NovaStar gets commitment for $150M in equity

"In a release after the market closed on Monday, the Kansas City-based nonprime mortgage lender (NYSE: NFI) said affiliates of MassMutual Capital Partners LLC and funds managed by Jefferies Capital Partners IV LLC bought the convertible preferred stock and are committed, subject to certain conditions, to buy as much as an additional $101.2 million of any unsubscribed shares of a coming shareholder rights offering for a similar series of convertible preferred stock."

You also might want to check out this coverage of the deal over at Herb Greenberg's blog, which has turned into a bitter dust-up with NFI insiders.