NovaStar Financial Inc. (NFI)

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Bruce A Thompson Deceased

12/26/08 11:58 AM

Post #134

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01/24/08 12:22 AM

Post #133

NovaStar unit faces involuntary bankruptcy filing

Wed Jan 23, 2008 6:44pm EST

NEW YORK, Jan 23 (Reuters) - A unit of subprime mortgage lender NovaStar Financial Inc NOVS.PK was hit with an involuntary Chapter 7 bankruptcy petition accusing it of failing to pay a $48.9 million judgment, court records show.

American Interbanc Mortgage LLC of Irvine, California filed the petition against NovaStar Home Mortgage Inc on Wednesday in the U.S. bankruptcy court in Kansas City, Missouri, the city where NovaStar is based.

According to NovaStar's latest quarterly report, American Interbanc last June won a $46.1 million judgment against the home mortgage unit, following an Orange County, California jury trial in which it accused NovaStar of false advertising and unfair competition. Interest has subsequently accrued on the judgment.

In its report, NovaStar said the home mortgage unit could not afford the judgment, which was appealed, and that the parent "may be forced to consider bankruptcy" if American Interbanc sought to hold it responsible. NovaStar said it does not believe American Interbanc has a legal basis to hold it responsible for the judgment.

Robert Berry, a lawyer for American Interbanc, said on Wednesday that NovaStar Home Mortgage is "not paying its obligations, and doesn't appear likely to pay them." He said his client has not ruled out the possibility of trying to enforce the judgment against NovaStar Financial.

Lance Anderson, NovaStar's chief executive, did not immediately return a call seeking comment.

NovaStar in the last year halted subprime mortgage lending, quit its brokerage operations, and fired most of its staff. It once specialized in making home loans to customers with weak credit, but like dozens of rivals was battered by soaring delinquencies and defaults. NovaStar's business now consists mainly of managing a mortgage securities portfolio.

Shares of NovaStar closed Wednesday down 1 cent at $1.75 on the Pink Sheets. (Reporting by Jonathan Stempel; Editing by Carol Bishopric)

http://www.reuters.com/article/marketsNews/idUKN2333643220080123?rpc=44

OptionMonster Free

12/08/07 10:51 AM

Post #132

Re: #130: @Bruce A Thompson - What's so huge about it?

Million dollar question..Will Wachovia make them pay or not?..Will they extend the time frame or not? Can NovaStar recover? Hmmmmm...Total Lotto at this point..Your guess?

HotStockAce Free

12/05/07 5:39 PM

Post #131

Re: #130: @Bruce A Thompson - What's so huge about it?

Still good though, maybe a litte over exited, but Its good, Heeaded in the right direction.

Bruce A Thompson Deceased

12/05/07 5:30 PM

Post #130

Re: #129: @HotStockAce - http://biz.yahoo.com/e/071205/nfi8-k.html HUGE!

What's so huge about it?

That is just till day after tomorrow. It would be huge if they waived the net worth requirement entirely.

BT

HotStockAce Free

12/05/07 4:53 PM

Post #129

http://biz.yahoo.com/e/071205/nfi8-k.html HUGE!

analogdog

12/04/07 9:26 AM

Post #128

Halt danger? See previous post.

analogdog

12/03/07 7:41 PM

Post #127

NovaStar Stock Jump Piques NYSE Interest
Monday December 3, 4:51 pm ET
NovaStar Shares Jump 69 Percent 2 Days Before Possible Delisting, Attracting NYSE Interest

KANSAS CITY, Mo. (AP) -- Shares of NovaStar Financial Inc. jumped 69 percent Monday, two days before the New York Stock Exchange was to consider delisting the troubled mortgage lender.

The Kansas City-based company's shares gained $1.36 to $3.33.

The increase was enough to arouse the stock exchange's interest, with exchange officials asking the company what was fueling the rise. The company has not made any public announcements in more than two weeks.

NovaStar officials declined to comment Monday.

"The company's policy is not to comment on market fluctuations," said spokesman Richard Johnson.

NovaStar, whose shares traded at $105.80 at the beginning of the year, has struggled as rising interest rates and falling home prices led more people with shaky credit, or "subprime" borrowers, to default on their loans. This, in turn, scared off investors who bought the loans in the secondary market.

The NYSE told NovaStar in October that it planned to delist the company's shares because the company was out of compliance with the exchange's requirements. NovaStar has asked the company to reconsider at a Wednesday hearing but acknowledged last month a "high likelihood" that it would have to find a new market for its shares.

The NYSE's move came a month after NovaStar said it was terminating its status as a real estate investment trust because it determined it could not pay investors a required dividend.

Under the stock exchange's rules, the company would then have to list its shares as a regular corporation, but the NYSE told NovaStar that it didn't qualify because of its market capitalization and other factors.

boutonj68

12/03/07 8:20 AM

Post #126

Any idea why the upsurge on Friday? Will it carry through today?

Bruce A Thompson Deceased

11/26/07 4:52 PM

Post #125

Re: #124: @rel71177 - What is the latest news on NFI.

rel71177

11/26/07 4:48 PM

Post #124

What is the latest news on NFI. Is it going to survive?

Stock

11/10/07 7:21 AM

Post #123

Re: #122: @frenchee - Perhaps we have a double bottom cooking...

ugh//// there is a reason th stock has a large short position -- it's not going to exist.

frenchee

11/09/07 7:36 PM

Post #122

Re: #121: @Stock - Looks like this is already outdated information --

Perhaps we have a double bottom cooking...

Stock

10/19/07 7:41 PM

Post #121

Re: #118: @Bruce A Thompson - Yup The Put/Share dump conversion of 2MM shares yesterday

Looks like this is already outdated information -- but it should include the mythical exempt (aka "grandfathered") short position (if there ever really was one, which I doubt anyway):

NFI: Short Interest DN 0.8% to 7.4M in Oct 2007

Friday , October 19, 2007 17:04ET

According to new short interest data from NYSE, short interest for Novastar Financial, Inc. (NYSE: NFI) DECREASED 0.8% to 7,399,937 shares for the month ended mid-October, 2007.

SYMBOL         SEPTEMBER         OCTOBER          CHANGE       %CHANGE  DAYS/COVER 
 --------   -------------   -------------   -------------  ------------  ---------- 
 NFI            7,462,323       7,399,937         -62,386        -0.84%           8

Based on NFI's 20-day average daily share volume of 983,175, it would require approximately 8 day(s) of buying to cover this short interest.

Shares Outstanding 9,469,000 per: http://www.nyse.com/about/listed/lcddata.html?ticker=NFI

stolibox

10/18/07 11:15 AM

Post #120

Re: #117: @shortsinthesand - Stolibox looks like its lights out for NFI now.

yikes!

shortsinthesand Terminated

10/18/07 7:36 AM

Post #119

Re: #118: @Bruce A Thompson - Yup The Put/Share dump conversion of 2MM shares yesterday

Ya the credit bubble is gone for sure now.. No bottom in sight.

I took a little hit here but made most of it back flipping it since the RS...

I have mostly Canroys now and am real happy!

-shorts

Bruce A Thompson Deceased

10/18/07 7:31 AM

Post #118

Re: #117: @shortsinthesand - Stolibox looks like its lights out for NFI now.

Yup

The Put/Share dump conversion of 2MM shares yesterday (21% of the company) an hour before the news release, gave Big Short enough ammunition to drive the share price down to nothing.

It's Pink Sheets for NFI soon.

They put up a good fight but it will all be over soon.

BT

shortsinthesand Terminated

10/18/07 6:42 AM

Post #117

Re: #50: @stolibox - holy crap what a turd, like a pinkie

Stolibox looks like its lights out for NFI now.

They are being delisted from the NYSE...

http://www.reuters.com/article/marketsNews/idUKN1736312620071017?rpc=44

Prince_among_thieves Free

09/24/07 3:52 PM

Post #116

Re: #115: @Blue Sky Basin - energy email me, i'm pretty sure you have it..

=] still holding a few freebies here, no complaints

Blue Sky Basin Free

09/21/07 6:17 PM

Post #115

Re: #114: @Energyguy1 - Cool! Looks like we're gonna close green, three

energy email me, i'm pretty sure you have it..

Energyguy1 Free

09/21/07 3:59 PM

Post #114

Cool! Looks like we're gonna close green, three days in a row.......

Energyguy1 Free

09/19/07 9:17 PM

Post #113

Re: #111: @Prince_among_thieves - Your welcome, It happens to the best of

Prince, thanks for the invite! Think I will!

Prince_among_thieves Free

09/19/07 7:29 PM

Post #112

Re: #105: @Energyguy1 - Well Prince and Blue, thanks! I needed

Or you can gift me a free 1 yr premium subscribtion!!!

If anyone would like too gift me a free Ihub subscription, I would be more then happy to give you many winning trades. Im all about the barter system. I would gladly pay you for a hamburger on wednesday for one today. Its not the money, I just hate filling out the forms.

So if anyone feels so inclined
thanks so much

Prince_among_thieves Free

09/19/07 6:47 PM

Post #111

Re: #105: @Energyguy1 - Well Prince and Blue, thanks! I needed

Your welcome, It happens to the best of us at times. Just need to win bigger and more then you lose and by the end of the year. You will be GREEN~~

I just started hanging around on this new Ihub board the Winners Circle, small board right now but some very good ideas and traders. Stop on Bye you will find me there.

Energyguy1 Free

09/19/07 2:50 PM

Post #110

Re: #109: @Bruce A Thompson - How to make a fibber

LOL! Hey, don't tempt me! But I'll take a peek......

Bruce A Thompson Deceased

09/19/07 2:46 PM

Post #109

Re: #108: @Energyguy1 - OT: Gotcha! Well, I'll tell you one

How to make a fibber

Out of Energyguy. (g)

Check out ZYNX. Do Your DD first.

BT

Energyguy1 Free

09/19/07 2:43 PM

Post #108

Re: #107: @Blue Sky Basin - OT : Energy, unfortunately all the money i

OT: Gotcha! Well, I'll tell you one thing I learned, I don't hold on too long these days......I seriously doubt I'll ever do a pinky again, but that's just me....I do like the liquidity of the big boards though. Easy to sell when you want, easy to buy......Enjoy Blue!

Blue Sky Basin Free

09/19/07 2:08 PM

Post #107

Re: #106: @Energyguy1 - OT: Blue, just curious......are you mainly sticking with

OT : Energy, unfortunately all the money i used to have is now worth crap in the penny markets. It wiped me out to be honest and now i'm just throwing in a few hundered here and there when i can to a bigger board stock. Although i still hope something happens so i can at least get out with some money from the Sh*(*Ty picks i've made in the past.

Good Luck man, NFI looking good

I'm not sure if Prince and others are only trading this or think of this a long term play, at this point with my measley 200 shares i'm hoping its long term and we can at least some nice gains.

Energyguy1 Free

09/19/07 12:21 PM

Post #106

Re: #104: @Blue Sky Basin - Double digits by end of weeek????????

OT: Blue, just curious......are you mainly sticking with big board plays now? I know I am........I think without margin and not being in front of puter 24/7 it's more difficult to play the pinkies.....just my own thoughts...

Energyguy1 Free

09/19/07 12:04 PM

Post #105

Re: #104: @Blue Sky Basin - Double digits by end of weeek????????

Well Prince and Blue, thanks! I needed some upside desperately! I "bought the crap" outa something else and it went south......LOL!

Blue Sky Basin Free

09/19/07 11:59 AM

Post #104

Re: #103: @Energyguy1 - Nice run up to 9.00 this morning too.....Nice

Double digits by end of weeek????????

Yes the market is up, but with it holding up on large volume after the divy announcement, i'm liking where this is going.

Energy, Prince among thieves informed me on this one, so thanks again prince, this seems to be a winner...!

Energyguy1 Free

09/19/07 11:35 AM

Post #103

Re: #102: @Blue Sky Basin - Held up nicely today

Nice run up to 9.00 this morning too.....Nice to have a play go GREEN for me! Especially since, well, you know......that unmentionable stock! lol! GLTA!!

Blue Sky Basin Free

09/18/07 4:41 PM

Post #102

Held up nicely today

Prince_among_thieves Free

09/18/07 9:01 AM

Post #101

Re: #100: @paul from jersey - Hey Prince, I jumped out for FCCN. They

Good work paulie Cya @ the winners circle!

paul from jersey Free

09/18/07 12:24 AM

Post #100

Re: #99: @Prince_among_thieves - Sorry paul was gone all day, Im holding

Hey Prince, I jumped out for FCCN. They had a good PR come out today. Rode that up 30%. I'll still keep my eye on this one though. Thanks for your help.

Prince_among_thieves Free

09/17/07 11:37 PM

Post #99

Re: #98: @paul from jersey - What do you think today Prince? Up? Down?

Sorry paul was gone all day, Im holding till fed meets, technicals look like consolditaion then move up still here.

fwiw

for small caps keep a eye on cngt triggered volume alert, could be easy swing 1-2+.

See ya at the winners circle board paul....
If you want send me a private message with your contact email.

B good!

paul from jersey Free

09/17/07 9:04 AM

Post #98

What do you think today Prince? Up? Down?

Prince_among_thieves Free

09/14/07 5:16 PM

Post #97

Re: #96: @Prince_among_thieves - Bruce thanks for your effots did you see

Here Bruce

US Chamber of Commerce urging SEC to "tighten rules" on naked shorting

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20070914%5cACQDJON200709141137DOWJONESDJONLIN.

Prince_among_thieves Free

09/14/07 5:10 PM

Post #96

Re: #91: @Bruce A Thompson - Nope. I don't miss much about NFI

Bruce thanks for your effots did you see News today naked shorts, I think i posted it on the winners circle.

Prince_among_thieves Free

09/14/07 5:08 PM

Post #95

Re: #94: @paul from jersey - I was out all day, weird trading, does

Yes paul its the short interest, combined with profit taking and it being friday. The shorts are trying to get out cheap, the volume today indicates that.

I took some profits in the 8.60+ range and kept a few to ride for a swing. Then added a few as shorts attacked, mon will look to see for additonal add points.

Mondays session will tell us alot going into fed meeting, I cant complain about this trade, have a great average and intitial investment and profits off the table.

have a great weekend

paul from jersey Free

09/14/07 4:11 PM

Post #94

I was out all day, weird trading, does anyone know why?

Prince_among_thieves Free

09/14/07 3:02 PM

Post #93

2.30 shake over adding a few on this dip for next week
gl

Prince_among_thieves Free

09/14/07 11:16 AM

Post #92

Re: #87: @paul from jersey - Thanks Prince, i just posted over there. GO

Touched near 9 waiting for fed next week
Yes, paul that ihub board is new and small, but seems to be a decent lot over there. Gonna make it my home.

Bruce A Thompson Deceased

09/14/07 11:16 AM

Post #91

Re: #90: @Prince_among_thieves - Bruce you are missing, the fact that was

Nope. I don't miss much about NFI

Here is my most recent comment letter to the SEC on Reg SHO proposed amendments.

http://www.sec.gov/comments/s7-19-07/s71907-238.htm

Here are some more comments I have made:

http://www.sec.gov/comments/s7-19-07/s71907-9.htm

http://www.sec.gov/comments/s7-19-07/s71907-10.htm

http://www.sec.gov/comments/s7-19-07/s71907-11.htm

http://www.sec.gov/comments/s7-19-07/s71907-12.htm

http://www.sec.gov/comments/s7-19-07/s71907-13.htm

Prince_among_thieves Free

09/14/07 11:09 AM

Post #90

Re: #89: @Bruce A Thompson - Am I missing something?

Bruce you are missing, the fact that was 92% short interest and factor in recent with Wachovia.

Bruce A Thompson Deceased

09/14/07 10:55 AM

Post #89

Re: #88: @norse raider - awesome volume here this morning! pushing 1 mill

Am I missing something?

Yup. The 13MM++ naked short shares sold into the market by the options MM to hedge his open Put positions. That figure is 150% of the entire issue, not the float, and grows by 2-3 hundred thou a day.

BT

norse raider Free

09/14/07 10:49 AM

Post #88

Re: #87: @paul from jersey - Thanks Prince, i just posted over there. GO

awesome volume here this morning! pushing 1 mill in two hours!IMO

The float has got to get bought up soon, This is still 42%owned by institutions so the actual float is only like 5 million - which we have traded in the last few days!!!???

Am I missing something? Flipping?

paul from jersey Free

09/13/07 10:12 PM

Post #87

Re: #85: @Prince_among_thieves - Paul with the short interest here, 2.4 mil

Thanks Prince, i just posted over there. GO NFI GO!!!!

Prince_among_thieves Free

09/13/07 10:11 PM

Post #86

If anyone would like too gift me a free Ihub subscription, I would be more then happy to give you many winning trades. Im all about the barter system. I would gladly pay you for a hamburger on wednesday for one today. Its not the money, I just hate filling out the forms.

So if anyone feels so inclined
thanks so much

Prince_among_thieves Free

09/13/07 10:04 PM

Post #85

Re: #84: @paul from jersey - What do you think prince, could we see

Paul with the short interest here, 2.4 mil today volume shorts still have to cover more then 3/4 of the float. Now you have technicals as well pushing it up. Could get very exciting, as fed meeting aproaches.

Come say hello at the new board I found and will make my home, a couple good traders making good trades so far.

http://investorshub.advfn.com/boards/read_msg.asp?message_id=22856197

Older

NovaStar Financial Inc. (NFI)

Followers	7	Posters	32
Posts (Today)	0	Posts (Total)	134
Created	07/15/06	Type	Free
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Novastar Financial Inc. (NFI) 8140 Ward Parkway Suite 300 Kansas City, MO 64114 Phone: (816) 237-7000 Fax: (913) 514-3515 Company Website: http://www.novastarmortgage.com http://www.novastaris.com Company Share Structure: Shares Outstanding: 9.47M (4:1 RS on 06/27/07) Float: 8.80M Held by Institutions: 36.10% Shares Short (as of 10-Jul-07)3: 5.91M Company Metrics: Revenue: 203M Gross Profit: 578M Total Cash: 416M Total Debt: 5.4B Book Value Per Share: $59 Company Profile: NovaStar Financial, Inc., a specialty finance company, engages in the origination, purchase, securitization, sale, investment in, and service of residential nonconforming loans and mortgage-backed securities in the United States. It operates through three segments: Mortgage Portfolio Management, Mortgage Lending, and Loan Servicing. The Mortgage Portfolio Management segment invests in a portfolio of mortgage securities, which includes interest-only, prepayment penalty, and overcollateralization securities retained from its securitizations of nonconforming, single-family residential mortgage loans; and subordinated mortgage securities retained from its securitizations and subordinated home equity loan asset-backed securities. The Mortgage Lending segment originates and purchases nonconforming, single-family residential mortgage loans through its loan origination network, including wholesale loan brokers, mortgage lenders, and correspondent institutions, as well as direct to consumer operations. It also underwrites, processes, funds, and services the nonconforming mortgage loans sourced through its network of wholesale loan brokers and mortgage lenders; and direct to consumer operations in centralized facilities. The Loan Servicing segment retains the servicing rights with respect to the loans it securitizes. The company has elected to be taxed as a real estate investment trust (REIT). As a REIT, the company is not subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. NovaStar Financial was founded in 1996 and is based in Kansas City, Missouri. SEC Filings: http://finance.yahoo.com/q/sec?s=NFI http://investorshub.advfn.com/boards/quotes.asp?ticker=NFI&qm_page=64008&qm_symbol=NFI