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New Century Was Ticking Time Bomb: Examiner

Law360 (March 26, 2008, 12:00 AM EDT) -- Subprime lender New Century Financial Corp. engaged in improper behavior in its loan origination, operations, accounting and financial reporting processes in the run-up to the company's collapse, according to a report from a court-appointed bankruptcy examiner.

The 550-page report, unsealed by the U.S. Bankruptcy Court for the District of Delaware on Wednesday, is the result of an eight-month investigation by K&L Gates partner Michael J. Missal, who was tasked to examine any financial irregularities in New Century's books prior to the company's April 2007 bankruptcy filing....
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