Significant Nova news

The Yomiuri provided some late night/early morning articles that certainly woke us up: According to one article, Nova President Nozomu Saruhashi failed to show for an emergency board meeting and was dismissed by the other board members. Board member Katsuichi Watanabe is now apparently in charge of the firm.

A second article tells us that Nova’s debts are not around 5 billion yen, or the 20 billion or so yen I had been talking about. Rather, Nova’s debts are somewhere in the neighborhood of 50 billion yen. The firm apparently intends to petition the government for help under the Corporate Rehabilitation Law.

More on this story as news develops.