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ABK AMBAC DRAADJE NUMMER 5 HET DRAADJE DAT ONS NAAR DE 2 BRENGT

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  1. [verwijderd] 13 april 2010 21:52
    KIJK UIT!!!

    Ambac Financial Shares Have ‘No Value,’ JPMorgan Says (Update1)

    (Adds Ambac comment on lack of capital in third paragraph.)

    By Shannon D. Harrington

    April 13 (Bloomberg) -- Shares of Ambac Financial Group Inc., the bond insurer that stopped paying some claims and said it may need to file for bankruptcy, have “no value,” according to JPMorgan Chase & Co. equity analysts.

    “We believe any investment in ABK shares at this time is highly speculative,” analysts led by Andrew Wessel in New York wrote today in a note to investors. Their comments came as Ambac stock jumped as much as 51 percent and extended a three-day climb in which it quadrupled.

    Ambac this month said it has “insufficient capital” to finance itself past the second quarter of 2011 and may need to seek bankruptcy protection.

    Wisconsin Insurance Commissioner Sean Dilweg last month seized $35 billion of Ambac’s risky mortgage insurance policies, saying he was seeking to keep the company afloat and forestall an “uncontrollable scramble for assets” among policyholders and counterparties.

    To pay claims from the mortgage guarantees, the bond insurer will issue a $2 billion secured note and additional surplus notes that will rank ahead of common shareholders and be “materially dilutive,” the analysts wrote.

    Pete Poillon, an Ambac spokesman, didn’t immediately return a telephone call seeking comment.

    Ambac rose 7 cents, or 3 percent, to $2.32 as of 2:25 p.m. in New York Stock Exchange composite trading, after earlier climbing to as high as $3.39. Shares have almost quadrupled since April 8, when the New York-based bond insurer reported a fourth-quarter profit of $558.1 million.

    --Editors: Richard Bedard, Charles W. Stevens

    To contact the reporter on this story: Shannon D. Harrington in New York at sharrington6@bloomberg.net

    To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

    bron:
    www.businessweek.com/news/2010-04-13/...
  2. welshterrier 5 8 juni 2010 10:26


    .Finance
    NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: ABK - News) (Ambac) announced today that it has commuted all of its remaining $16.4 billion of exposure to collateralized debt obligations of asset-backed securities (“CDOs of ABS”).

    The commutation agreement with several CDO of ABS counterparties provides that AAC will pay in the aggregate (i) $2.6 billion in cash and (ii) $2.0 billion of newly issued surplus notes of AAC. The surplus notes have a scheduled maturity of June 7, 2020. Interest on the surplus notes is payable at the annual rate of 5.1%. All payments of principal and interest on the surplus notes will be subject to the prior approval of the Office of the Commissioner of Insurance of the State of Wisconsin.

    Additionally, (i) certain non-CDO of ABS transactions with par or notional amounting to approximately $1.4 billion were commuted for cash payments of $96.5 million and (ii) it is expected that, subject to certain conditions, certain other non-CDO of ABS exposures with par amounting to a maximum of approximately $1.5 billion will be commuted within the next twelve months for a maximum amount of approximately $115 million of cash plus $60 million of surplus notes of AAC
  3. [verwijderd] 9 juni 2010 14:46
    Pre-market: 0.83 -0.24 (-22.42%)

    Ambac bondholders organize in prepack push -sources
    NEW YORK
    Tue Jun 8, 2010 6:47pm EDTStocks
    Ambac Financial Group, Inc.
    ABK.N
    $1.07
    +0.04+3.88%12:00am UTC+0200
    NEW YORK June 8 (Reuters) - Senior debtholders of troubled bond insurer Ambac Financial Group Inc (ABK.N) have formed a committee and will try to push the company toward a prepackaged bankruptcy filing, according to people familiar with the matter.

    The ad hoc bondholder committee, which includes hedge funds Centerbridge Partners, Halcyon Capital Management, Mangrove Partners and Camden Asset Management, have hired Morrison & Foerster as legal counsel and investment bank Lazard as financial advisor, these people said.

    Ambac, which is the holding company for Ambac Assurance Corp, has $1.24 billion in senior debt and the bondholders do not believe that there is much value in the company beyond that, these people said, declining to be named because the details are not public.

    Wisconsin regulators seized $64 billion of Ambac's worst assets in March from Ambac Assurance Corp, which is the company's operating unit.

    The bondholders intend to push the holding company to file a prepackaged-bankruptcy that would allow the bondholders to swap their debt for equity, giving them significant stock ownership of the company and likely wiping out current shareholders, the sources said.

  4. welshterrier 5 9 juni 2010 17:41
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    June 9, 2010, 9:53 a.m. EDT · Recommend (1) · Post:

    Ambac shares hit by bankruptcy fearsRelated stories
    Banks get cents on dollar from Ambac guarantees (June 8)
    Financial stocks climb after late-session rally (June 8)
    Financials try to shake three-day losing streak (June 8)
    Banks get cents on dollar from Ambac guarantees (June 8)
    Story
    Quotes
    Comments Screener (2) Alert Email Print ShareBy John Spence ABK

    1.101.000.900.800.700.608a9a10a11a12p1p2p3pBOSTON (MarketWatch) -- Shares of Ambac Financial Group Inc. /quotes/comstock/13*!abk/quotes/nls/abk (ABK 0.72, -0.35, -32.71%) were down nearly 20% in early action Wednesday as the stock again fell below $1. The bond insurer late Tuesday warned it has "insufficient capital to finance its debt service and operating expense requirements beyond the second quarter of 2011 and may need to seek bankruptcy protection." The company's senior debtholders have formed a committee and will attempt to steer the company toward a prepackaged bankruptcy filing, Reuters reported.
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