Why would Novation Companies Inc. $NOVC Board of Directors Barry Igdaloff Chairman and Howard Amster betray shareholders. MONEY is the only reason. They breached their fiduciary duty as NOVC Board of Directors. They ousted from $NOVC Board Lance Anderson, Gregory Barmore and their two appointees with the help of Chuck Gillman and Jeff Eberwein (Whitney Tilson's 2 small cap guys).
They have allowed Gillman, Eberwein and their appointees David Pointer, Lee Keddie, Tim Eriksen and Robert Pearse to join NOVC Board with the knowledge they never intended to deliver on their Board of Director duties primarily creating Shareholder value. They all breached their fiduciary duty to $NOVC Novation Co common shareholders. Yet they allowed these investors including themselves to convert Board compensation into 16M RSU 10% after giving Igdlaoff and Amster co investors 31.3M NOVC common at below one cent Note Holders Fortress/EJF Capital hidden behind Taberna CDOs/Kodiak CDO I. Fortress made them rich at Dynex Capital NYSE $DX.
They have used FUD fear, uncertainty and disinformation in $NOVC SEC flings to suppress shareholder value and buy time for their partners Wesley Edens, CEO to buy Fortress back from Softbank. Let's be clear I do not know why they they use FUD but this is my only GUESS. They are not stupid their records shows that, so why do they ask stupid?
Not only do they fail to disclose one idea to monetize assets and attributes as $730M NOLs or CCR same attributes they have used over and over again. $DX $120M NOLs, $NRZ now $RITM spun out of Newcastle had $160M NOLs, Fortress restructured Nationstar merging for $3.8B with Mr. Cooper $COOP formerly Washington Mutual $WAMU aka WMIH insider Ch 11 saving $7B NOLs. Yet at NOVC they stall and delay any logical action acting like Mr. Stupid. Igdaloff even told a major shareholders (owns over 3M common) that he was lost as NOVC CoB. JUST NOT SO/
Boulay Group www.boulaygroup.com top 100 CPA firm per #AICPA was paid over $100K to audit and certify $NOVC 10K 2021 yet knows for sure via GAAS Generally Accepted Auditing Standards that Fortress/EJF Capital ID identities are hidden behind Taberna CDOs/Kodiak CDOI yet they fail to disclose Barry Igdlaoff, Howard Amster past relationship at $DX with Fortress. In addition they fail to share Fortress/EJF Capital own at same time both all the only Sr Debt to exit Ch 11 paid all their back interest plus 6.4M for no cram down then many months after Ch 11 exit Board gives Note Holders millions more cash plus 31.3M common shares 27% of common 31.3M shares again for no cram down. Why would anyone do this breaching GAAP. Is Boulay Group www.boulaygroup.com reputation that worthless or are they that money hungry?
Boulay Group focus on valuing CCR as worthless when present value means nothing it is only the future plans to use Collateral Assets ideal to be leveraged/resecuritized into MREIT Dividends. NO INVESTORS IN THE WORLD UNDERSTAND how to USE NOVC 730M NOLs and CCR that control billions in collateral assets seasoned and 600 Bpts WAC.