Monday, February 12, 2007
New Century - Truth Is Stranger Than Fiction
Talk about dubious timing. On the heels of restating results and warning, a director of beleaguered subprime lender New Century Financial has unloaded shares of stock - 140,000 shares in the open market, or more than $2 mln worth! http://www.form4oracle.com/company?cik=0001287286&ticker=new. Yikes!!
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The sales reported in this Form 4 were effected pursuant to an agreement entered into in 2004 between the Reporting Person and a lender affiliated with the Reporting Person's broker. Under the agreement, the lender was permitted to sell the shares without any prior notice or demand to the Reporting Person. The Reporting Person was not aware that the shares were being sold until after the sales were completed.
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margin call
the thought crossed my mind late last night that the timing was so bad that there was no control over the timing. thanks for posting!
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