Judge OKs New Century Bonus Payouts

Law360, New York (May 29, 2007, 12:00 AM EDT) -- A bankruptcy judge has given the green light to New Century Mortgage Corp.'s key employee incentive plan in a move that will see the bankrupt subprime lender shelling out bonuses to its top officials, despite critics who called the plan excessive.

U.S. Bankruptcy Judge Kevin J. Carey signed off on the plan on Friday after finding that it was designed to “appropriately compensate the plan participants to ensure that they remain motivated to perform the requisite tasks to effectuate the asset sales of the debtors' businesses,”...
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