Greenlight Seeks Seats on New Century Board
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New Century Financial Corp.’s largest shareholder, Greenlight Capital Inc., seeks to oust three members of the real estate investment trust’s board and seat its own slate.
Shares of Irvine-based New Century have languished because of a “history of capital misallocation,” Greenlight President David Einhorn said in a letter included in a filing with the Securities and Exchange Commission. New York-based Greenlight has called on New Century to vary its investment strategy and to consider share repurchases.
Putting Greenlight’s nominees on the board, including Einhorn, would not be in the best interest of shareholders, New Century Chief Executive Robert K. Cole said in a statement.
New Century shares, down 25% in the last year, rose 58 cents to $40.
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