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New Century Lobbies For $5M To Pay Legal Tab

Law360 (July 12, 2007, 12:00 AM EDT) -- New Century Financial Corp. has asked a bankruptcy court judge to allow its former executives to dip into $5 million of insurance money, with the embattled subprime lender claiming that the money is key to financing the ex-officers' legal defense against securities fraud charges.

On Tuesday, New Century asked the U.S. Bankruptcy Court for the District of Delaware to grant its insurers relief from the automatic stay so that they can provide the tarnished executives access to $5 million out of the $50 million in total...
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