120M shares are held by Mass Mutual Barings 19M, Fortress/Taberna CDOs & EJF Capital/Kodiak CDOs own 31.3M, NOVC Chairman Crew 40M versus 117M Shrs Outstanding per 2020 10K Audited www.boulaygroup.com. Page 7 of 10K shows 696 Shareholders which are NOT accounted in 120M.
Over 3.3M Shares trade on $NOVC from 8/4 to 9/1/21 of which over half shorted per www.otcshortreport.com/company/NOVC 120M Shares held vs 117M outstanding per 2020 10K. 120M does not include most 696 Shareholders of Record per page 7 of 10K.
Morgan Stanley's observations RE Correction are must "listened to". The stock market has been a product of unbelievable liquidity and many records set but FED has signal the punch bowl is going to be removed. Rates will go up and bond prices down. Fed will slow or stop the $120B monthly in liquidity (Buy $80B US T Bills and $40B MBS and pay for it with FREE DIGITAL DOLLARs).
I am investing only in value investments at rock bottom prices ($SDC, $MILE). Warren Buffett's savior per Roger Lowenstein's book on Warren Buffett was Jack Byrne CEO of GEICO who also Founded White Mountains Capital $WTM.
I introduced a rock bottom stock Novation Co $NOVC to Frank Bazos VP M&A of White Mountains Capital and now $WTM owns via $WTM sub Kudu Inv Mgt via which owns and controls EJF Capital www.ejfcap.com via their ownership of Kodiak CDO One 10M $NOVC common shares and along with Fortress hidden behind Taberna CDOs I & II another 21M $NOVC shares 31.3M in total Novation Companies, Inc. Executes First Amendment to Senior Secured Note Purchase Agreement
These CDOs are the only Sr. Debt or Creditor at $NOVC but they also own 27% 31.3M shares of all NOVC common/ 78% if you include their co investors in $NOVC; Mass Mutual & sub- Barings 19.3M and NOVC Board Chairman Barry Igdaloff owns 40M common shares with his crew mostly also investors at $DX including Fortress. Igdaloff told me he and Wesley R. Edens, CEO and COB of Fortress via Fortress 100% ownership of Capstead Mortgage $CMO 2000-03 restructured Dynex Capital $DX very successfully.
Igdaloff and Fortress restructured Dynex Capital $DX where NOVC 2 of 3 Founders Scott Hartman, Quant and Lance Anderson both former CEOs at NOVC worked prior to NOVC. They were both ousted by Barry Igdaloff so he could hand the lucrative management fees over to Fortress. Fortress cashed at New Residential Investment Corp $NRZ a two-part management fee of $170M per NRZ 2020 10K (Per Dec 2016 Edens Presentation to DS Drive Shack Shareholders Fortress spun off 3 MREIT NRZ, SNR, GCI before changing the name from Newcastle NCT to Drive Shack $DS). You can expect Fortress will do it again at NOVC by splitting NOVC into two companies one MREIT (NOVC Owns Novastar Financial Inc. formerly Traded NYSE $NFI which owns Cleanup Call Rights CCR per Service Rights Transfer Agreement Section 5.04. These CDOs Fortress/Taberna and EJF Capital/Kodiak CDO One has been paid estimated $11M cash (Sr Debt Holders Fortress and EJF Capital) plus 31.3M shares post Ch 11. Has the $11m CASH and 31.3M stock been payback by Barry Igdaloff Chairman of NOVC?
ALERT $NOVC Sr Debt is ruse, fodder to temporarily suppress NOVC share price to ROCK BOTTOM (giving Sr Debt Holders 31.3M $NOVC shrs at below one penny and 18M RSU for Board Members lead by Igdaloff).
If they do restructurings like they have done many times before; such as $DX, $NRZ, $OMF, $COOP, IMH, $DS, $SNR) Barry Igdaloff, Chairman of NOVC Board, Wesley Edens Co-CEO of Fortress and Peter Briger, Co-CEO of Fortress and Manny Friedman, Neal Wilson Co CEOs of EJF Capital www.ejfcap.com will exploit Novation Companies, Inc. $NOVC CCR Cleanup Call Rights per signed Service Rights Transfer Agreement Section 5.04 (read SRTA back of NOVC Q3 2007) which allow $NOVC and specifically their sub Novastar Financial Inc. (NOVC formerly traded NYSE $NFI) to control the future use of rich, seasoned collateral assets (see NOVC www.novationcompanies.com Bond Remittance Reports and PSA Pooling Service Agreements) to most $3B Portfolio RMBS, Non-QM (Non-QM is the new name for Subprime, courtesy of Steve Mnuchin, ex Goldman Sachs who bought Indy Mac now called One West with George SOROS AND JC FLOWERS ALL EX PARTNERS OF PETER BRIGER AT Goldman Sachs). These collateral assets can be leveraged and resecuritized into new Dividend. One est shows 3-6.00 annual dividend like $NRZ 2.00 2019 and $DX .39 ct quarterly dividend payable monthly .13 cts. Say NOVC new MREIT new NFI generates a 2.00 annual dividend like NRZ payable .50 cts per qtrly and dividend is priced at same yield as $DX that is 20 stock maybe as much as 60/per share. $NOVC still own www.healthcare-staffing.com HCS with $730M NOLs written off by GAAP at $NOVC.
Final Note NOVC outside auditor top 200 CPA firm per AICPA and NOVC Board fail to disclose the same investors Fortress and EJF Capital own both NOVC only Sr Debt to exit Ch 11 with $6.3M cash AND at SAME time 31.3M NOVC Common 90M with Fortress/EJF co investors Barry Igdaloff and his crew 40M plus Mass Mutual Barings 19.3M. This failure leads to Going Concern in 10K and concealing both CCR future plans for billions of collateral assets and 730M NOLs. Going Concern suppresses NOVC share price allowing Igdaloff his crew on the Board 18M RSUs at pennies and Fortress and EJF Capital 31.3M NOVC common at below one penny. Who knows who is buying NOVC Common Shares but 3.3M shares have traded just during 8/4/21 to 9/1/21 of which 1.7M or over half of the shares traded were shorted per www.otcshortreport.com/company/NOVC