Why do I believe NOVC Board still plans on split $NOVC a dormant public co into 2 | NOVC Message Board Posts


Novation Companies, Inc.

  NOVC website

NOVC   /  Message Board  /  Read Message

 

 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board
Msg  157740 of 157830  at  12/1/2022 4:42:59 PM  by

poolblue3


 In response to msg 157739 by  poolblue3
view thread

Re: Why do I believe NOVC Board still plans on split $NOVC a dormant public co into 2

Novation Co $NOVC common 116.1M Common Shares Outstanding Dilute is held by powerful investors who all know each other and have worked together in the past to monetize attributes held today by Novation Companies, Inc. $NOVC including: 
$730M NOLs
Rights CCR cleanup call rights defined in Exhibit 2.1 of 10Q Service Rights Transfer Agreement Sec 5.04 filed Q3 2007 signed by ex NOVC CEO Lance Anderson and Saxon Capital 
NOVC Board past and present hold 40M $NOVC common 35% 16M taken at pennies
Mass Mutual and subsidiary Barings own 19.3M 17%
Fortress/Taberna CDOs I and II and EJF Capital/Kodiak CDO I own the only Sr Debt to exit Ch 11 valued by www.boulaygroup.com at $11M and at same time own 31.3M 27% $NOVC common given them by related parties aka NOVC Board of Directors at below 1 cent 27% This adds up to Fortress/EJF 27%+ Board & Related Investors 35+ Mass Mutual and sub Barings 17%= 80% of all NOVC Common. Fortress/EJF Capital aka NOVC Note Holders hold the only Sr Debt to exit Ch 11 already paid all their back interest compounded plus millions more est 11M cash. 
The 80% or 91M common does not include related investors Jefferies $JEF that per 13D filed at $NOVC owned 20M NOVC common about the same as their allies Mass Mutual and sub Barings. 91M shares does not include either Jefferies 20M or the other 696 Shareholders of Record certified by Boulay Group in last 10K. The 91M + 20M does not include est half a dozen private investors that own at least 25M $NOVC common totals about 136M well over the 116.1M NOVC common per last 10K. 
 
Observation Given the speed of FTX bankruptcy and loss of $32B market cap, Sam Bankman-Fried ex CEO fall Novation Companies Inc. $NOVC minority shareholders have to ask why has $NOVC Board not just flushed all the common down the drain especially if the Board believed half the FUD they publish Fear, Uncertainty and Disinformation in SEC filings for $NOVC.  Answer is obvious! They have failed to disclose they control a public board and withhold material information so as to enrich themselves. Oh these investors/people have done this before and SEC fined them for it https://www.sec.gov/litigation/admin/2017/34-80038.pdf
 
Barry Igdaloff, Howard Amster are all in bed with Note Holders and used Chuck Gillman, Jeff Eberwein, (Whitney Tilson's Small Cap Guys) and their designates to $NOVC Board David Pointer, Lee Keddie, Tim Eriksen, Robert Pearse the prior VP Corp Dev at both HP and NTAP) to take control of $NOVC Board of Directors. They ousted in disgrace Lance Anderson, Gregory Barmore and their two designates. They stripped LA of 4.3M stock options then proceed to take 47M common for themselves at pennies or less 31.3M Note Holders Fortress, EJF Capital and 16M for Board themselves who gave away the 31.3M for no cram down no consideration. These investors bamboozled Mr. Market and Minority Shareholders while taking 41% of common at less then one cent. They are holding onto millions of $NOVC Common with a death grip. IMHO do your own due diligence and share. 
 


     e-mail to a friend      printer-friendly     add to library      
|  
Recs: 5  
   Views: 0 []
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board

Replies
Msg # Subject Author Recs Date Posted
157742 Re: Why do I believe NOVC Board still plans on split $NOVC a dormant public co into 2 bottomfeeder001 0 12/2/2022 2:54:52 PM




Financial Market Data provided by
.
Loading...