Bankrupt New Century Financial Corp. says its debtors have submitted $32 billion in claims, meaning that the company has nothing left for shareholders.
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New Century has 55 million outstanding shares. The stock of the company that called itself “A New Shade of Blue Chip,” peaked Dec. 15, 2004, at $65.95 a share. Now traded over the counter, New Century closed Friday at 1.7 cents a share, down 0.05 cent.
Assuming the number of shares was the same at the peak, the company then had a market cap of over $3.5 billion.
Now zero.