In the following lines I want to make you understand that AMBAC is not really insolvent.
AMBAC is a U.S. monoline (IFA) with an operating subsidiary based in London with AAC.
2010 wrote of the U.S. monoline be directed investment in the AAC over $ 2.1 billion, resulting in a tax credit was of $ 750 million. This money was reinvested in the form of a bond in the AAC. The IRS denies that this reservation was lawful and fights the binding of the NOL on the shares.
What is behind the attack, the IRS is hidden
The posting of AMBAC was after the examination of several independent institutes legal. But the attack by the IRS really does not aim to start at $ 750 million back-tax demand of AMBAC, but to make the artificial Rückfoderung AMBAC poorer than it is and thus to send them into bankruptcy. The background is the Anleihbesitzern. Large banks usually have the bonds. In this case had been set by an auction in 2010, the CDS-bond is only 10 cents worth of $ 1 will be, but while the value of the bonds is much higher. Bonds are not subject to mandatory reporting. Therefore, it is possible that a bank holds as 20% of the bonds of a company, this is not required to report, at the handover to the creditors but benefited massively. As Ambac's shares in 2010 but apparently the storm made it as the Citigroup bought 50 million of 302 million shares of AMBAC staggered in several branches on. But when the company under a false flag attack by the IRS had filed for bankruptcy, there was one which the creditors were clear on the train. We do not know exactly who is holding the number of bonds Ambac now. But we know what the real value of bonds and this is not at 10 cents on the dollar, but at 1.80 on the dollar (180%): To prove the Anleihkurs of secured loans, so the shadow markets http://www.aktienbase.de/index.php?page=Attachment&attachmentID=645&h=5a6972d0fc19cb73aa60c8531275875b261c8c60 .
The real capital structure, the Ambac with $ 1.45 billion in the black is
You can read in Q2 Ambac currently has $ 3,724.5 million in reserves and the overall deficit of shareholders shall be at $ 2.08 billion. Are you confused?
Let's pull the numbers from which they shall deceive 1.7 billion for the secured creditor and 800 million for the IRS, then we have no deficit for shareholders, but a surplus of 500 million dollars (-2.08 +1, 7 +0.8 = 0.5).
With reserves of $ 3.7 billion U.S. dollars could be triggered immediately segregated account, which the latter consists of fixed Foder of $ 2.1 billion. And guess what? The OCI does this even now since http://ambacpolicyholders.com/court-filings/ document http://ambacpolicyholders.com/storage/co%E2%80%A6ac%20Motion.pdf
But then remains from Q2 of the first $ 3.7 billion less $ 2.1 billion has $ 1.6 billion U.S. dollars left, and the receipts from July and August (to September + $ 200 million dollars).
With this $ 1.8 billion in AFG AMBAC plaintiffs could be paid because the AAC by the closing of the segregated accounts to 100% under the control of AFG and is again at the will of AFG funds can be transferred free of the AAC.
Now Reuters reports in an article about it. But I want to comment on one particular point, the dispute over the tax credit between the holding company and the subsidiary. One can not say enough thank Wallis that he has tied the tax credits on the shares, because there are only two ways to change this:
1st The company is dissolved, which means all assets are sold. This is also demanded in its EC Freedberg end of 2010 before the Court. Then the shareholders 12 to 18 dollars per share would receive.
2nd The subsidiary company is separated from the holding company. This would require the subsidiary of the holding company reflect the money that had been reinvested in the tax credit in the subsidiary. We're talking about a depreciation of 2.1 billion + x, resulting from borrowing 1.6 billion and 500 million in equity capital and X is from about 2.5 billion capital increase. Of this tax credit ABK had received 1.4 billion in back taxes. For this reason saw the first redevelopment plan in the separation 750 million for the holding company. This is the sum which the IRS would like to have of ABK, but was packaged under the old regulator in the segregated account with, so that the IRS had to always make their claim to this segregated account. Since the IRS as the tax office of NexYork unsecured creditor is the IRS has to be able to get a problem just 1.5%. In this case, there are approximately $ 2.48 per share
NEW YORK, Sept 1 (Reuters) - Ambac Financial Group Inc. will pay $ 3.2 million New York City to resolve tax claims by the city's taxing authority, avoiding potentially crippling liability as it works to emerge from bankruptcy.
The New York City Department of Finance in December had submitted a $ 116.8 million claim against the bond insurer for taxes owed between 2000 and 2010th
That claim was based on intercompany interest income and other expenses that the city sought to disallow.
The proven claim, Which enjoyed priority status, would have to have been paid in full before any restructuring plan could go forward, a hurdle that may have insurmountable, Ambac said in court papers on Thursday.
"Ambac lacks the resources to make a $ 116.8 million cash payment at this time," it said. "Allowance of the tax claim in full would severely impair ..., if not render impossible, Ambac's ability to emerge from bankruptcy."
The settlement, quietly Which needs court approval, calls for Ambac to pay $ 2 million in cash immediately and surrender $ 1.2 million in tax credits, and avoid litigation that may have cost more than the settlement itself, Ambac said in the court documents.
Spokesmen for Ambac and the city taxing authority declined to comment on Thursday.
Debt once the nation's second-largest bond insurer, Ambac is trying to climb out of bankruptcy after suffering large losses insuring risky mortgage.
The company has proposed a restructuring plan that would give senior debt holders most of the equity in a restructured company. Subordinated debt holders would receive warrants, while equity holders would be wiped out.
Ambac also is locked in a battle with its Ambac Assurance Corp. unit over Which entity is entitled to benefit from certain net operating losses.
It also faces resistance from Wisconsin's insurance regulator over the plan's treatment of a special account created to govern some of Ambac's most risky policies. If Ambac can not resolve those disputes, it may have to liquidate or deco solo date.
A hearing to consider Whether creditors can vote on the restructuring plan is tentatively scheduled for October 5 and 6
too bad gregdines...you've always been a piece of shyt....you refuted all I SAID about takefuji...AND I was the only one WHO said takefuji was going to help AMbac alot....BUT, gregines----ggger, darthq-----eeer, senafar, gavinmaggot and company always put me down...ALL in aaaaaalllllll if you owned shares as of the bk filing in Nov, 2010, you will have a part in the claim for the plaintiff as soon as all the monies can be tallied. It's clear NOW that Ambac wants to hide what they have and where they have it....but 300mln shares will get about $10/sh or more as soon as a quality law firm gets to work for the shareholders and files......again...I told you so....imho..
Why the box office of the AAC has 900 million more in reserves than you think
Not knowing of the AAC Takefuji over $ 900 million in July Dollor referred by Takefuji got. Thus, the amount of reserves currently at about $ AAC $ 4.8 billion ($ 3.7 + $ 0.2 + $ 0.9 = $ 4.8). So there still 1.1 billion of reserves in the AAC remained. This is a result of a transaction between Takefuji and AMBAC taught from 1999 from Merrill Lynch, which AMBAC calls since the collapse of Takefuji 302 billion ($ 3.9 billion dollars) of this bill Takefuji paid in July 24% about $ 900 million dollars: http://registration.ft.com/registration/barrier?location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff9344100-5a7e-%25E2%2580%25A6l&referer=http%3A%2F%2Fwww.aktienbase.de%2Fboard65-aktienm%25C3%25A4rkte%2Fboard74-usa%2Fboard76-nasdaq%2F219-ambac-wkn-882277%2Findex32.html#axzz1TZW0cN9c and http://www.reuters.com/article/2011/07/22/takefuji-idUST9E7IE00K20110722
Confirmation of successful result of the
My claim, however, must be demonstrated in the bill one more time to repent. This we will do now that we know the true value of the bonds http://www.aktienbase.de/index.php?page=Attachment&attachmentID=645&h=5a6972d0fc19cb73aa60c8531275875b261c8c60 .
The secured loans are between $ 1.2 billion dollars. From the reorganization plan, we know that AMBAC will be separated from his daughter. Shareholders will receive the AFG and $ 750 million, it received the secured creditors and unsecured creditors, the AAC 1.5% of their loans at a very small part of the AAC http://www.kccllc.net/documents/1015973/1015973110706000000000023.pdf.
180% of $ 1.2 billion U.S. dollars are $ 2.16 billion U.S. dollars by the geischerten bonds are currently on the market. The value reflects the value. If the shareholders with $ 500 million dollars in the plus and so Takefuji $ 900 million was paid in July, and about 200 million were taken in the Q3, the shareholders would be approximately $ 1,600 million in the black. Now, shareholders will receive after the POR 750 million to remain so for about $ 850 million to creditors in the AAC. 80% of $ 1200 million dollars is $ 960 million, almost exactly the amount that is still left to them because I have the Postive results from an agreement in the case denied the LVM AMBCA again rinsed over 100 million in the fund has.
So if the creditors their bonds on the open market when acting on so-called shadow-exchanges, then there is nothing else than the means to shareholders with their own money should be paid to cheat on them so, because the shareholders could indeed also the creditors to pay them and yes, the company.
For this reason there since the end of 2010 a request from a lawyer Freedberg EC http://www.kccllc.net/documents/1015973/1015973101202000000000003.pdf
Note nor the market share of the last five years from AMBAC http://t0.gstatic.com/images?q=tbn:ANd9GcR7jf-YKgdmzyEmFi9thOVNb0xJCV-l4JyTDEEuPlRijQkSdC1J
Bank of America will most likely pay for their statements in this quarterly AMBAC 2.3 billion. This is 50% of the damage on Created an exposure of 16.8 billion in the cost of 4.6 billion by 2010 AMBAC are Created.
Whoever holds the bonds receives, at the handover of the AAC for 1.2 billion debt a company's 800 million each year deserves to 2098. He got her from 10 cents to the CDS Aution in value for the secured loan $ 10 at the end. For after 6th November will certainly be in Q3, the AAC, the IOU bond paid by the banks is that they can then make any further transactions, and more value.
Whoever ABK had to pay 1 billion so then this could be compensated by a secure bond with the notional value of $ 100 dollars, which he could have bought for $ 10 million dollars.
Shareholders will have to share with no business model AFG 750 million by 302 million shares, which translates into approximately $ 2.48 per share to current value.
Market share within the last 5 years: http: http://t0.gstatic.com/images?q=tbn:ANd9GcR7jf-YKgdmzyEmFi9thOVNb0xJCV-l4JyTDEEuPlRijQkSdC1J
Debit request by Freedberg: http://www.kccllc.net/documents/1015973/1015973101202000000000003.pdf
Real value of the secured bonds http://www.aktienbase.de/index.php?page=Attachment&attachmentID=645&h=5a6972d0fc19cb73aa60c8531275875b261c8c60
Takefuji pays 24% and the rest in installments: http://www.reuters.com/article/2011/07/22/takefuji-idUST9E7IE00K20110722
Articles about Takefuji, which owes 302 billion yen AMBAC: http://registration.ft.com/registration/barrier?location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff9344100-5a7e-%25E2%2580%25A6l&referer=http%3A%2F%2Fwww.aktienbase.de%2Fboard65-aktienm%25C3%25A4rkte%2Fboard74-usa%2Fboard76-nasdaq%2F219-ambac-wkn-882277%2Findex32.html#axzz1TZW0cN9c
Takefuji after talks in Ambac downgrade
By Michiyo Nakamoto in Tokyo
Published: June 16 2009 15:08 | Last updated: 16 June 2009 15:08
Takefuji has entered talks with Ambac bond insurance group after its credit rating was downgraded to junk by Standard & Poor's, possible early redemption of triggering Y109bn worth of the Japanese money lender's asset-backed securities.
S & P downgraded Takefuji's credit rating to BB + from BBB, citing concerns about its financing capability and higher credit costs
As a result, the Japanese consumer finance group faces the prospect of having to redeem its Y109bn in ABSs earlier than scheduled unless it can come to an agreement with Ambac for easier terms.
Ambac, Which has provided Guarantees to investors in Takefuji's ABSs, has the right to take ownership of its loan receivables Y302bn worth of Japanese if the group fails to redeem its Y109bn issue ABS.
OCI begins negotiations to closure of the segregated accounts: http://ambacpolicyholders.com/court-filings/ document http://ambacpolicyholders.com/storage/co ... ac% 20Motion.pdf
Current reserves of Q2 without Takefuji: http://ir.ambac.com/phoenix.zhtml?c=80774&p=irol-newsArticle&ID=1594917&highlight=
Loss reserves (gross of reinsurance and net of subrogation recoveries) for all RMBS insurance exposures as of June 30, 2011, million were $ 3,724.5, $ including 2,104.6 million relating to RMBS exposures that have been presented since March 24, 2010 and unpaid as a result of claims the moratorium. RMBS reserves as of June 30, 2011 are net of $ 2,573.3 million of estimated remediation recoveries.