Taberna Puns

No shares available 121M of 116M per 10Q for Q3 2021 are owned by Fortress/EJF Capital hidden behind CDOs Taberna/Kodiak CDO 31M, Cabal led by Barry Igdaloff, Chairman 40M and Mass Mutual sub Barings 19M per 10K plus 4 private investors yet 50M shares trade most shorted per www.otcshortreport.com

Novation Companies Inc. $NOVC owns Rights to Billions of Collateral Assets see Edgar Reports for $NOVC Bond Remittance Reports and Pooling Service and Trust Agreements for NOVC $3B RMBS Non-QM Bond Portfolio. Keep in mind NOVC holds these rights as their subsidiary Novastar Financial Inc. $NOVC use to trade on NYSE under MREIT exemption as $NFI. The rights are second nature to MREIT pros Manny Emanuel Joshua Friedman and Neal Wilson Co CEOs of EJF Capital that own Kodiak CDO I. Kodiak CDO I owns 1.3rd of NOVC only Sr Debt and 1.3rd of the 31.3M shares NOVC Board gave CDOs months after exiting Ch 11 read the deal https://www.globenewswire.com/news-release/2019/08/09/1900133/0/en/novation-companies-inc-executes-first-amendment-to-senior-secured-note-purchase-agreement.html and ask if $NOVC Board led by Barry Igdaloff fulfilled their fiduciary duty to all NOVC Common Equity Holders? 2.3rd or the remaining NOVC Sr Debt is held by Taberna CDOs I and II which Fortress paid almost nothing to own the same year Fortress co investors from Dynex Capital joined NOVC Board Barry Igdaloff and Howard Amster. NOVC Board led by Barry Igdaloff for giving CDOs held by EJF Capital & Fortress 31.3M NOVC Common at less than 1 Cent the Board took 18M RSUs for themselves by converting some of their board compensation into 18M RSUs using NOVC low share price which they engineered. How did they engineer the share price?

By not disclosing Fortress and EJF Capital hidden behind CDOs own 31.3M $NOVC common and at same time all of NOVC only Sr Debt they create Going Concern which reduces NOVC Share price to the lowest possible number. Keep in mind if you add CDOs held by Fortress and EJF Capital plus Barry Igdaloff's cabal 40M shares plus Mass Mutual and sub Barings 19.3M their position totals 91M of NOVC 116M Common Shares Outstanding. IMHO Sr Debt is fodder to temporarily create a Going Concern which writes off all of NOVC 730M NOLs and conceal these world class experts future plans to monetize the control over rights defined in Section 5.04 of the Service Rights Transfer Agreement attached to back of Q3 10Q for 2007. Boulay Group colludes with NOVC B

https://youtu.be/MOW20IrnlIk

So, In Taberna is an old medieval song with ridiculous lyrics about how every man drinks, complete with toasts to “loose sisters” and quips about how everyone from the King to the Pope drink. It seems FAR from a pompous song. Why does Orff’s rendition seem so lofty for what is clearly a drinking song?

On the other hand, there are more, eh, party inclined renditions of the song out there played by modern musicians with medieval instruments. Which version would a medieval bar fly appreciate?

PS: WHY does this song invoke the Hellenic god Bacchus? This is clearly a song for a Christian audience and the Hellenic pantheon was not worshipped at the time. Why would a reference to Bacchus of all gods be acceptable?

In Spain there exists a large semi-arid desert that I never see brought up when discussing Rome. Did the Romans ever try to construct anything there, did they have a name for it? Just any cool facts about Romans in the Spanish desert.

$NOVC Capital Table is controlled by world class MREIT, NOL investors Fortress/EJF Capital hidden behind Taberna CDOs I & II/Kodiak CDO I which owns 31M $NOVC Common+ Mass Mutual & sub Barings 19M with their partners $DX and $NOVC Board led by Barry Igdaloff. What are their motives?

I believe it is to maximize their common share ownership 91M of 116M Common Equity Shares not Sr Debt which they also own. Sr Debt is fake, ruse, fraud to suppress $NOVC while they allocate 31M shares to Sr Debt and Board takes 18M RSU. Who knows how many common shares they have bought in the open market?

Ask Novation Companies, Inc. $NOVC Board of Directors when they will use $730M NOLs and the Rights that control the future use of rich, seasoned collateral assets with 600 Bpts WAC to Billions RMBS Assets (see Edgar Reports for Bond Remittance Reports)?

NOVC Novation Companies Inc. Board of Directors hide the identity of their co investors behind CDOs. The real Economic Owners that hold all of $NOVC only Sr Debt to exit Ch 11 and 31M 27% of all $NOVC Common Shares are hidden behind CDOs Fortress behind Taberna I and II and EJF Capital behind Kodiak CDO I. Boulay Group $NOVC outside auditor CPA firm fails to disclose this FACT thus breaching GAAP and SEC Regulations.

NOVC Board of Directors is led by Barry Igdaloff, Chairman, who served on $DX Board for 20 years from 2000 date he and Wesley Edens, CEO of Fortress via $CMO now $FBRT restructured $DX to 8/31/20 per $DX 8K filed 9/3/21.

NOVC other 2 Board of Directors include; Barry Igdaloff’s pal from Dynex Capital NYSE $DX Howard Amster $NOVC Board Member plus the only remaining Chuck Gillman/Jeff Eberwein appointee David Pointer are responsible for this breach of GAAP and SEC Regulations as are other appointees to NOVC Board that have left with millions of RSU taken at pennies Lee Keddie, Tim Eriksen, Bob Pearse.

$NOVC holds Rights that well know to these MREIT experts and they are well defined per Service Rights Transfer Agreement Section 5.04 attached to back of Q3 2007 https://sec.report/Document/0001193125-07-247545/ see Exhibit 2.1. After all these investors are all connected at $NOVC via $DX former Board Member Barry Igdaloff and his co investors most world class experts in $NOVC attributes above including:

Wesley R. Edens/Peter Briger co CEOs of Fortress owned by Masa Son, CEO of Softbank and Neal Wilson/Manny Joshua Friedman co CEOs of EJF Capi

Novation Companies $NOVC Board conceals same investors Fortress/EJF Capital hidden behind CDOs Taberna/Kodiak own both 78% of all common with them including 17% owned Mass Mutual sub Barings 19M and AT SAME TIME $NOVC only Sr Debt 2.3rd held by Fortress behind Taberna & 1.3rd held by Kodiak CDOs held by EJF Capital they also own 31M NOVC common at penny. Why? Boulay Group Top 200 CPA firm per #AICPA also 2020 10K filed SEC 3/4/21 conceals this fact thus makes "GAAP Going Concern" that drives share price down by writing off all $730M NOLs and conceal FUD that these experts plan to use Billions in rich, seasoned Collateral Assets that carry 600 Bpts WAC.

$NOVC Board drives Shr Price down while taking 18M RSU at pennies gives co inv 31M at penny; Fortress & www.ejfcap.com behind CDOs Taberna/Kodiak CDO they own 91M 80% $NOVC common & use $NOVC only Sr Debt to do it w/ tacit consent by MassMutual Barings 19M

Investors can buy $NOVC for pennies today just like I feel these investors are doing. These investors hold and do not trade 125M shares, no float yet over 50M shares $NOVC common trade just in 2021 most shorted www.otcshortreport/company/NOVC Top 200 CPA firm audits $NOVC fails to disclose the above creating temporary Going Concern that hides NOLs and CCR per Service Rights Transfer Agreement Section 5.04 attached to back of Q3 2007 https://sec.report/Document/0001193125-07-247545/ see Exhibit 2.1.

Novation Co OTCBB $NOVC volume is up and price is up. Yes we have seen this before. This while a penny stock is still massively shorted.

WAG Could NOVC Board of Directors (ex $DX Investors and $DX Board Member now NOVC Chairman of the Board) and their co investors from $DX Fortress hidden behind CDOs Taberna I and II along with Fortress's Sr Debt Partner EJF Capital hidden behind Kodiak CDO One with Mass Mutual consent played greedy Naked Short Sellers, Phantom Sellers of NOVC stock?

Long time NOVC Shareholders can say for sure Barry Igdaloff, NOVC Chairman has never given these Short Sellers one reason to cover their outstanding FTD fail to deliver position - not one since taking control of NOVC Board of Directors Spring 2015. I heard a theory yesterday that Barry Igdaloff and NOVC Board with these investors want to make NOVC look really bad so they can settle with Note Holders. My response NO WAY that is ridiculous.

NOVC Board already paid Note Holders hidden behind CDOs above Fortress and EJF Capital est $11M all their back interest compounded in Ch 11 and millions more post Ch 11 exit plus 27% of all NOVC common shares outstanding 31.3M (9M for zero + 22.250M ten yr warrants at one cent strike price aka zero). Ask Joel Sher Partner at Shapiro Sher NOVC Famed Ch 11 lawyer that represented NOVC in Ch 11 why this was not all done in Ch 11 and why no cram down was obtained aka elimination of all Sr Debt principle?

Have NOVC Board been grossly negligent or do they have a plan. If so all Shareholders in Novation Co OTCBB $NOVC deserve transparency.

What role does Igdaloff's other co investors many ex $DX investors along with Mass Mutual and sub Barings play? We know these investors together own at least 90M NOVC common out of 116M Shares Outstanding per last 10K audited by Boulay Group www.boulaygroup.com  A small shareholder count own at least 30M NOVC common = 120.6M NOVC (More shares held then are outstanding. This looks like another $GME Game Stop but worse). Millions of NOVC shares traded just this week on No News, No Transparency, 10K with Going Concern (created by failing to disclose the same investors own both NOVC only Sr. Debt and at the same time 27% of all shares outstanding, 80% if you combine their collusion together with NOVC Board).

All NOVC shareholders deserve to know if NOVC Board has been grossly negligent or have they led by Barry Igdaloff given Fortress payback for helping most of them make a mint at Dynex Capital NYSE $DX? Maybe

I and 4 other private investors own 30M 255 of all $NOVC 117M shares outstanding. Fortress/EJF Capital hidden behind CDOs Taberna/Kodiak own 31.3M and at same time all of NOVC only Sr Debt. THIS BREACHES GAAP and www.boulaygroup.com knows it. Fortress is in bed with his old investor BARRY IGDALOFF

I believe they* will do it again AT Novation Co OTCBB $NOVC will split into 2 tax free companies like Controlling Investors they/them below have done many times.

1. MREIT w/ rights hold $3B RMBS x-$NFI Novastar saved by Ch 11

2. HCS $730M NOLs. 10-days 7/26-8/6 >3.5M shares trade & 73% is shorted.

* Fortress/EJF Cap hidden by CDOs Taberna/Kodiak own 31.3M NOVC common + MassMutual & DX Investors led by Barry Igdaloff Chairman of NOVC own 59M & Small Group own 30M totals120.3M shrs not including the other 696 Shareholders of Record page 7 2020 10K Audited by www.boulaygroup.com but 117M shrs outstanding, so where have 100M shares traded come from, 10-Day 7/26/21-8/6/21 over 3.5M shares trade 73% Shorted per www.otcshortreport.com/company/NOVC? Who would buy NOVC with Going Concern unless they knew the real plans? I and 4 private investors own 30M or 25% of NOVC. I have 100% conviction !

https://www.globenewswire.com/news-release/2019/08/09/1900133/0/en/novation-companies-inc-executes-first-amendment-to-senior-secured-note-purchase-agreement.html shows NOVC Board gave Note Holders 31.3M shares months after exit Ch 11 4/19/19. Why was this not done under Judge Davis and NOVC Ch 11 & attorney Joel Sher Partner of Shapiro Sher (accepted an award for their NOVC CH 11 https://www.shapirosher.com/news/shapiro-sher-wins-award-for-reorganization-of-novation-companies

Observation

Novation Companies, Inc. OTCBB $NOVC Board is controlled by Barry Igdaloff, JD, CPA ex Dynex Capital NYSE $DX Board member of 20 years (per DX 8K 9/3/20). Igdaloff & his college friend Todd Emoff, both told me 10 yrs ago they owed Fortress Wesley Edens, COB big time for helping them take $DX from pennies to $10/shr pre 3:1 reverse split so DX could join NYSE under MREIT exemption. Today they collect .13-.15/share Monthly Common Dividend. 2000-03 they took $DX (DX is where 2 of 3 NOVC Founders worked Scott Hartman, Lance Anderson, before joining ex Smith Breeden Michael Bamburg) from pennies with $120M NOL to 10 pre reverse split as today DX trades at 20/share per reverse split thus trades at less than the DX share price when Fortress sold 100% of their Capstead Mortgage $CMO which owned DX.

I was asked by Igdaloff to ID new investors, so he and Fortress could control NOVC Board. I did so via Whitney Tilson, WT Kase Cap - I introduced WT Small Cap Guys Chuck Gillman, Jeff Eberwein (JE is ex G Soros PM and ex Viking Global PM) Nov 2014. I was not on the call but by Spring 2015 Igdaloff and Gillman/Eberwein had control of NOVC Board and by end 2015 removed CEO Lance Anderson, his mentor Gregory Barmore ex Head of Genworth GE Mortgage Insurance Top 100 executive under Jack Welch, ex CEO of GE) and two of their appointees. Your observation is correct Igdaloff, and ex DX investors Howard Amster control the Board of NOVC along with 3 appointees of Gillman/Eberwein: David Pointer, Lee Keddie, and Tim Eriksen.

Here are 3 key moves I am trying to get NOVC Board to do:

1. Disclose the truth that same investors own both all of NOVC only Sr Debt via CDOs (Fortress/Taberna CDOs I & II & EJF Capital/Kod

$SNR New Senior bought for $2.3B by Ventas at premium another win for Fortress Wes Edens, CEO & Bucks owner. Fortress also controls via both Debt and Common Novation Companies, $NOVC hidden behind CDOs Taberna I and II CDOs hidden by Edens Fortress' ex Co Inv at Dynex Capital $DX CoB Barry Igdaloff at NOVC. Ventas $VTR to acquire New Senior Investment $SNR in all-stock $2.3B transaction https://seekingalpha.com/news/3710543-ventas-to-acquire-new-senior-investment-in-all-stock-23b-transaction

Fortress restructured $SNR out of Newcastle $NCT now called Drive Shack $DS (Fortress also restructured out of $NCT Tax Exempt MREITs $GCI and $NRZ www.newresi.com which Fortress reaped $170M lucrative 2-part management fee from NRZ shareholders including Canyon Partners).

Fortress owns most of Novation Companies Inc. OTCBB $NOVC alongside MREIT pro Manny Emanuel Friedman CEO of EJF Capital Founder of FBR (Fortress/EJF Capital own 31.3M $[NOVC](https://seekingalpha.com/symbol/NOVC?source=content_type%3Areact%7Csection%3Acomment%7Csection_asset%3Acomment%7Cfirst_level_url%3Anew