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  • ifly1158 ifly1158 Apr 29, 2013 7:13 PM Flag

    Article X

    Is a part of the now Second Amended POR entitled Modification, Revocation or Withdrawl of the plan. It is incorporated into the plan as a contingency for a reason. Failure of the IRS to accept payment by AMBAC of the agreed upon amount of the TSA due to an inability to prove the qualified Debt could for example be a trigger for article X. There is nothing filed so far that appoints a new nominee. While the POR does seem to allow for modifications for a period up to one year after consummation it would seem that releasing the company into the hands of creditors without the top 5 creditors all being represented in control through their control and vote on the informal committee would be a glaring omission in that moving forward with our the consent of the missing vote of control over decisions from the board forward could only withstand a retroactive challenge to board decisions by the missing party if the remaining votes for a decision held at least 3 afirmitave votes. A split vote between the 4 remaining directors would seem to leave the board at a dead lockandunable to move forward. Assigning control from Valueworks to any combination of the other 4 board members would seem to constitute a change of control from Valueworks to them. Even though the transfer would have occurred on the (qualified side) the fact is a change of "Control" of a 4.5% owner would have in fact occurred. The secrete fall remains secret, no doubt for obvious reasons...It seems that a POR that takes a company from the hands of shareholders handing control over to an undefined entity is a miscarriage of justice. In my view this Court is carrying the UCC Bluff of 50%+ forward on their behalf. That is the Court is delivering into the hands of TBTF Thieves BNY Melon, Goldman Sachs The Law Debenture Co and the rest who sabotaged AMBAC.

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    • good thing you showed was in tears...poor lil' fella..

      • 1 Reply to paintertoe
      • Hank Greenberg has said that "If the Government can just come in and take your company then what do we have left of freedom in America?" "A bowl of rice?" It Happened to AIG because of Geithner and it looks like it will happen as a result of Geithner to AMBAC. In a few years the whole country will be in tears as America continues to sail into the shallow waters where just a few feet below Lye the coral reefs of an epidemic of Bankruptcies that is leading to the Bankruptcy of Social Security, Medicare, and right into a national Bankruptcy of America. Ignoring every warning sign we are sailing with the wind into National Poverty where many tears will be all that is left to be discovered.

    • A disagreement between AMBAC and a newly nominated member to the informal board could still trigger a delay. We are only a few days from finding out. It appears that CEO Diane Adams and CFO David Trick who have spent several years of their lives fighting those who sabotaged AMBAC by comitting Insurance Fraud, securities Fraud (insider trading fore knowledge of impending collapse which they knew would trigger a collapse) Tax Fraud, Fraud Policy claims, and other devious actions would fight to the end to prevent this corrupt outcome. How all of this can escape justice through so many Courts both State and Federal including appellate is illustrative of a Judicial System caught up in details of insignificance while a crime is committed intheirvery own Courtroom. Their CoCourtrooms as they are no longer the courtrooms of We The People But are clearly the Courtrooms of TBTF, or so far, TBT See Banks. Was the Firing of Lemonides for attempting to force what the UCC wanted to do with AMBAC then nothing more then a petty matter? A simple kick and a twitch from our CEO and CFO just before AMBAC was smothered? Certainly a justified firing but to what purpose and to what objective beyond personal vanity, as the UCC Agenda to plunder AMBAC's Insurance Monies and Plunder NOLs from the Tax Payer (yet another Elite Bail Out Theft) under This Second Amended POR would only continue? So will D&D enjoy working for their new Masters of Austerity, or will they finally resign in disgust when the new owners begin to shift Insurance Minutes into High Risk Bets which Lemonides Admitted to and for which logic would assume was the cause of a final struggle to prevent? Sell what you can or stay for the law suits against the current board members and officers of AMBAC. Article X offers a little hopebutTimid Courts and Administration's who are permissive to Abusers Exercising Excessive Greed are no friends to We The People or to American Freedom. A corrupt system offers little example of hope

    • I don't get how the NOL's can survive without commons

    • Iffy,
      I just reread everything you have written in the last 60 days and only I took one break.... Feeeef.... Unless we get a last minute phone call from Obama to stop this debacle, we are up sheeeet creeek.... Your Savior really screwed us. Can we now blame Obama for sleeping with "TBTF" banks.... Doesn't look like he is helping the little guys.....

      • 3 Replies to parone1
      • "Can We Now Blame Obama?" Maybe. It Is all happening on his watch as any Admiral or General would observe! He is the only one with the power to stop it and he did run with a pledge to stop it and he did tell many that he would stop it including Eric Schneiderman? He does not seem to have lent his full support to those that he gathered around him for the task. It reminds of The Bay Of Pigs when the Federal Government failed to show up. Perhaps that is what he was afraid of? What happened to that President eventually when he threatened to turn the Fed over to the Treasury? And now he has a Co-Chair of his RMBS Working Group on the verge of resignation and a Fed Chairman who is being censured and moving in the direction of resigning as QE designed to Prevent a Great Depression is actually being used to bring about a Great Depression. This as QE is Pocketed by those pressing for a Depression thus turning QE into a tool for Bankruptcy! If Bernanke resigns unecpectedly it would not be surprising to see him leave America. It would not be a Surprise to see him move to Isreal. America divided is losing its Determination. Isreal is not. Shalom!

      • I think I'll leave my Saviour out of it at this point on a day like today. 1000-1 at this point. If D&D have any more tricks up their sleeves then they are hiding it well and I don't see it. But I am watching. The Unions have so much to lose and should have become active as the coming Municipal Bond Crash will be devastating to them. They could have brought the threat of Powerful Legal resources but having that don't seem to know how to properly use them. I am searching for a sign of another twitch and if I see a sign of life I will certainly shout out. Still reading through 188 pages of the POR + the other flings.

      • Mr. President, where is the justice for the people? If a price fighter takes a fall in the fight against injustice was it predetermined or is it because he wasn't smart enough, resourceful enough or bold enough or didn't care enough? Many many who voted for Obama including me are truly disappointed. One thing certain is that The Bankruptcy Receivership Austerity Plan of Scul&Bones Yale The New World Republican Order continues to advance even with a Democrat President. The plan has not advanced to National Bankruptcy yet as by now it would be in advance stages under a President Romney and Vice President Ryan. Now we see MBIA being pushed to the edge of the cliff and the entire Monoline and Insurance Industries with it. Federalization of Insurance companies leads to Industry Bankruptcy which is against States Law. We are heading into a Great Depression and rerun of 1929 only this time it would appear, with or an FDR. Obama a nuce guy to be sure but being nice to TBTF is not nice to See The People. AMBAC and The Rule of Law could stop it in the hands of the savvy and it would be easy. D&D will appear on linkedin. Very doubtful that they can stomach the new owners and their New Plan for AMBC. Or perhaps they didn't really care but the Lemons issue demonstrated a great deal of dislike not only for Lemonides but for the Creditors as well because their firing of Lemonides showed Disrespect to the Creditors Intentions. I would love to see Article X activated on a board nominee issue or any other that they can size upon but i am not optimistic only hopeful.

    • I never understand your post here. I am still holding stocks. tell me is there any value to keep them? I am not going to sell it anyway because those are worthless.

      • 1 Reply to sdanduri
      • I think you have answered your own question. What little value they have could be considered a gamble against strong odds of 1000-1 but would pay Huge relative to the loss that you would otherwise realize. And you probably get the tax write off on the loss anyway which is equal or greater then the value of losing what remainsat this point. So for you the seems to be more value by holding either way.