• Ambac

    Ambac’s Backstop: Would You Rely On These People?

    Ambac and government officials, clearly dismayed at the skepticism over the $1.5 billion rescue financing plan announced yesterday, have been spreading the word that the banks underwriting the deal have agreed to “backstop” the deal if market demand for the shares and equity units falls short. Private equity investors have also agreed to buy what […]

    / Mar 6, 2008 at 2:52 PM
  • Ambac, Bond Insurers

    Ambac Offering: Is That It?

    Ambac Financial Group, the so-called monoline bond insurer which has operating under the shadow of a credit-rating downgrade that would likely wipe-out its business, announced plans to sell $1.5 billion of common stock and equity units to bolster its capital. The market promptly threw up all over the trading floor. It’s a safe bet that […]

    / Mar 5, 2008 at 3:11 PM
  • Ambac, MBIA

    Buyback To Oblivion: MBIA and Ambac

    “So, in the name of enhancing shareholder value, Ambac and MBIA respectively spent $1,015,036,000 and $1,843,044,000 worth of cash for stock buybacks (over the past seven years). But, and now you know this, such cash expenditures reduced liquidity and net worth by those exact amounts. How can this be deemed responsible behavior when both companies […]

    / Feb 6, 2008 at 10:16 AM
  • Ambac

    That Monoline Bailout: The Entity, 2008 Edition

    It’s the new MLEC. And it’s probably not going to work out. Willbur Ross is not about to buy up Ambac. But, hey, everyone can be happy because Warren Buffett is riding to the rescue.

    / Jan 29, 2008 at 2:09 PM
  • Ambac

    Insurer Risk: What Kind of Damage Would Banks Sustain From An Ambac Down Grade?

    One of the things that is very apparent from Merrill’s earning’s statement is that the banks face serious counter-party risk now that bond insurers have run into trouble. Merrill took “credit valuation adjustments” of $2.6 billion related to hedges with financial guarantors on US ABS CDOs. “These amounts reflect the write down of the firm’s […]

    / Jan 17, 2008 at 9:57 AM

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