for $1B value. You can add $400M $NRZ $RITM Termination Fee making it $1.4B buyout. MIC is Rajeev Misra ex Fortress Executive, own Head of new $6B FUND backed by Abu Dhabi’s Investment Arm Mubadala Investment Co MIC, after stepping back as CEO of VisionFund.com READ WSJ last week 8/11/12 Softbank CEO Masa Son was quoted confirming this story and that Softbank is selling what ever they can to cover record losses. You can bet $NRZ, $RITM friends Peter Briger ex Goldman Sachs Partner and Wesley Edens ex Blackrock, Lehman Bros will be next to their pal Rajeev Misra in taking Fortress back before triggering a deal to make Billions at Novation Co $NOVC plus every year hundreds of millions in cash flow from Mgt Fees and Dividends. $NRZ 10k 2019 showed Shareholders paid Fortress 170M two part mgt fee in one year.
Secret Sauce is concealed by SEC Filings. The sauce is $NOVC holds CCR well known to these world class market markers CCR cleanup call rights that control the future use of billions in collateral assets (seasoned with 600 Bpts WAC) collateral assets like they used at restructurings like $DX, $NRZ, $COOP formerly Washington Mutual WAMU. CCR are defined in Section 5.04 of Exhibit 2.1 in back of NOVC 10Q filed 2007 Q3 document called Service Rights Transfer Agreement SRTA. CCR are Second Bite of Apple which I have exercised with many MREIT ANALYSTS and C Suite Executive at Saxon Capital that signed SRTA (P&S for MSR sale from NVOC aka $NFI to $SAX). Fortress restructured Nationstar merging for $3.8B with Mr. Cooper $COOP and saved $7B NOLs why would we believe the FUD fear, uncertainty and disinformation used by puppets on NOVC Board intend to waste $NOVC 730M NOLs?