Ok Who bought those 1200 $NOVC common shares yesterday 12/2/22 at below one cent. Speak up! We know from SEC Rule 15c2-11 which $NOVC Board and partners Note Holders ALL ONE and THE SAME exploit in order to continue their campaign of FUD fear, uncertainty and DISINFORMATION or NO INFORMATION:
Use SEC Rule 15c2-11 to STOP the retail bid/asks
Use SEC Rule 15c2-11 STOP retail investors from trading $NOVC
Use SEC Rule 15c2-11 STOP $NOVC from FILING SEC documents by Novation Co $NOVC for the first time since $NOVC was founded 1996.
SEC Rule 15c2-11 allows only investors that qualify as EXPERTS from trading $NOVC. Experts that file 13F forms or have AUM of $100M or more. These 1200 shares traded must be by an Expert Investor.
This FUD allows $NOVC Board to repel SEC, Mr. Market, betray loyal minority $NOVC shareholders and lay Novation Companies Inc. $NOVC dormant until a catalyst is triggered. Sr Debt is a ruse worth nothing vs Note Holders Fortress/EJF Capital aka Taberna CDOs/Kodiak CDO I, 31.1M $NOVC common + Board and their Cabal 40M and Mass Mutual and sub Barings 19.3M 91M 80% of 116M $NOVC Common Shares Outstanding. PLUS Jefferies per 13D filed 6/23/2011 owned 20M NOVC common not included PLUS $NOVC last 10K audit and certified by top 100 CPA firm per AICPA (www.boulaygroup.com) 696 Shareholders of Record not included in 91M, PLUS I can count a half dozen private investors that own at least 25M $NOVC common bought over a decade.
https://www.sec.gov/news/press-release/2020-212 Novation Co $NOVC Board and their third party professionals (www.olshanlaw.com a self promoted expert in this Rule and www.boulaygroup.com a top 100 CPA firm per AICPA) exploit Rule 15c2-11 as the Rule was NOT intended to conceal a public company from minority shareholders or Mr. Market. $NOVC Board Barry Igdaloff, Chairman and Howard Amster both major Dynex Capital $DX NYSE investors, shareholders in common and preferred made a mint by restructuring $DX with the help of $NOVC largest Note Holder Fortress 2000-03 Wesley Edens, Co-CEO/COB with ex Goldman Sachs Peter Briger.
At the time Wesley R. Edens was Chairman of the Board of both Fortress which owned 100% of Capstead Mortgage $CMO now traded $FBRT. Wesley Edens used $CMO to camouflage Fortress investment in $DX. Just like Fortress, Wesley Edens uses Taberna CDOs I and II to camouflage their investment in $NOVC. They own NOVC only Sr Debt to exit Ch 11 and the resulting Common Shares 2.3rd of the 31M 27% of NOVC common shares --- NOVC Board just handed them Fortress/EJF Capital 7% of all common shares at less the ONE PENNY. Was their a Quid Pro Quo an UNDERSTANDING for these shares and the $11M cash just since Ch 11 $6.3M insider Ch 11 the Board just handed Fortress/EJF.
Fortress paid almost nothing for these CDOs Taberna CDOs I & II via CDO Service Rights that control $NOVC Board aka puppets for Wesley Edens. EJF Capital owns the other 1.3rd via Kodiak CDO I. If you study these investors you will see their MO is to pay almost nothing for CDO Service Rights AUM then breaking the AUM up for other investments. This is how they roll. It is standard operating practice for Fortress and EJF Capital.
Wesley Edens flew to Columbus OH and visited with Barry Igdaloff to discuss the ouster or Thomas Potts as CEO of $DX. This was confirmed by Igdaloff's close friend from College Todd Emoff. Read Igdaloff's own book on Amazon cost est $1.00 "Guest in Nightmare" to understand his close relationship with Emoff, his HF Freedom Asset Mgt. They have known each other from college and Emoff introduced Barry to his wife which resulted in 5 children. Today NOVC Board of Directors Igdaloff and Amster cash .13 Cent per $DX common every MONTH. They also on DX P/S. Close your eyes and imagine $NOVC Board Igdaloff/Amster duplicating this investment strategy by using CCR rights per Section 5.04 of Service Rights Transfer Agreement SRTA see Exhibit 2.1 of 10Q filed Q3 2007. If you bought for est $10,000 worth of $NOVC common resulting in 1M NOVC common you would receive a common dividend MONTHLY of $130K every month. Sweet and the reason NOVC has not been vaporized like #FTX.
SRTA was signed by Lance Anderson, CEO of $NOVC aka former MREIT Novastar Financial Inc. $NFI NYSE and Saxon Capital $SAX. $SAX sold to Morgan Stanley for $760M. $SAX and $DX were both MREITs spun out of the same public co based in Glen Allen, VA. Both SAX and DX used the same Booker Runner MREIT Investment Bank FBR Friedman, Billings & Ramsey now called EJF Capital www.ejfcap..com stands for the same CEO/COB/Founder Manny Emanuel Joshua Friedman, the COB of EJF Capital. Compass Pointe Research spun out of EJF Capital. Manny and Neal Wilson Co CEOs of EJF are both referenced as Founders of FBR, aka EJF aka Compass Pointe Research. See my prior post as I confirmed this thesis with Jason Stewart Head of JonesTrading but formerly Head of MREIT Research at Compass Pointe Research aka EJF Capital aka FBR. I didn't intend to you his name but after speaking to Manny he STOP COLD in returning calls. I confirmed the above by debriefing with Michael Sawyer ex CEO of Saxon Capital $SAX. Both Sawyer and Stewart know each other and understand CCR stone cold. Igdaloff served on Dynex Capital $DX NYSE Board for 20 years and understands these CCR only NOVC aka sub $NFI ex NYSE owns per section 5.04 of SRTA. Wesley Edens, Manny Friedman and DX shareholder connected to the hip of these Board members understand CCR stone cold with Mass Mutual and sub Barings and Jefferies they have accumulated all of $NOVC Novation Companies common shares outstanding most at below one cent. IMO NO coincidence that Barry Igdaloff pals Chuck Gillman Jeff Eberwein and pals with Todd Emoff have accumulated millions. Thomas Akin ex COB/COB of $DX HF Talkot Capital shows up owning 1.9M NOVC common per https://www.marketscreener.com/quote/stock/NOVATION-COMPANIES-INC-120787360/company/
Read the book Igdaloff and his co investors run in packs. They obviously have failed to trust honest loyal minority shareholders. Barry Igdaloff and his cozy pal Todd Emoff both of Columbus OH separately confirmed the above and both happen to own with partners at least 40M NOVC common most camouflaged by using misleading Form 4s or like their partners Chuck Gillman, Jeff Eberwein, (former COB/CEO $NOVC now COB/CEO of Hudson Global $HSON) Robert Pearse and their designates/ replacements made shortly after SEC fined them hundreds of millions Lee Keddie, Tim Eriksen and David Pointer. These people joined NOVC Board took and walked with millions of NOVC common.
I received a call days ago from a former www.healthcare-staffing.com HCS leader who stated Pointer and HCS had to pay for his disgraceful sexual harassment of female HCS employee. I have no reason not believe this person but it is consistent with the moral and ethical absence of these people.
I still believe Chuck Gillman/Jeff Eberwein and their replacements David Pointer took and walked with 4M $NOVC common, ditto for Tim Eriksen/Lee Keddie 1.33M NOVC common each along with Eberwein/Gillman/Pearse fled $NOVC Board with millions of NOVC valued at the lowest possible share price. They took and walked so as to camouflage their spoils taken under FALSE PRETENSES that is they had an implied duty to represent NOVC shareholder value including the monetization of CCR and $730 NOLs in return for their cash and equity compensation.