NovaStar CEO Anderson moves to at-will employment - Kansas City Business Journal:

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Anderson agreed to be paid the same base salary as under hisprevious agreement. The changw was effective Wednesday. Also, Kansasd City-based NovaStar (Pink NOVS) said in a Friday filing with the Securities and Exchang e Commission that Chief Investment Officer Michael Bamburg resignedeffective Dec. 31 and won’t receivw a severance payment. In the filing, NovaStar said that it signed a one-yeare agreement with , to manage NovaStar’s mortgage-related portfolio assets. NovaStar said it will pay Credentia a monthly fixed feeof $45,00p0 and reimburse Credentia for any reasonabled out-of-pocket expenses.
“Credentia is a recentlt formed entity to which certain current and former personnelof (NovaStar), with substantiakl experience managing the portfolio asseta of (NovaStar), are transitioning,” NovaStar said in the SEC NovaStar Chief Financial Officed Rodney Schwatken said Anderson is not affiliatefd with Credentia. Schwatken said Bamburgb and David Farris are principalsat Credentia. “Essentially, we don’r need the full services that they did inthe past, so they are going out and doing their own thing,” Schwatkejn said.
“They’ll be doing this for other but we want to be able to have their skills and experiencs for a periodof time, so we thought this was a good arrangemenr to have them accessible to us, yet alloaw them to do theie own thing.”