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Strategies & Market Trends : Value Investing

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To: MCsweet who wrote (28100)	9/18/2007 1:52:36 AM
From: pcyhuang	of 78742

>In view of the impacts to the Company, Deloitte & Touche LLP, NovaStar's independent auditors, advised NovaStar in the last week of August 2007 that it was not willing to issue a consent or otherwise be associated with the rights offering unless the Company reissued its 2006 financial statements to include footnote disclosures regarding these matters. In addition, Deloitte further advised NovaStar that its reissued report on such financial statements would include an explanatory paragraph about the uncertainty of NovaStar's ability to continue as a "going concern". This "going concern" issue has been resolved by the action taken by the Washovia Bank on Sept. 7. "In a filing after the market closed on Wednesday, Kansas City-based NovaStar (NYSE: NFI - News) said that Wachovia, NovaStar's primary lender, and its affiliates on Sept. 7 eliminated the requirement for a certain ratio of NovaStar's adjusted tangible net worth to equity and cut the amount of net worth NovaStar must maintain by 71 percent, to $150 million from $517 million." -- Source: Yahoo.Finance pcyhuang

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