Trustee Fights Calls To Seal New Century Report

Law360, New York (January 3, 2008, 12:00 AM EST) -- The U.S. trustee overseeing the Chapter 11 proceedings of bankrupt New Century Financial Corp. has opposed moves to seal an examiner's report detailing events leading to the subprime lender's collapse.

The trustee, Kelly Stapelton, told the Delaware district court Wednesday that New Century, which last month cited attorney-client privilege in calling to keep the interim report under wraps, did not identify any specific communications that deserved protection from public scrutiny.

Stapelton argued that the failed lender bore the burden of detailing the privileged passages with “particularity.”...
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