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July 8, 2013
18:40 EDTAMBCAmbac Financial says Detroit liabilities are obligations of general account
Ambac believes that the proposal put forth by the City of Detroit's state-appointed emergency manager, as well as the failure on the part of the State of Michigan to protect the status of general obligation bonds, is harmful to Detroit and the interests of taxpayers in Michigan. Ambac has hired Harrison J. Goldin of Goldin Associates to help advise Ambac on Detroit. Additionally, in response to investor inquiries on the matter, Ambac confirms that the liabilities associated with its Detroit insured exposure are obligations of Ambac's general account. Ambac honors general account claims with full, timely payments in accordance with the terms of such policies. Ambac's current insured exposure is Detroit limited tax GO $92.7M net par; and Detroit unlimited tax GO $77.6M net par.
News For AMBC From The Last 14 Days
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July 2, 2015
10:48 EDTAMBCOptions with increasing implied volatility
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05:28 EDTAMBCAmbac Financial comments on Puerto Rico events
Ambac Financial provide financial guarantees and other financial services, commented on recent concerns and events in Puerto Rico. Ambac Assurance confirms that all July 1 payments due on its insured Puerto Rico bonds have been paid in full by the relevant issuer. Ambac did not receive any claims from policyholders for non-payment of interest or principal on any outstanding debt issued by the Commonwealth. In response to recent comments from Puerto Rico officials, Nader Tavakoli, Interim president and CEO, said, "We continue to believe the Commonwealth is far better served by meeting its obligations rather than considering any default scenarios. Our team of professionals in New York, Puerto Rico and Washington are actively engaged in the situation. We will not tolerate any actions that could impair our interests and Ambac Assurance is ready to fully exercise all of its rights and remedies, if needed. If it were to become necessary, we are confident in our ability to pay timely principal and interest." As of March 31, Ambac had $5.8B of Total Claims-Paying Resources, including its wholly-owned subsidiary Ambac Assurance UK Limited. Total Claims-Paying resources are net of Ambac's statutory subrogation recoveries including $2.3B of estimated representation and warranty subrogation recoveries.
July 1, 2015
10:28 EDTAMBCOptions with increasing implied volatility
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June 30, 2015
11:13 EDTAMBCAmbac Financial volatility increases as shares pullback
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