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NovaStar on the Block
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Updated from 4:10 p.m.
NovaStar Financial (NFI Quote) surged 15% in late trading after putting itself on the block.
The Kansas City, Mo.-based subprime lender said it hired Deutsche Bank as its financial adviser to consider "a range of strategic alternatives, including without limitation a potential sale or other change of control transactions." NovaStar added that it got $100 million in financing from Wachovia.
NovaStar also said in a Securities and Exchange Commission filing that its loan production fell 58% from a year ago in March. ...
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