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In a quarterly filing this week with the Securities and Exchange Commission, the Kansas City company said cash flow from its remaining mortgage portfolio probably would fall in the next few months below what the company needs to keep operating.
In search of another source of revenue, last week NovaStar announced that it had acquired a majority interest in PipeFire LLC, which provides residential appraisals and related services. The terms of the deal, which closed Aug. 8, were not disclosed. NovaStar, based in Kansas City, said it would rename the Indianapolis-based PipeFire as StreetLinks National Appraisal Services, with offices in Indianapolis and Kansas City.
Lance Anderson, NovaStar's chief executive officer, said in announcing the deal that "while we cannot expect this transaction or StreetLinks to resolve the significant challenges NovaStar still faces, we view the acquisition as a positive step toward re-establishing niche operations in the residential housing market."
NovaStar stock was trading at midday at $1.23, down 2 cents.
| The Star
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