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When Did Thomas Akin, Head Of His HF Talkot Capital Buy Into OTCBB:NOVC. Akin Expert In MBS, Call Rights, MSR Was Ex Salomon Bros, Ex Merrill Lynch, MBA From Anderson Biz School Of UCLA, Ex COB/CEO Of DX, Major Shareholder In IMH, DX And NOVC.

Summary

The relationship between Barry Igdaloff Board of Director at DX and NOVC and Thomas Akin is tight. They made a fortune at DX thanks to Wesley Edens, COB of Fortress.

Barry Igdaloff, his pal Todd Emoff, Thomas Akin, Howard Amster (one of the largest shareholders at DX & NOVC Board of Director) & folks I recruited to Igdaloff Jeff EberweinChuckGillman.

Mass Mutual who are in correspondence with those investors in bullet 2 above own over 51% of NOVC common.

Investors in bullet 3 know Fortress (Wesley Edens COB & his Partner ex Goldman Sachs Peter Briger very well.) In fact many of them made a killing in DX 2000 to 2005.

Fortress bought all 8 Taberna CDOs for 15.9M to control 6B AUM including Taberna I and II that own and control 67% of NOVC Sr Debt. Fortress paid nothing for NOVC Sr Debt but in recent Ch 11 Fortress picked up 67% of all back interested compounded 5.8M + undefined 500k penalty from NOVC shareholders. Most s/ expected a cram down in Ch 11 and to restore all stakeholders instead Fortress picked up one third of what they paid for all 8 Taberna CDOs. I smell quid pro quo?

NOVC investment is better cap gains, NRZ better for dividend at ordinary income. Thomas Akin (largest shareholder in DX, IMF and NOVC) bought into NOVC when his pal and co Director at DX Barry Igdaloff and large DX investor Howard Amster joined NOVC Board 2010 same yr Fortress took control of Sr Debt by buying CDO Service Rights on all 8 Taberna CDOs $15.9M Taberna I and II own 67% of NOVC Sr Debt. They just took NOVC in and out of Ch 11 Fortress controlled Creditors Committee and Igdaloff controlled Debtor - that is different story. Prior CEO was milking NOVC Lance Anderson and I call Igdaloff and recruited Chuck Gillman/Jeff Eberwein ex Soros PM who ousted Anderson and Gregory Barmore + two other board members (shills for Barmore). To my surprise Igdaloff has enriched himself as has Gillman and Eberwein (3 of 5 new Board Members at NOVC are David Pointer, CEO and Howard Eriksen, Lee Kidde and have known Gillman and Eberwein for 20 yrs. The other two board members are Igdaloff and Amster that know Wesley Edens and Peter Briger). I see NRZ like RWT it will pay a good dividend and over time you get a chance to either make a little money or get out whole + dividends. Fortress is NRZ. Fortress Wesley Edens, COB and his Partner Peter Briger I believe are in sync with Mass Mutual Barings at NOVC and their pals Jeff Eberwein ex G Soros, Thomas Akin x Merrill Lynch, x DX COB and largest shareholder in IMH, Barry Igdaloff and Howard Amster ex DX investors and board members and NOVC Board members. Matter of time before Fortress & Mass Mutual Barings (Thomas Finke) takes control of NOVC and makes billions on NOVC like they did recently at OMF Fortress sold 40% interest in OMF to Apollo Global Mgt and Fortress sold 68% interest in NationStar NSM sale to COOP/WMIH (17% owned by KKR). Investors in NOVC can turn $10k into $8M and pay taxes at cap gains rates & maybe even offset some of the losses many incurred during the financial meltdown and tech bubble burst or collect a fair dividend from NRZ and pay ordinary income tax.

Disclosure: I am/we are long NOVC.