Greg Abel analogy with Novation Companies Inc. $NOVC Board of Directors
Greg Abel successor to Warren Buffett CEO of $BRK BUYs $70M OF $BRK stock. This is what Barry Igdaloff, Chairman & his Novation Co $NOVC Board of Directors Howard Amster, Chuck Gillman, Jeff Eberwein & their designates Robert Pearse (ex VP at NTAP and HP) David Pointer, Lee Keddie, Tim Eriksen https://www.eriksencapitalmgmt.com/manager should have done BUY $NOVC common stock. Instead the designates failed to buy one common share upon serving on $NOVC Board and those that owned millions transfer parked shares at related accounts filing bogus Form 4s that effectively mislead Mr. Market as the appear to be Sales vs Transfer aka Parking shares at related accounts (SEC PROBLEM).
Barry Igdaloff, Howard Amster and designates of Chuck Gillman, Jeff Eberwein; David Pointer use these Form 4s as part of their plan to spread Fear, Uncertainty, Disinformation FUD in SEC filings. Their aim is to repel other investors, SEC, Mr. Market while they take 41% of the company at less then one penny. Designates include David Pointer, Lee Keddie, Tim Eriksen Robert Pearse who never invested one dime into NOVC stock yet took most of 16M RSU 10% common stock at pennies. This campaign of FUD is designated to drive the public companies share price to pennies or less while at same time filling their pockets with millions of Novation Co $NOVC common shares. This campaign of FUD includes:
Failing to file in SEC Filings that the same investors Note Holders on at the same time both the only Sr Debt to exit Ch 11 and 27% of all common shares. They fail to hold an annual meeting since 12/12/19 to avoid filing Proxy 14A.
NOVC with a top 100 CPA firm audit and certify NOVC 10Ks fail to share the above which creates a temporary GOING CONCERN under GAAP TGGC which drives the share price down. This TGGC conceals or writes off all of $NOVC 730M NOLs and conceals the future treatment of rights that control billions of rich, seasoned collateral assets ideal to be leveraged, resecuritized into tax exempt MREIT dividend.
To create this camouflage most of the above $NOVC Board of Directors leave the Board and hope no one will follow them.
How do they make money off 16M RSUs ? It is not via bogus Sr Debt used as ruse to suppress $NOVC share price allowing them to take 47M (16M RSUs for Board and 31.3M the Board gave Note Holders Fortress, EJF Capital ID hidden behind Taberna CDOs I and II/Kodiak CDO I to wit they are related via their Dynex Capital NYSE $DX reorganization). No money will be made via Sr Debt a ruse to stall. The only way they make money is NOVC Common Shares they own at least 91M 80%. To accomplish this they can copy past restructuring at many other MREITs by restructuring Novation Companies Inc. $NOVC they way it should have been restructured inside Ch 11.
One idea is they split Novation Companies Inc. $NOVC into 2 tax free public companies first a tax exempt MREIT relaunching $NFI traded on NYSE as MREIT using CCR rights that control the future use of Billions of Collateral Assets CA. Use CA to leverage/resecuritized into a new MREIT Dividend.
The 2nd public co use $730M NOLs. One thesis is they merge HCS www.healthcare-staffing.com (suppress via FUD since it was bought by NOVC) HCS with Jeff Eberwein former COB of $NOVC now CEO/COB of Hudson Global $HSON created a $250M Gross Revenue public co TAX FREE. This would explain massive Form 4s filed at $HSON by Jeff Eberwein and Form 4s filed at $NOVC April to Oct 2015 by Eberwein HF Lone Star Value Mgt.
If Fortress/EJF Capital $NOVC largest common shareholders and $NOVC largest and only Sr Debt Holders hidden behind CDOs Taberna CDO I & II/Kodiak CDO I can merge Nationstar $3.8B with Mr. Cooper $COOP formerly Washington Mutual $WAMU or $WMIH inside Ch 11, saving $COOP $7B NOLs they can do it again by preserving NOVC $730M NOLs. This is precisely what NOVC Board Barry Igdaloff, Howard Amster accomplished with Wesley R. Edens, COB of Fortress in $DX restructuring. Fortress & EJF Capital aka $WTM White Mountains Capital have done this exact same restructuring many times including Newcastle $NCT restructuring into $DS, $GCI, $SNR and $NRZ now $RITM.
This FUD means one thing David Pointer, Lee Keddie, Tim Eriksen & Robert Pearse, with Chuck Gillman, Jeff Eberwein Partners to Barry Igdaloff, Howard Amster will have taken 16M RSUs valuing Board Compensation at their FUD engineer share price of pennies, most camouflaged via bogus FORM 4s (private transfers to related parties) or leaving NOVC Board, that could be worth BILLIONS plus HUNDREDS of MILLLIONS every year in Dividends. Talk about a heist of epic proportions. Their Partners Note Holders hidden behind CDOs turn almost nothing invested in CDO Service Rights into BILLIONS plus HUNDREDS of MILLLIONS every year in Dividends & Lucrative Management Fees like the $NRZ that paid Fortress annually over $150M to externally manage $RITM aka $NRZ. $NOVC Board handed a related party the only Sr Debt Holders to exit Ch 11 27% or 31.3M $NOVC common at below one penny. NOVC Board had already paid Sr Debt Holders all their back interest compounded est $11M cash $6.3M inside Ch 11. Note Holders Fortress, EJF Capital aka Softbank, White Mountains Capital $WTM turn nothing invested in CDO Service Rights that hold Taberna/Kodiak into almost one billion plus every year hundreds of millions cash flow from dividends and Mgt Fees. This is what they did at Newcastle/Drive Shack, RITM, SNR and GCI and Dynex Capital $DX. See the deal NOVC Board gave Note Holders many months after $NOVC Novation Companies Inc. Officially exit Ch 11 and ask; Did they fulfill their fiduciary duty to $NOVC common shareholders left out of their huddle? 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
OMAHA, Neb. — Billionaire Warren Buffett's successor bought nearly $70 million worth of stock in the conglomerate he is slated to one day lead.
Berkshire Hathaway Vice Chairman Greg Abel on Monday disclosed buying 168 Class A shares in the company in a filing with the Securities and Exchange Commission.
The purchases made last Thursday at prices between $405,800 and $408,514.01 per share will give Abel a small stake of 173 Class A shares in the Omaha, Nebraska-based company's future.