Ambac Policyholders Protest Bankruptcy Plan
NEW YORK(TheStreet) -- Ambac Assurance policyholders are concerned that they could lose billions of dollars in Ambac Financial Group's (ABK) bankruptcy restructuring plan favored by Wisconsin regulators.
A press release issued by the The RMBS Policyholders Group says that regulators favor a plan that would put Ambac's net operating losses on the insurance subsidiary's balance sheet. The plan for rehabilitation can be viewed on a website for Ambac Policy Holders. Ambac Assurance holds policies totaling about $57.6 billion.
"The Group is dismayed to discover that not only has the OCI failed in its statutory obligation to protect policyholders, but arranged behind closed doors with AFG, its management and creditors to strip policyholders of valuable assets," the press release says.
--Written by Maria Woehr in New York.
To contact the writer of this article, click here: Maria Woehr.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV