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How do you explain the turning a private investment into NOVC's possession and then writing it off as a lost cause?Please explain this to me from your close to management perch.
NOVC management is a SHAM.
Anderson should have to repay the $200k from the Mango under the table deal.
Why one uniformed soul paid $166k for 27 common he was so taken in by the SHAM.
I agree about trusting management...
By trusting management to do the right thing I've already made a lot of money here, and intend to make a whole lot more.
I actually visit the companies that I invest in, and get to know management better than most analysts.
In the case of Novastar, not only has management been honest almost to a fault, but I've found them to be extremely talented when it comes to starting and growing businesses.
Oh, and thats not to say that they don't make mistakes, but like Judge Ortrie Smith said about Novastar in the following shareholder lawsuit that was Dismissed with Prejudice;
"Companies, the court said, “are not expected to be clairvoyant and bad decisions do not constitute fraud.”
http://www.dandodiary.com/2008/06/articles/subprime-litigation/novastar-subprime-lawsuit-dismissed-with-prejudice/
If you don't trust management at this company, or you don't trust me for that matter, I'd highly recommend that you look at another investment.
Stay tuned!
Rooky
In virtually all of my investments, trusting management to show a fiduciary responsible manner is at the top of my selection process.This transaction alone would raise a big red flag when considering trusting my money to their management. Another alarming aspect to this investment is the senior debt trading at .12 on a dollar.
CORRECT- meaningless as in ZERO revenue per the 10k.
You might recall that I was also correct about Mango.
Some claimed Mango would be worth a billion.
Imagine that. Lol
I agree Jetsfan.
They moved people who wanted OUT of KC to Tampa and then IMMEDIATELY whut down Mango.
All at shareholder EXPENSE.
After reading about the Mango transaction ,with Anderson buying it personally, then selling it to NOVC at a break even basis, only to have it dumped from NOVC's holdings as a losing proposition,doesn't one have to wonder about the credibility of management. On the surface this appears as a man making a poor investment and then passing it off to the shareholders of a company he operates.Hell if he can do that what is to stop him from selling real estate he is under water on to the firm for cost and then write it off as a NOVC loss. Co mingling of personal assets with those of your publicly traded firm sounds like a situation dying for an investigation.
CorvisaCloud Meaningless???
For the poster bankbuyer...I find CorvisaCloud to be FAR from meaningless, especially since Novation JUST purchased it for a measly 800K a few months ago, last quarter I believe.
From my knowledge of this industry, and with Novations contacts in the Mortgage Idustry all accross this great Nation of ours,
absolutely nothing can be taken from the recently filed 10K that you refer to.
Maybe you haven't worked in this industry like I have, but thanks for sharing your 10K observations.
Richard Morris
aka
Rooky
For poster signing off as "Ricahrd Morris"
From the just released 10k and how meaningless CorvisaCloud is:
"Management has excluded from the scope of its assessment of internal control over financial reporting the operations and related assets of Corvisa Cloud, which the Company acquired on October 2, 2012. As of and for the year ended December 31, 2012, the amounts subject to the internal control over financial reporting arising from this acquisition represented 0.7% of our consolidated total assets, 0.0% of our consolidated total revenue, and (0.8%) of our consolidated net income. "
Translation= ZERO revenue and LOSSES
ON TOPIC....CorvisaCloud and the Mortgage Industry
While I'm sure many reading this don't know much about the communication and call center industries, but CorvisaCloud is in the "software" part of this industry.
Essentially, CorvisaCloud has developed proprietary communication software through SalesForce (stock symbol CRM) that operates in the "Cloud", and business of all kinds that rely on effeciient, economical and smart customer contact solutions have a need for the kind of software CorvisaCloud has developed.
With over 2,400 members of MBA or the Mortgage Bankers Association, my research shows thats the initial target market for CorvisaCloud, and with the "average" customer paying around $5,000 a month for CorvisaClouds communication software, one can easily see the potential.
I use to own a 120 seat call center, so I do have some experience in this area, and I just thought I would share with others some of what I know about the industry. That was about 15 years ago, but the biggest thing that has changed about this industry is Cloud Computing and the FACT that there is no longer a need for a 250K predictive dialer (hardware) like I needed to run my call business.
Finally...I don't know if CorvisaCloud or Streetlinks for that matter have considered this, but I'm sure there's a huge need for lenders and other businesses to outsource their communication needs, and who better to do the work for them than CorvisaCloud.
Have a Great Day....
Rooky
aka
Ricahrd Morris
Va. Beach, Va.
Jetsfan's post was DELETED along with your reply to it.
Please stay on topic.
What happened to Jetsfan?
I really tried to help him, but I guess he didn't like what I had to say.
Oh well...this message board is for sharing and I just thought I'd share that NOVC was up over 13% today.
Rooky
What happened to Jetsfan?
I really tried to help him, but I guess he didn't like what I had to say.
Oh well...this message board is for sharing and I just thought I'd share that NOVC was up over 13% today.
Rooky
0.32 is NOT 0.5.
Stock CRASHED -DOWN 15%.
Amazing that I said it would FLUSH and it did
0.32 rounded to 1/2 of 1% is still miniscule volume,
any way you look at it.
and thats NOT third grade analysis.
Rooky
I get 0.32 % of the float not 0.5.
The calculation is fairly rudimentary along the lines of 3rd grade Math.
184371 shares traded divided by 58 million.
0.31788% which I rounded to 0.32
I stand corrected....why I'm soooo....embarassed
Just .05 or 1/2 of 1% of the float traded today.
Is this what you refer to as a flush?
I consider it a miniscule drop in a bucket.
Rooky
You call buying preferreds at 1.50 a share a failed attempt
at bottom fishing? Why you must be thinking of someone besides me.
I'm flush with cash because that trade.
Didn't you get any of it?
Just curious.
The float is 58 million.
The outstanding is 91.4 MILLION.
The volume today was the HIGHEST since April 2012.
You appear to have understated today's volume % traded of the float by about 50%.
Huge Volume today....NOT! Just 2/10 of 1% of total float
traded today....and I'm not in the least bit worried because I know and understand the charade/parade.
Rooky
NEVER as legacy NOVC is BK.
Notice how I called the Mango sham perfectly.
Notice how Q1 will be ANOTHER DISSATER as the closing costs and
Q1 operating LOSS are still undisclosed and UNKNOWN per the 10K.
NOVC a ZERO thought not as FAR to FALL as all the other failed attempts to bottom fish.
Wow bankbuyer....I heard tell the same long that bought NOVC today at .505 also accumulated 25,000 shares of NOVSP or preferreds at an average cost of 1.50.
I wonder if you could tell me how much those 25K preferred shares are worth today?
Inquiring minds...you know.
Rooky
help me bankbuyer
You seem to be the only one positng on this site and there use to be more, but you're the only one left to communicate with.
When is it that you think Novation will reach that Billion dollar market cap everyone is talking about?
I really value your opinion and need your help. Thanks a million.
Rooky
$12 MILLION unallocated corporate SG+A.
It can be seen in the 10k by looking at the subs and then the corporate total.
Shrewd investors have picked up on this.
It and the SENIOR debt proves NOVC is a ZERO.
Highest Volume since Aprl 2012-down 15%.
After pumping Mango and Advent DAILY, longs now claim their results should be backed out.
Hilarious.
NOVC #4 TOP LOSER if still listed on NYSE.
However NOVC was KICKED out when the Reit imploded
NOVC website updated today with Big FIB.
Since 2008, we have acquired four companies:
•StreetLinks Lender Solutions - valuation solutions for the mortgage industry
•Advent Financial - tax settlement services for independent tax preparers and affordable financial solutions for underbanked consumers
•CorvisaCloud - cloud-based business communication products
•Corvisa Services - software development and Novation shared services
They conveniently dont mention the Mango acquisition.
NOVC now DOWN 26% YTD
Wow a NOVC long paid .505 cents today.
Then mis-stated how much of the float traded as the float does not equal the outstanding.
Same long needed aid in dissecting the financials.
Let's pretend the LOSSES arent there. Lol
So what was the score if you eliminated those 5 double bogeys ? Lol Lol
0.43 cents or 10.8cents split adjusted.
So what happened to ' no one is selling' or manipulation or ' billion' ?
I suspect many wished they had listened
as I was CORRECT.
As usual.
Tremendous NEGATIVITY re the NOVC 10K
Also most now feel Anderson ripped them off by cashing out of Mango at his cost which Mango NEVER could have repaid.
Of course, I posted on this MONTHS AGO.
Given the activity and chatter I am seeing. I have 2 predictions for NOVC price tomorrow and going forward.
I've been laughing ALL weekend
Precipitous liquidity DECLINE at NOVC.
Easy to see when you look at current assets to current liabilities and total tangible assets to total liabilities.
That is also why tangible book went MORE NEGATIVE.
My understanding is that this data point has been sent to about 100 holders so that they can make a prudent SELL decision.
Anywhere between 54 cents and a penny is better than ZERO.
Monday MASSIVE FLUSH LOWER ?
Or due to complete lack of buyers, just a trickle down LOWER?
Either way, my research has been PERFECT.
The common share CANCELLATION draws CLOSER.
Tangible book value NEGATIVE $66.35 MILLION.
Q1 it will be further NEGATIVE.
Common worth ZERO.
Mango a SCAM.
Advent a FARCE.
Just I said
INDISPUTABLE FACT
Current liabilities UP $6.3 MILLION.
Total liabilities up $11.4 MILLION with closure costs and a massive Q1 Mango LOSS to come
Note 17. Subsequent Events
Effective February 27, 2013, Management committed to a plan to abandon the operations of the Company's Logistics segment. The Company is still in the process of evaluating the potential exit costs associated with this plan and cannot make an estimate regarding a possible range of those costs.
Hilarious.
Advent LOST $2.6 MILLION in Q4.
Make no mistake, I am laughing hysterically.
It must be manipulation.
10K OUT $7.8 MILLION operating LOSS
Income (loss) before income tax benefit (7,825 )
Mango DISASTER after all the pumping that was done on it by the former subpime expert.
NOVC DOWN 11.2% YTD yet Markets UP.
Most everyone knows NOVC is Toast.
The 3Q operating LOSS was $3.8 MILLION
Much of the corruption involves hedgefunds like Copper River
owned and managed by Marc Cohodes who targeted Novastar for destruction but failed miserably in his attempt.
You can read all about the corruption surrounding trading in NOVC stock from the Motley Fool;
Corruption and criminal activity in Wall Street is rampant as seen here;
http://beta.fool.com/mrjosephd/2012/11/26/what-investors-should-know-and-do-make-sure-short-/17306/
Some thought is was capitulation at $3.30.
Reality is the value of NOVC is Zero.
No earnings and Massive NEGATIVE tangible book value.
Ben Graham is laughing in his grave at Longs.
Its called capitulation, or a self induced form of manipulation
I'm ready....are you?
Rooky
SELLING in NOVC.
It's obvious that holders want OUT when they can find a buyer/sucker.
So far, they have been careful and gentle but if appears the FLUSH is getting closer.
Being the last to know in the stock game is usually painful.
I have NO DOUBT who will be the last to know on NOVC.
Sure its manipulation...it couldn't be more obvious
We can only hope the culprits are apprehended and end up in the slammer where Amr Eldindy ended up for the same crime.
You know what they say about doing the crime....ask this guy
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=amr&Middle=&LastName=elgindy&Race=U&Sex=U&Age=&x=71&y=14
Shares available at 56 cents ALL DAY.
ZERO volume as of this post.
This dead mackerel is worth ZERO.
The 2007 investigation into manipulation was bogus.
They all are.
Tangible book negative $65 million.
What this means is that there is ZERO value to the current common stock.
As an self made multimillionaire whose has made a FORTUNE is the markets, I know this to be INDISPUTABLE FACT.
All the while A+H rip off the the company for egregious compensation.
Thats ALL correct bankbuyer
To this day I still am a subprime expert who has made millions of dollars in the subprime industry, and who is still experiencing varying degrees of success in that very same industry.
Its also correct that Novastars business model was unsustainable, but here is a little something that might just help you:
"Through hard work, perseverance, and a firm commitment to do the right thing, NovaStar
survived one of the most significant economic downturns of our time. Not only did it survive, it paid all
of its secured bank lenders. It exited the crisis with a seasoned group of founders and leaders who had
learned important lessons during the last decade. In addition, the company has significant realized
and unrealized federal tax losses, allowing it to mitigate income taxes on profits for many years to
come. This enhances the opportunity for growth and investment efficiency.
Leaders were convinced that if they could navigate NovaStar through the storm, they could use the
experiences gained to help other entrepreneurs grow and scale their businesses. In 2008, they began
reinventing NovaStar based on their core competencies: the ability to scale businesses and improve
execution of an original concept. Since then they have acquired five companies – StreetLinks Lender
Solutions, Advent Financial, Corvisa Services, Mango Moving and CorvisaCloud.
The reinvention prompted the company to change its name to Novation Companies, Inc., in order to
truly reflect the leadership team’s vision for the future. This name represents a core strength: the
ability to execute operationally at the highest level to bring new innovative technology-enabled
services to market. The retention of “Nova” in the name reflects a continued promise to shareholders.
Novation leaders are attracted to technology-enabled service businesses with a differentiated value
proposition for their customers. They look for companies that are founded on great ideas but need to
improve execution in order to grow. Novation assumes operational control of their subsidiary
companies and supports the companies with world-class technology, sales/marketing and training
services that a typical entrepreneur could not access.
Novation leaders use the power of their knowledge and integrated operations to bring the companies
to their maximum potential. They allow previous owners to focus on their passion and what they do
best, and Novation leadership handles the rest."
And this description of corruption on Wall Street involving such things as illegal naked shorting and market maker manipulation may help you as well;
from the Motley Fool
http://beta.fool.com/mrjosephd/2012/11/26/what-investors-should-know-and-do-make-sure-short-/17306/
""NovaStar’s business model proved unsustainable for the long term"
Yet it was PUMPED as a buy at $40 by a purported subprime expert.
NOVC DOWN YTD while market is UP.
It was over $40 in early 2007 and claims of manipulation have persisted since then.
I keeep seeing LOWER intra day LOWS.
The FLUSH lower is coming
Lomg Term Sentiment for Novation
While Novation has been trading in a very tight range on extremely low volume for a year now, both technical and fundamental signs point to a breakout to the upside.
The only question in my mind is just how far and how high NOVC will go.....
Stay tuned while I head to my Kiwanis meeting for breakfast where Dr. Talreja will speak about how LAUGHTER is like a mini vacation!
Stau tuned!
Rooky
Motley Fool on Manipulation and Naked Shorting....NOVC?
While criminal activity surrounding tradng in Novatons stock has been occuring, here is information about manipulation and illegal naked shorting that addresses it;
Pay paticular attention to the market maker manipulation because this is the area that a licensed private investigator from DCJS (Department of Criminal Justice Services)is looking into.
http://beta.fool.com/mrjosephd/2012/11/26/what-investors-should-know-and-do-make-sure-short-/17306/
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Carolyn Campbell has served as Chief Financial Officer for Novation since August 2017.
Since her start with the company in 2004, Campbell held several roles in the internal audit department, including Internal Audit Manager from January 2008 through April 2016. Prior to joining Novation, Campbell worked at Butler Manufacturing Company and Houlihan’s Restaurant Group in Kansas City. Campbell earned her Bachelor of Science in Business Administration from the University of Central Missouri.
Dave Pointer has served as Chief Executive Officer for Novation since March 2018 and Chief Executive Officer for Healthcare Staffing from April 2019 through June 2021.
Dave Pointer has served on the Board of Directors starting in 2018. Mr. Pointer has served as the Managing Partner of V.I. Capital Management, LLC, a registered investment advisory firm that he founded, since 2008. Prior to that, Mr. Pointer was a Senior Portfolio Manager and Senior Vice President at ICM Asset Management, an employee owned investment manager, from 2003 to 2007, as well as Portfolio Manager at AIM/INVESCO Investments, an investment management firm, from 1999 to 2003. Dave has served on the Board of Directors of CompuMed, Inc., an enterprise telemedicine solutions company, since 2013 and as Chairman since 2014, and as Co-Chief Executive Officer from 2015 to 2016. He also has served on the Board of Directors of Solitron Devices, Inc., a manufacturer of solid-state semiconductor components, since 2015 and as Chairman since 2016. Previously, Mr. Pointer served on the Board of Directors of ALCO Stores, Inc., a retailer, from 2014 to 2015. Mr. Pointer has taught Corporate Finance as an adjunct faculty in Whitworth University’s MBA program as well as Gonzaga University’s MBA program and is an expert in financial analysis and financial markets. Mr. Pointer holds a Bachelor of Science in Business Administration from Central Washington University and a Master of Business Administration from the Wharton School of Business at the University of Pennsylvania. Mr. Pointer is a member of the CFA Institute and a Chartered Financial Analyst.
9229 Ward Parkway
Suite 340
Kansas City, MO 64114
(816) 237-7000
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