Rithm Capital Corp (RITM)

[reddog3]

The same investors that restructured $RITM formerly called/traded Newcastle Investment Corp $NCT now traded as Drive Shack $DS which kept 100% of $160M NOLs after spinning out 3 tax-exempt MREITs $GCI, $SNR sold for $2.3B months ago and New Residential Investment $NRZ now traded Rithm Capital $RITM & same investors that restructured Dynex Capital NYSE $DX from penny stock to $10/share (pre 3:1 split effectively $4 today 12/shr/3) are at it again at Novation Co $NOVC OTCBB.

They have laid $NOVC dormant thanks to these same investors triggering SEC Rule 15c2-11 which stops all retail news & SEC filings. Rule 15c2-11 still allows expert investors hedge fund's HF to trade Novation Companies Inc. OTCBB $NOVC even with No SEC filings, and No News. MarketScreener shows recent BUYS since NOVC Board triggered this SEC Rule including many related investors Goldman Sachs 360K $NOVC common, Blackrock 260K $NOVC common, David Dreman's Dreman Value Mgt buys 533K $NOVC common, Putnam Investments bus 387K $NOVC common Bank of America Buys 671K $NOVC common shares aka they have bought millions of Novation Companies Inc. OTCBB $NOVC common shares just since $NOVC Board triggered SEC Rule 15c2-11 https://www.marketscreener.com/quote/stock/NOVATION-COMPANIES-INC-120787360/company/ See Extract Bottom
The reason for this buying is $NOVC Board ex $DX NYSE Dynex Capital Board Members and Investors I believe will split $NOVC into public companies one tax-exempt MREIT using CCR cleanup call rights aka rights that control future use of billions of rich, seasoned collateral assets ideal to be securitized into MREIT dividend and another mgt fee for Fortress like over $150M $RITM aka $NRZ aka $NCT paid Fortress every year on top of dividends. Fortress recently terminated this Management Agreement pickup $400M whopping Terminations Fee. This fee can be replaced by $NOVC. See CCR rights are defined in Section 5.04 of Service Rights Transfer Agreement see Exhibit 2.1 of 10Q filed by $NOVC formerly traded as tax-exempt MREIT on NYSE $NFI Novastar Financial Inc. which is a subsidiary of $NOVC and holds these CCR.
Extract from MarketScreener $NOVC
Name Title Age Since
Michael Wyse Chief Restructuring Officer 45 2022
Members of the board
Name Title Age Since
Barry A. Igdaloff Chairman 67 -
Howard M. Amster Independent Director 74 2009
Equities
Vote Quantity Free-Float Company-owned shares Total Float
Stock A 1 116,155,893 87,495,395 75.3% 0 0.0% 75.3%
Shareholders
Name Equities %
Barings LLC 19,258,775 16.6%
Barry A. Igdaloff 3,529,707 3.04%
Talkot Capital LLC 1,901,500 1.64%
Bank of America, NA (Private Banking) 670,722 0.58%
Dreman Value Management LLC 533,125 0.46%
Bridges Investment Management, Inc. 478,766 0.41%
Putnam Investment Management LLC 386,880 0.33%
Goldman Sachs & Co. LLC (Private Banking) 359,640 0.31%
General Electric Co. (Investment Company) 333,333 0.29%
BlackRock Fund Advisors 259,936 0.22%
Company contact information
Novation Cos., Inc.
9229 Ward Parkway
Suite 340
Kansas City, MO 64114
Phone : [phone]
Web : http://novationcompanies.com