Investment Co. Wins New Century Mortages For $58M

Law360, New York (May 4, 2007, 12:00 AM EDT) -- Hedge fund operator Ellington Management LLC’s $58 million bid prevailed on Friday in an auction of bankrupt New Century Financial Corp.’s mortgage loans.

Ellington, a private investment management company based in Greenwich, Conn., won a portfolio of home mortgage loans and related securities, according to law firm Skadden, Arps, Slate, Meagher & Flom LLP, which represents the company.

Attorneys could not be reached for comment on Friday.

New Century filed for Chapter 11 status on April 2, after admitting it was under investigation by the New...
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