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Thursday, March 08, 2007

NEW sinks on BK Speculation

by Calculated Risk on 3/08/2007 03:50:00 PM

From Reuters: New Century shares sink on bankruptcy speculation

New Century Financial Corp.'s shares fell by more than one-third on Thursday amid market speculation it would seek bankruptcy protection, a day after activist hedge fund manager David Einhorn quit the subprime lender's board.

New Century spokeswoman Laura Oberhelman said the real estate investment trust does not comment on market rumors.
A BK is definitely likely, and I wouldn't be surprised if a BK is announced at any time.