White Mountains Insurance Group, Ltd. (WTM)

Same investors from $DX, $NRZ, $NCT, $DS, $SNR, OMF, COOP, OCN, IMH are at it again.
Same investors that turned Dynex Capital $DX around 2000-03 Barry Igdaloff (served on $DX Board 20 years) Wesley Edens, COB of Fortress and at the time COB of Capstead Mgt $CMO now $FBRT are up to it again at Novation Co $NOVC by owning together at least 80% of common and only Sr Debt to exit Ch 11.
Fortress sub of Softbank externally managed New Residential Inv Corp $NRZ and is up to it again at Novation Co $NOVC with partners Jefferies, MassMutual Barings, White Mountains Capital $WTM, EJF Capital that own at least 91M 80% $NOVC common.
Fortress was paid $170M Management Fee to externally manage New Residential Inv Corp $NRZ in 2019 alone per $NRZ 10K plus dividends. Fortress spun out of Newcastle not only $NRZ but $SNR sold for 2.3B and $NEWM now $GCI before changing Newcastle $NCT old symbol name to Drive Shack $DS which kept all of $NCT 160M NOLs as MREIT are tax exempt by IRC ask $DS IR for Dec 2016 Edens Presentation to NCT aka DS Shareholders slide 4-5.
Now Fortress has terminated their external management agreement at $NRZ (creating a $400M termination fee for Masa Son, CEO of Softbank the parent of Fortress) I believe this has paved the way for Fortress, Co CEOs to buyback Fortress from Softbank which PAID $3.3B in 2017. Rajeev Misra ex Fortress executive was the catalyst for sending Edens, Briger to Forbes 400 (Edens, Briger and Rich Nardone pocketed personally almost half the 3.3B). Misra last week front page WSJ steps aside as CEO of www.visionfund.com and Softbank Investment Advisers. Once Edens, Briger and their cabal gain sole control of Fortress I believe they will act like the Novation Co $NOVC common shareholders they are with partners co investors EJF Capital www.ejfcap.com MassMutual and sub Barings and Jefferies $JEF, ex $LUK. EJF Capital is owned by White Mountains Capital $WTM who's top VP received this $NOVC briefing. Now Fortress/EJF Capital hidden by co investors controlling $NOVC Board (all ex Dynex Capital $DX NYSE investors) behind CDOs own 27% of $NOVC Common and the ONLY SR DEBT to exit Ch 11. Sr Debt is ruse and will be cancel in seconds with the filing 8K.
$NOVC Novation Companies Inc. shareholders know for a fact Barry Igdaloff, Howard Amster $NOVC only Board of Directors have a past relationship with $NOVC Note Holders Fortress/EJF Capital. They hide their IDs behind these CDOs Taberna CDOs I and II/Kodiak CDO I and fail to hold an annual meeting for almost 3 years (last annual meeting 12/12/19) to accomplish this camouflaging and withholding the IDs of Note Holders and Common Equity Holders. Boulay Group an independent and objective CPA firm colludes with this behavior as they file FALSE "GAAP Going Concern" based on this lack of disclosure yet know by GAAS Generally Accepted Auditing Standards these facts exist which temporarily suppress $NOVC share price while they remove 47M NOVC common at less than one penny and probably buy in the open market $NOVC shares at pennies. These investors connect to $NOVC Board have done it before and can split $NOVC into two tax free companies a MREIT (relaunch $NOVC former MREIT NYSE $NFI which holds rights that control billions of rich, seasoned collateral assets 600 Bpts WAC) and www.healthcare-staffing.com $730M NOLs.
Novation Co $NOVC Largest and Only Note Holders Sr Debt Holders to exit Ch 11 are Wesley Edens, Peter Briger, CO CEOs at Fortress and Manny Emanuel Friedman, Neal Wilson Co CEOs of EJF Capital. They have already been paid by $NOVC Board of Directors all their back interest compounded est $6.3M CASH most in interest inside Ch 11 for no cram down. Many months after official exit from Ch 11 NOVC Board Barry Igdaloff, Howard Amster then gave Note Holders Fortress 31.3M 27% of all common shares outstanding dilute.
Fortress owns 2.3rd behind Taberna CDO I and II Wesley R. Edens, Peter Briger are Co CEOs/COBs
EJF Capital owns 1.3rd behind Kodiak CDO I Manny Friedman, Neal Wilson are Co CEOs

Fortress and EJF Capital paid almost no cash for these CDOs Service Rights, therefore have no cash invested in $NOVC Sr Debt (Face Value of est $87M and $11M FMV per www.boulaygroup.com audit and certification of 10Ks). Makes a reasonable investor want to ask how can $NOVC Board and Ch 11 Attorney pay these investors Fortress/EJF Capital est $11M cash mostly interest plus 31.3M NOVC common 27% for nothing NO CRAM DOWN/Reduction of outstanding principle? This makes $NOVC only Sr Debt to exit Ch 11 a ruse which can be canceled in seconds by Common Shareholders/NOVC Board of Directors. www.bizjournals.com/... &
www.globenewswire.com/...

Based on their past accomplishments (Case Studies) Mr. Market must ask why they would not “Cut & Paste” the TRUE RESTRUCTURING at Novation Co $NOVC ?
Case Study #1 Wesley Edens CEO of Fortress, Manny Friedman, CEO of EJF Capital with Mass Mutual sub-Barings & Jefferies with BoD own at least 91M 80% of $NOVC Common.

Novation Companies Inc. $NOVC FLOAT 104.7M per Market Watch is NOT RIGHT https://www.marketwatch.com/investing/stock/novc
CSOS 117M yes that agrees with $NOVC Audited (www.boulaygroup.com) 2020 10K. Float is negative shares as explained below:

$NOVC 117M Shares Outstanding Diluted less 125M shares held by private investors that do not trade include; 18M RSUs taken by Board of Directors led by Barry Igdaloff, Chairman of $NOVC. Flat is negative CSOS 117M vs Float 104.7 as 18M RSU exist. CDOs hide the real ECOMOMIC OWNERS related to Barry Igdaloff, Chairman of the Board include; Fortress hidden by Taberna CDOs and EJF Capital hidden by Kodiak CDO I own 31.3M (SEE 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), Mass Mutual Barings 19.3M is restricted from Selling without NOVC Board of Directors Approval plus 40M shares are held by CoB and his co-investors plus 35M $NOVC Common are held by small count of private investors. This totals at least 125.6M shares not traded. The 125.6M does not include $NOVC common held by $JEF Jefferies formerly $LUK or the remaining 696 Shareholders of Record (see page 7 of 2020 10K 696 Shareholders of Record).

$NOVC FLOAT is really negative, which is in theory impossible. On top of this 50M NOVC common have traded from 12/28/20 to 9/30/21 on No News & Going Concern of which more then half have been shorted per www.otcshortreport.com/company/NOVC Going Concern per 2020 10K Audit by www.boulaygroup.com is created by failing to share CDOs Fortress/Taberna and EJF Capital/Kodiak CDO own both $NOVC only Sr Debt valued at only $11m FMV per 10K 2020 and at same time Fortress and EJF Capital own 31.3M Common $NOVC Shares 27% see Globenewswire link above. Evidence shows Barry Igdaloff, NOVC Chairman and his cabal of investors own at least 40M $NOVC common made a mint with Fortress 2000-03 in restructuring Dynex Capital NYSE $DX. Igdaloff served on $DX Board for 20 years from 2000-2020 (per DX 8K 9/3/20). Barry Igdaloff & most of his cabal including Howard Amster 2 of 3 Board members collect .13 ct monthly $DX common DIVIDEND $1.56/share annual priced at 9% yield into 18/share DX pps. Mass Mutual & sub Barings want to use at Novation Companies, Inc. $NOVC $730M NOLs www.healthcare-staffing.com HCS ($NOVC only operating business unit) and Rights (Cleanup Call Rights that control the future use of rich, seasoned collateral assets to Billions in NOVC $3B RMBS portfolio see $NOVC cleanup call rights (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. Fortress, Wes Edens, CEO named by Wall Street Journal the New Subprime aka Non-QM KING after Fortress sold $3.8B Nationstar to Mr. Cooper $COOP formerly called Washington Mutual symbols $WAMU, $WMIH held 9B NOLs. Fortress owned 70% of Nationstar Wes Edens replaced himself at the new entity called Mr. Cooper $COOP by Jay Bray, CEO and COB – KKR owned 24% pre $COOP and $NSM merger and 17% post merger.

Fortress/EJF behind CDOs Taberna/Kodiak control $NOVC are owned by Softbank $SFTBY / $WTM they own 91M of 117 shrs out/10K 2020 they also own $NOVC only Sr Debt in $NOVC. Why would any investor use Sr Debt that pays 3 Month Libor 12 Bpts + 350 Bpts deemed almost worthless by top 200 CPA firm Boulay Group. Fortress and Barry Igdaloff and most his co investors that own at least 40M NOVC common restructured Dynex Capital NYSE $DX where NOVC founders Scott Hartman and Lance Anderson worked before founding $NOVC formerly traded NYSE $NFI. NFI traded under the same MREIT exemption as $DX and another Fortress restricting $NRZ, $SNR and $GCI 3 tax exempt MREITs split out of Newcastle $NCT before changing name to Drive Shack $DX www.driveshack.com ask Investor Relations for Wes Edens Dynex Capital Shareholder Presentation Dec 2016.

Fortress hidden behind Taberna CDOs, is wholly owned subsidiary of Softbank Group Corp $SFTBY (Softbank buying back $9B or 15% of their common stock with $125B cash) & EJF Capital www.ejfcap.com hidden behind Kodiak CDO One is owned by sub (Kudu Investment Corp) of White Mountains Capital $WTM these CDOs held by Fortress and EJF Capital own at least 31.3M 27% $NOVC common ($WTM was Founded by Jack Byrne ex CEO of GEICO) and #MassMutual & sub Barings formerly called Babson Capital let alone their other affiliates and Ex Dynex Capital NYSE $DX Board Members that control NOVC Board can fund $NOVC true Ch 11 Reorganization via NOVC Preferred Stock Series F Shelf Offering buried inside NOVC poison pill renewal (designed to save $730M NOLs from IRC Section 382) Rights Offering, see Oct 2018 Proxy 14A https://www.marketwatch.com/investing/stock/novc/SecArticle?guid=12923098 page 12 prices $NOVC common at $2.33/share exactly Mass Mutual cost basis. Rights Offering $NOVC Preferred Stock Series F Shelf Offering provides for a

Event Driven Value Thesis just like Dynex Capital NYSE $DX In fact the same investors that turned $DX around 2000-03 Wesley Edens, CEO Fortress & clan led by Barry Igdaloff now own at least 80% of all Novation Co $NOVC Common. This is 91M of 116M shrs outstanding including their co investors Mass Mutual and sub-Barings and EJF Capital a White Mountains Capital $WTM investment. These powerful investors do not want you to know how they sit on $730M NOLs & Rights that control Billions of COLLATERAL ASSETS RMBS Non-QM Portfolio with est 600 Bpts weighted average coupons WAC.

I believe they delay a true restructuring at $NOVC until Wesley Edens, CEO/COB of Fortress can buyback his firm from Softbank, Masa Son, CEO before triggering this plan. Read Nov 2021 Bloomberg article SoftBank mulls options for Fortress, including sale - Bloomberg News | Reuters If they do what they have done many times before they will create billions for common + millions in annual cash flow.
If right Mass Mutual 17% and EJF Capital + Fortress hidden behind CDOs own 31M 27% of common (CDOs also own $NOVC only Sr Debt to exit Ch 11 April 2019) will make billions + millions in annual cash flow in mgt fees + dividends at Novation Companies Inc. $NOVC.

These investors can cut and paste past restructuring blueprints at $NOVC just like they have done very successfully, i.e., $DX $NRZ aka $NCT $DS $COOP $OCN $OMF. Barry Igdaloff served 20 years on Dynex Capital NYSE $DX Board up to 8/31/2020. Now Barry Igdaloff is Chairman of $NOVC Board. He and many that invested at Dynex Capital NYSE $DX Thomas Bruce Akin ex CEO/COB of $DX, Todd Emoff and Howard Amster all major $DX common and preferred investors own at least 40M or 35% of Novation Co OTCBB $NOVC. Most of these 40M have been camouflaged by parking shares at related accounts via Form 4s. Igdaloff camouflages both Fortress/EJF Capital behind CDOs Taberna/Kodiak CDOs.