Ambac Rocky Balboa oder chapter 11
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Auch heute wieder in ganz besonderem Maße.
Da kann gepusht werden, was will, es nützt nix ....
GRINS !!!!
Und das ist guuuuuuuuut sooooooooo .........
Ambac Judge Rules Against RMBS Holders in Insurer’s Wind-Down
May 25 (Bloomberg) -- Ambac Financial Group Inc. clients who purchased protection on residential mortgage-backed securities lost a court bid to halt implementation of a state regulator’s plan to wind down the insurer.
Judge William Johnston made the ruling today in state court in Darlington, Wisconsin, according to a statement today from Commissioner Sean Dilweg’s office.
RMBS investors had objected to Dilweg’s plan to create a segregated account for their policies that would pay them 25 cents on the dollar in cash for their claims, in addition to surplus notes that may be redeemed later if Ambac has sufficient funds. Critics of Dilweg’s plan said it favored banks that purchased protection separately for collateralized debt obligations.
Begründung kann sich jeder aus den folgenden Zeilen entnehmen:
Ambac to pay banks $2.6 billion
http://www.jsonline.com/business/94888954.html
Darlington — A deal to pay 14 of the world's largest banks $2.6 billion as part of the restructuring of Ambac Assurance Corp. was approved Tuesday by a Lafayette County circuit court judge.
The deal - the first in what will be a long and complicated case - will provide the banks about $2.6 billion in cash and $2.6 billion in debt. Ambac owes the banks a total of $12.9 billion.
The deal was brokered by state Insurance Commissioner Sean Dilweg, who is controlling about $67 billion in troubled insurance policies issued by Ambac, a company that created the business of insuring municipal bonds but in recent years branched out to the high-risk world of insuring bonds backed by subprime loans.
After a 3½-hour hearing in a humid courtroom packed with 50 lawyers from across the country, Circuit Judge William D. Johnston ruled in favor of Dilweg and Ambac and against bondholders who objected to the deal. Objections were raised by bondholders who owned securities backed by subprime loans and by bondholders who financed the construction of a monorail in Las Vegas, a project now in Chapter 11 bankruptcy.
"I give great deference to the role of the commissioner of insurance" and the expertise of the office, which has been working with Ambac for more than two years, Johnston said.
Johnston's ruling allows payments to banks including Citibank, The Royal Bank of Scotland, Barclays Bank and Banco Bilbao Vizcaya Argentaria, a Spanish banking conglomerate.
"I'm very happy with the decision," said Dilweg, whose employees and consultants have spent thousands of hours working on the Ambac deal. "The steps we're taking here are aimed at preventing billions of dollars of losses."
When Dilweg took control of Ambac's troubled assets, the move was meant to deal with the company's high-risk policies while keeping separate - and protecting - its much safer lines of business, including its insuring of conservative and highly rated municipal bonds, valued at about $285 billion.
If approved, he predicted that a larger "rehabilitation plan" for the $67 billion would be in place by this summer.
If not, the case will be "mired in contentious second guessing of the Insurance commissioner ... and more billable moments, just like today."
The case is so complex that even determining the value of Ambac assets required the firm to hire BlackRock Solutions, an expert in appraising complex financial products. Much of its work remains confidential.
"I saw all of the Armani suits, so I knew something was up," cracked one Lafayette County sheriff's deputy.
Muss man noch mehr sagen, als hier steht?
Ambac Richter entscheidet gegen Mortgage Bond Holders in einer Wind-Down
26. Mai 2010, 12.39 Uhr MESZ
http://www.businessweek.com/news/2010-05-26/...rs-in-a-wind-down.html
deine beiträge sind ja auch sehr aufschlussreich!!!
:))))
Written on Fri, 05/28/2010 - 2:48am
By Chip Brian
Below are the top five companies in the Property & Casualty Insurance industry as measured by beta. Higher-beta stocks mean greater volatility and are therefore generally considered to be riskier but also may provide the potential for higher returns.
MBIA (NYSE:MBI) ranks first with a beta of 2.5; Ambac Financial (NYSE:ABK) ranks second with a beta of 2.3; and Assured Guaranty (NYSE:AGO) ranks third with a beta of 2.1.
XL Capital (NYSE:XL) follows with a beta of 2.1 and CNA Financial (NYSE:CNA) rounds out the top five with a beta of 1.6.
SmarTrend is bearish on shares of ABK and our subscribers were alerted to Sell on April 28, 2010 at $1.72. The stock has fallen 44.2% since the alert was issued.
Ich habe es doch gewusst, und darauf gesetzt.
Der Nahme = Programm
Pfandbrief = langweiliger Pessimist (no risk, no fun)
Marlboro = The Real Life.
Dieses Mal warte ich bis sich der Geschmack voll entfaltet.
gez.
Chance 2, Risiko 1
www.AnxiousTradesNow.info
sekko1982