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New Century Financial Executive Changes Reported Dana Stipulation Approved  Monitor Oil Objections Filed
New Century Financial Executive Changes Reported
According to documents filed with the SEC, New Century Financial's chief financial officer, Michael Tinsley, tendered his resignation effective as of December 28, 2007. Also, the documents state that on December 19, 2007, the Company's board of directors appointed Jamie Lisac as the Company's chief financial officer, effective as of December 28, 2007. As previously disclosed, the Company has engaged AP Services pursuant to an agreement between the Company and AP Services. Pursuant to the letter agreement, the Company will compensate AP Services at a rate of $565 per hour for Mr. Lisac's services (including for his services as chief financial officer). Mr. Lisac is independently compensated pursuant to arrangements between AP Services. Mr. Lisac will not receive any compensation directly from the Company and will not participate in any of the Company's employee benefit plans.
Dana Stipulation Approved
The U.S. Bankruptcy Court approved a stipulation among Dana and its official committee of unsecured creditors regarding the Debtors' January 15, 2008 pension funding payment. According to documents filed with the Court, the payment will not exceed $1.02 million, and the stipulation provides only for the January 15, 2008 payment and not additional future contributions.
Monitor Oil Objections Filed
Credit Suisse, Cayman Islands Branch (as administrative agent for the second lien lenders) and Monitor Oil filed with the U.S. Bankruptcy Court separate objections to the motion of the ad hoc committee of bondholders seeking to compel the Debtors to pay over cash collateral to the lenders under the second lien credit agreement. The Credit Suisse objection asserts, "It is clear that the Bondholders are sabotaging the Debtors' chapter 11 cases on the basis of a pure intercreditor dispute." The Company's objection maintains, "The motion asks this Court to grant extraordinary relief to benefit only the interests of the Bondholders. It should be denied." The Court is scheduled to consider the bondholders' motion on January 7, 2008.
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