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Masa Son, CEO of Softbank wants out of Fortress. What will happen to $NOVC when their largest shareholder also NOVC only Sr Debt Holder Wesley Edens, Peter Briger once again hold Fortress balance sheet & Check Book.Masa Son, CEO of Softbank wants out of Fortress. What will happen to $NOVC when their largest shareholder also NOVC only Sr Debt Holder Wesley Edens, Peter Briger once again hold Fortress balance sheet & Check Book. Masa Son, CEO of Softbank wants out of Fortress. What will happen to $NOVC when their largest shareholder who is also NOVC only Sr Debt Holder with Partner EJF Capital buys Fortress back from Softbank? Let's all understand $NOVC SEC filings (prepared by $NOVC Board/CEO Suite and Audited/Certified by Boulay Group www.boulaygroup.com) conceal the investors behind NOVC only Sr Debt that is Fortress holds CDO Service Rights on Taberna CDO I and II ditto for EJF Capital holds CDO Service Rights on Kodiak CDOI. See deal NOVC Board of Directors gave these investors Fortress/EJF Capital many months after exiting Ch 11 First what gives $NOVC Law firm inside Ch 11 Joel Sher Founder of Shapiro Sher the nerve to accept an award naming Novation Co $NOVC The Turn Around of the Year 2017? See bottom and this link https://www.shapirosher.com/news/shapiro-sher-wins-award-for-reorganization-of-novation-companies M&A Advisor named Novation Companies, Inc. $NOVC the turn around of the Year Award 2017. Joel Sher Partner of Shapiro Sher is a famed Bankruptcy Attorney and was suppose to protect or cut the best deal possible for one of the many Ch 11 Stake holders aka Novation Co $NOVC Common Shareholders. Yet $NOVC remains in precatory Going Concern with no plan to use $730M NOLs or Future Control over Billions of collateral assets. Fact NOVC Board of Directors continues to make it look like $NOVC is far worse then when they entered Ch 11 June 2016 via FUD Fear Uncertainty and Disinformation no only in SEC filings but verbal. $NOVC Board has given away 27% of the Common and paid out to related party est 11M cash for NO CRAM DOWN. Barry Igdaloff Chairman on 6/10/2022 spoke for a long time to a major $NOVC shareholder and reinforced this FUD his FUD. Imagine the nerve. This shareholder should realize what Barry Igdaloff his close partners Howard Amster and Chuck Gillman, Jeff Eberwein and their 4 appointees have done. Board motive has been MONEY as they have driven NOVC common share price temporarily to nothing so as to simultaneously take 16M RSU at pennies for themselves and give their co investors Fortress/EJF Capital 31.3m see link above. $NOVC SR Debt is a RUSE to stall and take at least 47M NOVC common at below one penny; 31M Note Holders and 16M RSU for Board. https://www.livemint.com/news/world/masayoshi-son-is-now-down-4-billion-on-his-softbank-side-deals-11660296252318.html January 02, 2018 Shapiro Sher Wins Award for Reorganization of Novation CompaniesThe 12th Annual Turnaround Awards, to be hosted by The M&A Advisor this March, will honor a major Chapter 11 reorganization led by Shapiro Sher’s Bankruptcy Department. The list of award winners, released last week, names the Reorganization of Novation Companies as a Distressed M&A Deal of the Year. PB3 Shapiro Sher Founder Partner Joel Sher & M&A Advisor can not read a Balance Sheet as $NOVC remained in Going Concern Status. This does not reconcile with the spirit of this award. Especially since under Shapiro Sher's counsel NOVC Common Shareholders in Ch 11 paid Sr Debt Holders $6.3M in cash mostly in back interest FOR NO CRAM DOWN NO REDUCTION in Debt BALANCE. Shapiro Sher had only ONE STAKEHOLDER to help and Counsel and they got screwed by CH 11. Boulay Group $NOVC CPA firm and outside auditor in concert with $NOVC Board create this Temporary GAAP Going Concern by failing to disclose the same people, same investors Fortress/EJF own at the same time 27% of the Common Equity 31M see link and the ONLY SR DEBT TO EXIT CH 11. Many months after Ch 11 Exit NOVC Board than pays these same investors Fortress/EJF Capital millions more cash plus 31.3M 27% of all NOVC Common Shares 116.1M at less then one PENNY again for NO CRAM DOWN. THIS IS AN INSIDER JOB FOR SURE AND ACHIEVED BY BARRY IGDALOFF, HOWARD AMSTER RELATIONSHIP WITH WESLEY EDENS CEO OF FORTRESS. Shapiro Sher represented Kansas City-based Novation Companies and its subsidiaries in Chapter 11 proceedings initiated in July 2016. Novation is the successor company to NovaStar Financial, a mortgage lender derailed by the subprime mortgage crisis. Facing nearly $100 million in liabilities and litigation from creditors, the company entered bankruptcy seeking to reorganize its debts and re-re-establish itself as specialty finance company. Advised by Shapiro Sher, it has achieved this goal. On June 12, 2017, the United States Bankruptcy Court in the District of Maryland confirmed the debtors’ plan of reorganization, which has allowed the former mortgage lender to emerge from bankruptcy on sound financial footing. In July 2017, Novation acquired Healthcare Staffing Inc., a healthcare staffing provider, for $24 million. Shapiro Sher’s representation of Novation has been led by Joel I. Sher, Chairman of the Firm. The team also included attorneys Richard M. Goldberg, Anastasia L. McCusker, and Daniel J. Zeller. Now in its 20th year, The M&A Advisor is recognized as the world’s premier leadership organization for mergers & acquisition, restructuring, and corporate finance professionals. The 12th Annual Turnaround Awards will be presented at a black-tie gala on Wednesday, March 21, 2018, at The Colony Hotel in Palm Beach, Florida. Nominations including over 250 participating companies were judged by an independent jury of industry experts. Shapiro Sher was founded in 1972 by Ronald M. Shapiro with the mission of providing outstanding legal counsel for Maryland businesses of all sizes. With offices in Baltimore and Washington D.C., the Firm is nationally recognized for its practices in business law, litigation, bankruptcy, and creditors’ rights. |
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Msg # | Subject | Author | Recs | Date Posted |
157387 | Re: Masa Son, CEO of Softbank wants out of Fortress. What will happen to $NOVC when their largest shareholder also NOVC only Sr Debt Holder Wesley EdensPeter Briger once again hold Fortress balance sheet & Check Book | poolblue3 | 4 | 8/14/2022 9:55:56 AM |
157395 | Re: Masa Son, CEO of Softbank wants out of Fortress. What will happen to $NOVC when their largest shareholder also NOVC only Sr Debt Holder Wesley Edens, Peter Briger once again hold Fortress balance sheet & Check Book. | mcspazm | 1 | 8/14/2022 11:59:35 AM |