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Published on 3/25/2009 in the Prospect News Distressed Debt Daily, Prospect News High Yield Daily and Prospect News Special Situations Daily.

NovaStar to forgo March 31 dividend for 8.9% series C preferreds

By Jennifer Chiou

New York, March 25 - NovaStar Financial, Inc. notified holders of its 8.9% series C cumulative redeemable preferred stock that it will not make the dividend payment scheduled for March 31, according to an 8-K filed with the Securities and Exchange Commission.

Because dividends on the series C preferreds are now in arrears for five quarters, under the terms of the charter, holders will have the right to elect two additional directors to the company's board of directors.

The annual meeting of stockholders will be held on June 25.

NovaStar is a Kansas City, Mo., specialty finance company.


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