Trustee Balks At New Century's Accountants

Law360, New York (June 13, 2007, 12:00 AM EDT) -- A U.S. Trustee has objected to New Century's bid to hire Grant Thorton LLP as a tax accountant and ICP Consulting LLC as a liquidation advisor, saying that engagement letters with the firms contain provisions that courts have previously not allowed.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, counsel for U.S. Trustee Kelly Beaudin Stapleton also asked Grant Thorton to give back some money it earned from New Century prior to the sub-prime lender's bankruptcy filing.

The motion...
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