Ambac Rocky Balboa oder chapter 11

storm, gbrw, leopard und marlboroman für die tollen Infos und dass Ihr immer am Ball seid...
Leider kann ich storm,gbrw leopard momentan nicht bewerten, weil Ihr wohl schon ne grisu-overload Sterneschar habt:-)))  

Deine damalige Kündigung wird es wahr werden Marlboromann :)

ambac und Policyholders haben sich darauf geeinigt, dass  die fällige Zinszahlung von ambac durch ihre Stammaktien eingezahlt wird..

Dafür gibt ambac einen Antrag zu CH11 court. Es gibt einige gesetzliche Hindernisse für diese Aktion.

wir werden sehen. Ich hoffe CH11 court diesen Antrag akzeptieren

 

 

http://www.ambac.com/pdfs/bankruptcy/Motion_to_Approve.pdf

 

Seite 21

die Vereinbarung lautet;

Stipulation
1. To the extent applicable, the automatic stay is modified as follows:

(i) The Purchase Contracts and the Pledge of Collateral by Equity Unit
Holders are hereby terminated; and

(ii) BNYM, in its capacities as collateral agent, custodial agent, securities
intermediary, and purchase contract agent, is permitted to transfer (a) each
Corporate Unit Holder’s pro rata share of the 9.50% Senior Notes
Collateral to such Corporate Unit Holder, free and clear of the Pledge, and

(b) each Treasury Unit Holder’s pro rata share of the Treasury Securities
Collateral to such Treasury Unit Holder, free and clear of the Pledge
pursuant to the terms of the Purchase Contract Agreement.

Erst diesen Antrag muss von der CH11court  agreement werden.

 

Jede soll bitte selbst übersetzen. Ich habe keine Zeit, dafür entschuldige ich mich.

 

 

 

kommen von mir, daher kann ich dir kein weiteres Sternchen geben.  

Hat jemand eine Einschätzung?  

der kurs stagniert oder geht gar weiter runter :(

 

ich denke (befürchte), dass wirklich relevante Entscheindungen (z.B. bzgl  der IRS Rückforderung von  700 Mio oder bzgl der eingereichten  Klagen zB. gegen BoA) erst Anfang nächsten Jahres FRÜHESTENS fallen werden.

...und bis dahin glaube ich, dass sich kurstechnisch bestenfalls eine Seitwärtsbewegung ergibt...mit manchen Tagen im Minus., mit manchen im Plus...oder aber insgesamt eine leichte Abwärtstendenz in Ermangelung von relevanten Nachrichten.

Bei den Banken bin ich mir sicher, dass die auf Zeit spielen...ganz frei nach dem Motto, wer den längeren Atem hat....mit dem IRS, das kann ich nicht einschätzen!

Kurz und gut: ich rechne, dass noch Zeit ins Land gehen wird.....und versuche mich in Gelassenheit zu üben.:-)))  

 

Company/Ticker	Estimated Loss (bil)	Per Share*	% Tangible Book Value
Bank of America /BAC	$35.2	$2.11	17%
JPMorgan Chase /JPM	23.9	3.59	13
Deutsche Bank /DB	14.1	12.56	21
Goldman Sachs /GS	11.2	12.43	11
RBS Greenwich /RBS	9.4	0.10	12
Credit Suisse /CS	8.9	4.50	22
UBS /UBS	8.4	1.32	15
Morgan Stanley /MS	7.9	3.37	14
Citigroup /C	7.8	0.16	4
Barclays /BCS	3.6	0.18	3
HSBC /HBC	3.5	0.22	2
Total	133.8
* After-tax. Sources: Compass Point Research & Trading LLC; Bloomberg; Inside MBS & ABS Asset Backed Alert

The monoline bond insurers such as MBIA (MBI), Assured Guaranty (AGO) and now bankrupt Ambac have likewise notched a few victories on the mortgage putback front. These insurers provided credit enhancement for the mortgage-bond offerings. Their wins bode well for garnering a substantial portion of the nearly $6 billion in anticipated recoveries of insurance-claim losses they've booked on their respective balance sheets. MBIA, for example, has been able to fight off several attempts to dismiss its reps and warranties-based case against Countrywide and its parent, Bank of America (BAC), in New York Superior Court and is now progressing toward trial. The suit, originally filed in 2008, is being closely watched.

 

Assured Guaranty, meantime, has gone granular, negotiating directly on a loan-by-loan basis with the banks whose mortgage-backed pools it insured. On a recent conference call, Assured execs said that the insurer had already won over $400 million in recoveries and found serious rep and warranty breaches on some $4.7 billion out of the $5.3 billion in insured mortgages it had reviewed. It plans to examine some $20 billion in insured mortgages before it winds up the effort. So, given its claimed 80% success rate on the mortgages it has already put back and settled, one can assume that its recoveries will dramatically exceed the $1.4 billion in future rep and warranty benefits it now expects.

online.barrons.com/article/SB50001424052970203676504575618621671054514.html

 

sehr wichtig erhalte:

The Debtor issued $250,000,000 in aggregate principal amount of 9.50% senior
notes due on February 15, 2021 (the “9.50% Senior Notes”) pursuant to the Indenture and
Supplemental Indenture. Further, the Debtor issued 5,000,000 Corporate Units (the “Corporate
Units”) pursuant to the Purchase Contract Agreement. Each Corporate Unit has a “stated
amount” of $50 and consists of
(i) a Purchase Contract (each, a “Purchase Contract”) which obligates the
holder thereof (the “Holder”) to purchase, and obligates the Debtor to sell
to such Holder, newly issued shares of the Debtor’s common stock (the
“Common Stock”) on May 17, 2011 (the “Purchase Contract Settlement
Date”); and
(ii) a 5% interest in $1,000 in aggregate principal amount of the 9.50% Senior
Notes (the “9.50% Senior Notes Collateral”), to be held by BNYM, as
collateral agent, to secure Holders’ obligations to purchase Common Stock
pursuant to the Purchase Contracts (the “Pledge”).
5. Each Corporate Unit Holder had the option to convert its Corporate Units into
Treasury Units (the “Treasury Units”) by substituting the 9.50% Senior Notes held by BNYM, as
collateral agent, with zero-coupon U.S. treasury securities (the “Treasury Securities”) of an equal
amount (the “Treasury Securities Collateral,” and together with the 9.50% Senior Notes
Collateral, the “Collateral”). Under certain circumstances, Treasury Unit Holders could reconvert
their units into Corporate Units. The Corporate and Treasury Units are referred to
collectively as the “Equity Units.”  

Ambac und Gläubiger haben sich damals auf dem Vertrag vereinbart, dass Gläubiger ihre Anforderung mit den Ambac-Stammaktien beglichen konnte.

i) a Purchase Contract (each, a “Purchase Contract”) which obligates the
holder thereof (the “Holder”) to purchase, and obligates the Debtor to sell
to such Holder, newly issued shares of the Debtor’s common stock (the
“Common Stock”) on May 17, 2011 (the “Purchase Contract Settlement
Date”

 

Nach diesem Paragraf wird die Zinszahlung mit den Atammaktien auszahlen.

 

 Anleihen 2023  für 250 millionen wird neue organiziert werden.

 

was bedeutet dies denn jetzt für uns konkret?????
das müsste doch gut sein für uns, oder???
danke für antworten!!!  

Die Vereinbarung geht erst allein um die %9,5 Zinszahlung und Treasury Securities!
Sie garantieren erstmal diesen Punkt. Nicht mehr nicht weniger.

This Stipulation relates solely to the Equity Units and otherwise leaves unimpaired
the rights of all parties in respect of the 9.50% Senior Notes and Treasury Securities

seite 21

es geht nicht direkt um die 2023 fällige 250 milionen Anleihen.
 

 

wie geht es hier weiter?  

sieht sehr interessant aus.  

(ironie)

bist du schon investiert?  

vom Anfang an, ganze Problematik ging es um nicht  die Zinszahlung.

alles geht um die Asessts vom ambac besonders NOL unter CH11 zu schützen, weil die ganze Vermögen von Ambac unter der Kontrolle von OCI gestellt sind.

seit der Berufung CH11 hat ambac richtig mehrere Aktion gleichzeitig gestartet.

erst Klage gegen IRS( US finanzamt)

und dann

im oktober 17 und in november 12 zusäzliche RMBS,Aufgrund des Vertagsbruchs durch die Banken wurde neue Klage gegen BAC, CITI...geöffnet

 Momentan brauchen wir nur Geduld das Resultat zu sehen

 

Ich sagte ja, dass ABK 12% oder etwas mehr an neuen Aktien den Gläubigern geben will um die Anleihen bedienen zu können.  

ja ich in dabei, mein ek sind nun gesenkte 0,20 etwa. toll. ich hoffe dass es im neuen jahr mal einen ordentlichen rumpler macht und zwar geschoßmäßig nach oben sonst könnt es sein das ich mich ärger. das will ja keiner. mfg

nach oben ist immer gut :D  

Bis zum schuß nach oben,kann es von mir aus ruhig noch auf leaman kurs fallen.

 

Dilweg, whose tenure expires in January, is currently seeking approval of a rehabilitation plan for the walled-off assets that he filed in October. The plan offers policyholders a quarter of their permitted claims in cash and the rest in notes backed by the insurer’s surplus. The notes bear a 5.1% coupon and mature in 2020.

“If you have a security that is paying out $100,000 each month on an RMBS, you would get $25,000 in cash and $75,000 in surplus notes [each month],” Dilweg said.

The rehab plan was under review last week by a state court in Dane County, Wis. The court is expected to come to a decision by Nov. 30, and Dilweg hopes the separate account could begin paying claims as early as January.

Kimberly Shaul, deputy commissioner at the OCI, said a commutation agreement is a possibility for all policyholders in the segregated account, not just the monorail credit.

“All policyholders in the segregated account will be paid in accordance with the rehabilitation plan, if it is approved,” she said. “But if, because of business or economic reasons, they want to close off the risk, we can consider a commutation agreement.”

The potential settlement comes at a tumultuous time for Ambac, which for decades was the second-largest municipal bond insurer.

Ambac Financial Group, its parent, rushed into bankruptcy protection earlier this month to avoid a tax dispute with the Internal Revenue Service. The IRS was seeking information about how it calculated the size of tax refunds which it already received, totaling $708 million.

Debtholders of Ambac Financial cannot access the assets of Ambac Assurance, but the IRS is unique in that it has the power to obtain a lien on the liquid assets of the holding company and all its subsidiaries.

Ambac Assurance held $6.8 billion of assets as of Sept. 30. To protect those assets, Dilweg on Nov. 7 allocated into the segregated account any liability that Ambac Assurance may have to the IRS or the Treasury. The parent filed for bankruptcy the next day.

If the two events were reversed, it would have been “very problematic” for Ambac Assurance, he said.

Under Wisconsin insurance law, there are six classes of preferences in rehabilitation, led by administrative costs and policyholder claims. Dilweg’s role is to treat policyholders first, shareholders last. Tax-related claims are subordinate to policyholder claims, so the concern with the IRS getting involved was that it could potentially override his priorities.

“The last thing we wanted to see was a situation where a bankruptcy court would jump over the policyholder and draw down assets of the insurance company,” Dilweg said. “We have not allowed a payment up to the holding company in 18 months — that’s why they are going bankrupt. So the last thing I wanted was for shareholders reaching down into the insurance company.”

Ambac Financial, which was delisted from the New York Stock Exchange last week, relies on revenue from the insurer to operate.

Subordinating the IRS claims into the segregated account has some precedent in the federal McCarran-Ferguson Act of 1945, Dilweg said. The act gives states the authority to regulate insurance businesses without interference from most federal regulations.

“All issues related to insurance are state regulated,” Dilweg said. “The federal government can’t trump that.”

The tax refunds previously collected by Ambac Financial went directly to the general account of Ambac Assurance, based on a tax-sharing agreement that Dilweg said dates back to 1991. He said he is “very confident” the insurer will be able to keep the tax refunds.

If the pending rehab plan is rejected by the Wisconsin court, Dilweg would presumably have to come up with a tweaked plan, guided by the state judge. The judge has already approved an outline of the rehabilitation and issued an injunction on the RMBS payments, so there is reason to be confident that the more detailed plan will be accepted.

“He’s shown great deference to the administrative agency,” Dilweg said of Judge William Johnston. “He’s looking to us to really prove the due diligence that we’ve done.”

Once the plan is in place, the state court would review the 1:3 cash to notes ratio every June and make adjustments depending on where Ambac’s balance sheet stands and how quickly its portfolio is deteriorating.

“In two years, people could be getting 50 cents in cash and 50 cents in notes,” Shaul said. “The whole plan has developed to give us flexibility, because no one can predict what our economic future is going to look like over time. This is a perfect methodology to allow for that flexibility.”

In other Ambac news, the insurer said Thursday it would be reviewing RMBS loans and seeking putbacks — or compensation from mortgage loan originators — where warranted.

Ambac's former competitors, MBIA Inc. and Assured Guaranty Ltd., are each seeking to recover billions of dollars from putbacks.

“AAC believes, based on its review, that the sponsors of these securities are obligated to pay sums, which may in certain cases be material, to the issuers of some or all of the RMBS,” Ambac Assurance wrote in a filing to the Securities and Exchange Commission.

http://www.bondbuyer.com/issues/119_473/...as_monorail-1020202-1.html  

mit ner kleinen Posi rein....  

noch einen ziemlich gesunden chart und glaube nicht dass die Jungs ABK fallen lassen werden, sind zuviele Rattenschwänze dran genau wie bei AIG, wir werden es sehen  

sehr guter Beitrag, ich danke dir.

"Ambac Financial Group, its parent, rushed into bankruptcy protection  earlier this month to avoid a tax dispute with the Internal Revenue  Service. The IRS was seeking information about how it calculated the  size of tax refunds which it already received, totaling $708 million."

oben wird es geklärt, warum IRS  ambac-NOLs geblockt hat, aber es ist eigentlich ein formaler Grund.

Ambac hat bei der Kalkulation von NOLs statt Guide 2005 guide 2008 verwendet.

 

Eigentlich der wahre Grund für die Blockade liegt darin, dass IRS sich  nicht nur für AFG sondern auch für AAC verpflichtet fühlte.Rehabiltion court und OCI hat den IRS bestimmt unter Druck gesetzt.

"Debtholders  of Ambac Financial cannot access the assets of Ambac Assurance, but the  IRS is unique in that it has the power to obtain a lien on the liquid  assets of the holding company and all its subsidiaries."

 

und Ambac hat als die Gegenmassnahme zum Schutz CH11 berufen, um ihre NOL gegen den Anspruch von OCI zu schützen. Erst ab nächtes Jahr wird richtig NOLs zwischen den OCI und AFG diskutiert. Nach der Vereinbarung oder Verhandlung werden sie wahrscheinlich aufteilen.