Reading the press releases on ambac site of April 29 and May 1, I see this:
April 29: "In addition, all existing common stock of the company will be cancelled on the Effective Date and the holders of such stock will not receive any distributions under the Plan".
May 1: " All common stock of the Company in existence prior to Ambac’s emergence from bankruptcy has been cancelled. Holders of such existing stock have not, and will not, receive distributions under the Plan".
It says "will not receive... UNDER THE PLAN".
So, OUTSIDE (if I can use this word) the plan... could happen anything? And if it was the case... who could/would make it happen? Is all the old commons data (owners, number of shares...) deleted or destroyed or wathever?
I don't think anything happens, of course, but sometimes words can hide something and be understood on many ways.
And please, as far as I know this post is just nonsense and I'm a foreigner, I would appreciate if you try not to get mad with me... and just laugh if is what u feel!!
Have a nice weekend
I think you on to something. Used to say, for past year "Upon consummation of the plan of reorganization, Ambac’s existing common stock will be cancelled and extinguished and the holders thereof will not be entitled to receive, and will not retain, any property or interest on account of such common stock."
Now change it to "will not receive any distributions under the PLAN" the don't say will never get any distribution. Why they change that? They do everything for reason. Maybe they getting sued.