As Deborah McDermott negotiates a new contract to continue as president of the former Young Broadcasting, she filed court papers this week to protect her interests, in case a deal is not reached. That move was unexpected; the new owners of the company have placed their faith in the well-regarded executive. Her new contract is not likely to be as lucrative as her previous one. That deal, inked in 2007, had a beginning base salary of $737,000, with the potential for a bonus that could exceed $1.1 million.