This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Plan Of Rehabilitation Filed By Wisconsin Commissioner For Segregated Account Of Ambac Assurance Corporation

Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today that the Wisconsin Office of the Commissioner of Insurance (“OCI”) has filed its Plan of Rehabilitation for the Segregated Account of Ambac Assurance Corporation (“the Plan”) in Dane County Circuit Court in Wisconsin.

The Segregated Account of Ambac Assurance Corporation (“Segregated Account”) was established on March 24, 2010, at the direction of the OCI to segregate certain liabilities, primarily policies related to credit derivatives, residential mortgage-backed securities and other structured finance transactions. Policies totaling approximately $57.6 billion of net par outstanding at June 30, 2010, have been allocated to the Segregated Account.

Before the Plan can become effective, it must be confirmed in Wisconsin courts and OCI has stated that it anticipates that the court will schedule a hearing shortly to consider confirmation of the plan. Claims on Segregated Account policies remain subject to a payment moratorium until the Plan becomes effective. The Plan provides that, once it is effective, holders of permitted policy claims will receive 25% of their permitted claims in cash and 75% in surplus notes with a scheduled maturity of June 7, 2020 and bearing interest at 5.1%.

The Plan, along with the Plan Disclosure Statement, supporting exhibits and other information (including schedules of court hearings) can be found on OCI’s web site at

About Ambac

Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac's principal operating subsidiary, Ambac Assurance Corporation, a guarantor of public finance and structured finance obligations, has a Caa2 rating under review for possible upgrade from Moody's Investors Service, Inc. and an R (regulatory intervention) financial strength rating from Standard & Poor's Ratings Services. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs