before they went into bankruptcy. It must be nice to file bankruptcy, get rid of the old share holders and come out as a new public company claiming a founding date of 1971. And people want to know why trust is in question when it comes to the financial markets. Wish you guys the best and hope they don't do to you what they did to me. All JMHO.
As a shareholder and former owner you should have been liable for all of the debts that were discharged through bankruptcy. You were a part owner in this company who failed to repay your creditors when you and the other owners filed for bankruptcy. The old shareholders like you are the ones who got off without paying your liabilities. Do you not understand that you were an owner and thus responsible for the former AMBACs liabilities as well? You should be happy that your debts were cancelled by the courts.
I held AMBAC preferred stock (ABK?) and received shares in the new entitiy (AMBC) which now exceed the value of my initial investment. I assumed all shareholders did. Is that not the case? Shareholders are never liable for a corporation's debts, as stated. That's part of the definition of what a corporation is (as well as limited liability entities).
Bondholders are first in line to be paid off if the company goes out of business but bankruptcy is a different animal and anything can happen (GM was a good example).
This bankruptcy was very complicated. I was not able to fully understand it.
Lol what you complain about. I bondholder, too you know bondholder do good most time in corp chapter 11. What you talking about. Shareholder creditor, too just last in waterfall - but shareholder never have to repay unpaid debt. How you say "got off without paying liabilities". Shareholder never have to pay liabilities of company, other than losing stock, that the law, no one would buy shares otherwise., too too risky. Blame management for doing good for bondholder but not for shareholder. Management have duty to shareholder, too but chapter 11 lot of time mean management decide to screw shareholder. That the way it works, too bad but it just reality.