National Century Funded Bankrupt Companies: Execs

Law360, New York (February 13, 2008, 12:00 AM EST) -- Bankrupt National Century Financial Enterprises Inc. reportedly gave two health care companies millions of dollars beyond the receivables that NCFE had purchased, according to testimony by executives of the recipient companies, which then went bankrupt themselves.

The witnesses, both chief financial officers of the recipient companies, testified Tuesday in the U.S. District Court for the Southern District of Ohio, according to Columbus, Ohio-based media.

MediManagement CFO Bryan Weiss told the court that MediManagement, which owed a lot of unsecured debt to NCFE, operated week-to-week because it...
To view the full article, register now.