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Published in the OC Register’s mortgage blog is a copy of a letter from New Century co-founder Edward Gotschall to friends and family. Gotschall retired from New Century last year. It is authentic. Here is the full email:
Sent: Friday, March 16, 2007 12:51 AM
Subject: Situation UpdateHello to All:
Many of you have expressed your concern and offered your friendship during what has been a very trying time for my family, and I just wanted to take a second and thank you each for your concern and friendship. The New Century Story of the past 40 days has been quite amazing to experience and the carnage probably won’t end for some time. (So much for a calm retirement!) I do want you to know that I’ve got great attorneys working with me, a significant Directors and Officers Liability Policy with the company and the knowledge that I haven’t done anything wrong, something you wouldn’t be able to figure out if you read the papers or listen to the news.
One thing for sure: I’m way smarter today than I was 40 days ago, and I believe some good things will come from this. Susan and I will emerge with a stronger relationship than ever once this process is over. While the situation has been tough on both of us and we both have our down periods, we’re doing fine. The financial losses that we’ve suffered have provided the opportunity to evaluate what is really important. We are learning to look at what we have, not what we’ve lost. I think this is a good thing! We have been blessed more than most and have many things to be thankful for, including our friendship with each of you. We’ll grow from this experience and be better as a result.
I’ve been pretty tied up the past few weeks and probably will be for the next few weeks waiting for things to happen and decisions that need to be made at NEW, but hope to start re-engaging in real life after that time. Thank you again for your thoughts and prayers.
Ed
