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NEW CENTURY LIQUIDATING TRUST'S REPLY TO TWO NEW PEOPLE WHO SUBMITTED PROOF OF CLAIMS IN DE BKR COURT SEPT 2011

NEW CENTURY LIQUIDATING TRUST'S REPLY TO TWO NEW PEOPLE WHO SUBMITTED PROOF OF CLAIMS IN DE BKR COURT SEPT 2011

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Published by 83jjmack
THIS IS SEPT 2011 REPLY BY THE LAW FIRM RETAINED BY ALAN JACOBS, THE BANKRUPTCY TRUSTEE IN
THE NEW CENTURY MORTGAGE AND HOME123 CORP. BANKRUPTCY FILED IN DELAWARE ON 4-2-2007.

THESE ARE HOMEOWNERS WHO GOT THEIR LOAN ORIGINATIONS FROM NEW CENTURY MORTGAGE OR HOME123 CORPORATION.

THERE ARE MANY HOMEOWNERS WHO HAVE FILED CLAIMS AND ADVERSARY PROCEEDINGS UP IN DELAWARE AGAINST NEW CENTURY MORTGAGE AND HOME123 CORPORATION.

THIS IS THE TRUST'S REASONS WHY THESE TWO CLAIMS SHOULD NOT BE ALLOWED.

SEVERAL HOMEOWNER PRO SE'S HAVE NEGOTIATED CASH SETTLEMENTS OF OVER 55k IN CASH AND SEVERAL MORE ARE ORDERED TO MEDIATION FOR NEGOTIATIONS. THE CASH SETTLEMENTS FOR TWO OF THE PRO SE'S WAS DONE IN THE FALL OF 2010.
THIS IS SEPT 2011 REPLY BY THE LAW FIRM RETAINED BY ALAN JACOBS, THE BANKRUPTCY TRUSTEE IN
THE NEW CENTURY MORTGAGE AND HOME123 CORP. BANKRUPTCY FILED IN DELAWARE ON 4-2-2007.

THESE ARE HOMEOWNERS WHO GOT THEIR LOAN ORIGINATIONS FROM NEW CENTURY MORTGAGE OR HOME123 CORPORATION.

THERE ARE MANY HOMEOWNERS WHO HAVE FILED CLAIMS AND ADVERSARY PROCEEDINGS UP IN DELAWARE AGAINST NEW CENTURY MORTGAGE AND HOME123 CORPORATION.

THIS IS THE TRUST'S REASONS WHY THESE TWO CLAIMS SHOULD NOT BE ALLOWED.

SEVERAL HOMEOWNER PRO SE'S HAVE NEGOTIATED CASH SETTLEMENTS OF OVER 55k IN CASH AND SEVERAL MORE ARE ORDERED TO MEDIATION FOR NEGOTIATIONS. THE CASH SETTLEMENTS FOR TWO OF THE PRO SE'S WAS DONE IN THE FALL OF 2010.

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Published by: 83jjmack on Sep 22, 2011
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IN THE UNITED STATES BANKRUPTCY COURTFOR THE DISTRICT OF DELAWARE
IN RE:NEW CENTURY TRS HOLDINGS, INC.,
et al
., a Delaware Corporation,Debtors.
1
 Chapter 11Case No. 07-10416 (KJC)
Re: D.I. 10562, 10574 & 10575
THE NEW CENTURY LIQUIDATING TRUST’S REPLY TO RESPONSES RECEIVEDFROM CLAIMANTS RUSSELL AND GOINES REGARDING FORTY-SECONDOMNIBUS OBJECTION TO CLAIMS PURSUANT TO 11 U.S.C. § 502(b) AND FED. R.BANKR. P. 3001 AND 3007 AND LOCAL RULE 3007-1 [NON-SUBSTANTIVE]
The New Century Liquidating Trust (the “Trust”), by and through Alan M. Jacobs, as itsBankruptcy Court (as defined below) appointed Liquidating Trustee (the “Trustee”), respectfullysubmits this reply (the “Reply”) to
 Response to Omnibus Objection to Claims (Forty-Second)[Non-Substantive]
of Karan Russell [D.I. 10574] (the “Russell Response”) and
 Response toOmnibus Objection to Claims (Forty-Second) [Non-Substantive]
of Claimant Tiphanie Goines[D.I. 10575] (the “Goines Response”; together with the Russell Response, the “Responses”).
1
The pre-confirmation Debtors were the following entities: New Century Financial Corporation (f/k/a NewCentury REIT, Inc.), a Maryland corporation; New Century TRS Holdings, Inc. (f/k/a new Century FinancialCorporation), a Delaware corporation; New Century Mortgage Corporation (f/k/a JBE Mortgage) (d/b/a NCMCMortgage Corporate, New Century Corporation, New Century Mortgage Ventures, LLC), a Californiacorporation; NC Capital Corporation, a California corporation; Home123 Corporation (f/k/a The AnyloanCorporation, 1800anyloan.com, Anyloan.com), a California corporation; New Century Credit Corporation (f/k/aWorth Funding Incorporated), a California corporation; NC Asset Holding, L.P. (f/k/a NC Residual IICorporation), a Delaware limited partnership; NC Residual III Corporation, a Delaware corporation; NCResidual IV Corporation, a Delaware corporation; New Century R.E.O. Corp., a California corporation; NewCentury R.E.O. II Corp., a California corporation; New Century R.E.O. III Corp., a California corporation; NewCentury Mortgage Ventures, LLC (d/b/a Summit Resort Lending, Total Mortgage Resource, Select MortgageGroup, Monticello Mortgage Services, Ad Astra Mortgage, Midwest Home Mortgage, TRATS FinancialServices, Elite Financial Services, Buyers Advantage Mortgage), a Delaware limited liability company; NCDeltex, LLC, a Delaware limited liability company; NCoral, L.P., a Delaware limited partnership; and NewCentury Warehouse Corporation, a California corporation.
 
 
2
PRELIMINARY STATEMENT
1.
 
This Reply is submitted in further support of the New Century Liquidating Trust’sForty-Second Omnibus Objection to Claims Pursuant to 11 U.S.C. 502(b), Fed. R. Bankr. P.3001 and 3007 and Local Rule 3007-1 [Non-Substantive] [D.I. 10562] (the “Objection”) and inorder to refute various factual assertions and arguments advanced by claimants Karen Russell(“Russell”) and Tiphanie Goines (“Goines”; together with Russell, the “Claimants”) in theirrespective Responses. More specifically, the Trust submits that (a) the Claimants were unknowncreditors as of the Petition Date
2
and the date on which the Bar Date Notice was served, and, assuch, were entitled only to constructive notice of the Bar Date; (b) the constructive notice of theBar Date provided by the Debtors through publication of the Bar Date Notice in the nationaledition of 
The Wall Street Journal
and
The Orange County Register 
was in accordance withprevailing law and good and sufficient to satisfy the Claimants’ due process rights; and (c) theClaimants’ have not demonstrated sufficient factual evidence to permit the allowance of theirlate-filed claims as the result of “excusable neglect.”
REPLYI. As stated in the Objection, the Claimants were not known creditors of the Debtors’estates.
2.
 
As set forth more fully below and in the Objection, the Claimants were unknowncreditors because their identity was not “reasonably ascertainable” through “reasonably diligentefforts.” See Chemetron Corp. v. Jones, 72 F.3d 341, 346-47 (3d Cir. 1995). Rather, theClaimants have asserted claims which, as of the Petition Date and the date on which the Bar DateNotice was served, were merely “conjectural or future.” Id.
2
Capitalized terms not herein defined shall have the meanings ascribed to them in the Objection.
219910/005-2609667.4
 
 
3
A. Claimant Russell was an unknown creditor as of the Petition Dateand the date on which the Bar Date Notice was served.
3.
 
Claimant Russell argues that she was a known creditor and entitled to receiveactual notice of the Bar Date because New Century Mortgage Corporation (“NCMC”) “retainedan interest in [her] property as of the April 2, 2007 filing date of the voluntary petition.” RussellResponse, ¶ 3. According to the Debtors’ Books and Records, however, NCMC originated two(2) loans for Russell on August 17, 2006, one in the amount of $880,000.00 (the “Russell 80%Loan”) and the other in the amount of $220,000.00 (the “Russell 20% Loan”; together with theRussell 80% Loan, the “Russell Loans”). The Russell 20% Loan was sold to DLJ MortgageCapital, Inc. on December 19, 2006 as part of a wholesale transaction and was subsequentlyservice released to Select Portfolio Servicing on February 2, 2007. The Russell 80% Loan wasseized by Barclays Bank PLC (“Barclays”) on March 16, 2007 due to the Debtors’ default on acertain credit facility provided by Barclays Bank PLC and was subsequently service released toHomEq Servicing (now Ocwen Loan Servicing, LLC) on March 28, 2007 at the direction of Barclays. Thus, both Russell Loans were sold and/or transferred and service released before thePetition Date. Accordingly, from and after March 28, 2007, the Debtors did not have anyinterest (ownership, servicing, or otherwise) in the Russell Loans.4.
 
In support of her contention that Russell’s relationship with the Debtors continuedbeyond the origination of the Russell Loans, Russell attached to her Response an assignment of deed of trust, which she alleges was executed by NCMC on February 13, 2008. RussellResponse, Exhibit “B.” As an initial matter, the assignment attached as Exhibit “B” wasexecuted by Mortgage Electronic Registration Systems, Inc. (“MERS”),
as nominee for NewCentury Mortgage Corporation
. The assignment was not executed by the Trust or any of itsrepresentatives, and therefore, cannot be used to establish the existence of an ongoing

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