Monday, February 26, 2007

More sharks smell blood

Now that NFI (Novastar) has dropped more than 60% in the last week the sharks are looking for some fresh meat, See NEW's list of "friends". Here is the most current list of sharks looking to take a bite out of NFI:


Law Offices of Howard G. Smith Announces Class Action Lawsuit Against NovaStar Financial, Inc. -- NFI - PrimeNewswire

Schatz Nobel Izard, P.C. Announces Class Action Lawsuit Against NovaStar Financial, Inc. -- NFI - PrimeNewswire

Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against NovaStar Financial, Inc. - BusinessWire

5 comments:

Jim in San Marcos said...

Looks like NFI is going to have to take the tarps off of the lifeboats

Anonymous said...

Makes no sense. NFI has no money. They don't even need to show up in court - on any sign they are losing they will just BK.

Those class action lawyers are struggling even hopeless cases

Anonymous said...

It's sending the right signal to the right persons. Once these cases go to court, I'm sure there's going be alot of a$$ puckering. This is what needs to happen.

REBear said...

http://forum.brokeroutpost.com/loans/forum/2/97465.htm

Here is the e-mail I just recieved:
INTEROFFICE MEMORANDUM

To: All Ivanhoe Mortgage Employees
From: John Cassell
Date: February 26, 2007
Subj: Closure of the Ivanhoe Division

Over the past several months we have informed you of the struggles Central Pacific has had with retaining adequate cash to fund its operations. Those struggles have continued to worsen and I regret to inform you that the Company is unable to fund the end of month payroll for the Ivanhoe Division.

As a result, Ivanhoe Mortgage will be closed, effective today. Funding of Ivanhoe loans will not occur today or in the future.

I’m sorry.

incessant_din said...

"Makes no sense. NFI has no money. They don't even need to show up in court - on any sign they are losing they will just BK."

Not true. I just ran across some Novastar REO. I wonder if they will accept a lowball (~25% asking) offer in cash... It won't float them long, but I'm sure they aren't in a position to turn down cash.