DOCSLIB.ORG

Financial Peace of Mind

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Peace of Mind 2007 Annual Report Financial Peace of Mind New York I London I Sydney I Tokyo I Milan I Mexico City Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees to clients in both the public and private sectors around the world. Ambac’s principal operating subsidiary, Ambac Assurance Corporation, a guarantor of public finance and structured finance obligations, has earned triple-A ratings from Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services; and a double-A rating from Fitch, Inc. Moody’s, Standard & Poor’s and Fitch all maintain a “negative outlook.” Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK). Page 1 Employee Photo (l to r): Back row: Andrew Kuyk, Wes Kirchhoff, Dean Scarano, Steven Saporito, Effie Michailidis, David Murelli, Jennifer Schimmel, Douglas Frankel, Richard Leblanc Front row: Watcharee Thitibordin, Aracelis Ocasio, Kalpana David, Diane Marolla, Michael Callen, Patricia LoCascio, Yanira Vergara, Denise Tauriello Ambac Financial Group, Inc. 1 2007 Annual Report Dear Fellow Stockholders We dedicate this book to all of our employees who went the extra mile during this unprecedented year. (see inside front cover for names) Ambac and the financial guarantee industry RAISING CAPITAL AND faced historic challenges in 2007 and into 2008. MAINTAINING OUR RATINGS The global credit market distress, the swift Restoring market confidence and maintaining collapse of the subprime mortgage market midway our important triple-A ratings with Moody’s and through the year, and the subsequent rating agency Standard & Poor’s has been our top priority. In downgrades of various mortgage-backed securities, early March 2008, we announced a $1.5 billion made 2007 the most difficult period in our common stock and equity unit offering that was 37-year history. This reality is reflected in our successfully executed in a difficult environment. financial results, which include the first reported As a result, our capital position has been strength- financial loss for Ambac. Most notably, these events ened and our triple-A franchise has been preserved. undermined confidence in Ambac’s business Our professionals continue to be focused on model and in our ratings outlook. actively meeting the needs of issuers and investors, improving financings with our valuable guarantee. Ambac Financial Group, Inc. 2 2007 Annual Report The successful resolution of our capital issue was testimony to the dedication of my Ambac colleagues and to the support received from the Board of Directors, stockholders, policyholders and clients. Throughout the capital enhancement process, REFOCUSING OUR BUSINESS many parties offered us alternatives. Yet, as I have The capital raise, combined with our strategic said publicly, their terms were unacceptably high. review of all aspects of Ambac’s business, will Let me emphasize this important point: solvency improve the quality of our portfolio, dampen has never been an issue. Ambac has adequate earnings volatility, and reduce ratings uncertainty. capital, a strong balance sheet and a steady stream In February 2008, we announced a six-month of future earnings assured through our unearned suspension of new structured finance business in premiums. It is inconceivable that any investor support of further strengthening our capital holding an Ambac-insured bond will miss a single position. We have focused our new business principal or interest payment. We are proud that, generation efforts on lower risk and lower ultimately, we addressed our capital issues with a volatility sectors, particularly in the U.S. municipal market-based solution that balanced the interests business, as well as utilities, infrastructure and of all our stockholders. health care in the U.S. and around the world. The successful resolution of our capital issue Diversity of our portfolio strengthens Ambac, was testimony to the dedication of my Ambac as acknowledged by the rating agencies, and colleagues and to the support received from the our future business will encompass more than Board of Directors, stockholders, policyholders U.S. public finance. We will, however, concentrate and clients. I would also like to thank the govern- on general obligation transactions and transactions ment officials, particularly Sean Dilweg and his involving projects essential in nature. We will staff at the Wisconsin Office of the Commissioner also further sharpen our ability to examine of Insurance, and Eric Dinallo and the New York the profitability of individual transactions to State Insurance Department, for their valuable realize adequate compensation for the risks we perspective and guidance. are assuming. Ambac Financial Group, Inc. 3 2007 Annual Report The newly-created Chief Risk Officer position will help us improve capital management and ensure we remain a top-rated financial guarantor. We recently implemented significant changes instruments and securities structures available in to our underwriting and risk management systems. the market. Since founding the financial guarantee Specifically, we created the position of Chief industry 37 years ago, a balance between growth Risk Officer reporting directly to the Board of and safety has kept Ambac’s business on the Directors to ensure that we build a culture that right track. The events of the last 12 months is grounded upon a fundamental view towards have helped put this balance in the forefront of underwriting and managing risk in our portfolio. everything that we will do. We believe the financial David Wallis, who has done an outstanding job stress we experienced is limited to a small portion leading our surveillance operations, is now our of our portfolio and does not invalidate the Chief Risk Officer, responsible for three principal business model. areas: Capital and Risk Analysis, Portfolio Risk Lost amidst the noise of worldwide credit Management, and Credit Risk Management. market distress and Ambac’s strategic refinements This organizational change increases emphasis on was Ambac’s strong pace and quality of new fundamental risk management and places stricter business developed in the first half of 2007. limits on transaction size and capital usage for In fact, 2007 was the company’s second best large transactions. These strategy adjustments year in terms of credit enhancement production. will enable us to improve capital management We believe this demonstrates the essential nature and will ensure we remain a top-rated source of of our business and serves as an indicator of the financial peace of mind for issuers and investors. enduring strength of our franchise. Global new business activity reflected the expertise and REINVIGORATING OUR teamwork of professionals across all business lines: LEADERSHIP POSITION Public Finance, Structured Finance and Global Since 2007, we have learned valuable lessons about Infrastructure Finance. the complexity and correlation of the financial Ambac Financial Group, Inc. 4 2007 Annual Report We are optimistic about Ambac and about our industry. We believe the fundamental strengths of our business model remain intact. RESTORING CONFIDENCE All of us at Ambac are working hard to FOR FUTURE GROWTH rebuild confidence and we are committed to Early in 2008, Robert Genader made a personal continuing to provide a high level of transparency decision to retire as Chairman, President and as we seek to restore our stable ratings outlook. CEO. At the Board’s request, I stepped into that We believe that this clear-sighted goal and our role on an interim basis. I would like to thank return-to-basics approach will enable Ambac to Bob for his 20 years of dedicated service to regain its position as a leading financial guarantee Ambac and our clients. company in the years ahead, assisting issuers, pro- In my short tenure as CEO, the most gratify- tecting bondholders and rewarding stockholders. ing factor for me has been the commitment and excellence of Ambac’s people. All of our employees Thank you for your continued confidence. have dedicated themselves to applying their impres- sive array of skills to address the tasks at hand. Their willingness to go the extra mile throughout this Sincerely, unprecedented time has been greatly appreciated. On behalf of all our stockholders, I extend my thanks to each one of them. We are optimistic about Ambac and about our industry. We believe the fundamental strengths of our business model remain intact. Indeed, today’s environment is an opportunity for Ambac as current pricing is likely to provide the best Michael A. Callen risk-adjusted returns we have seen in many years. Chairman, President & CEO Ambac Financial Group, Inc. 5 2007 Annual Report CREDIT ENHANCEMENT NET PREMIUM/ENHANCEMENT PRODUCTION 1 FEES EARNED (in millions) (in millions) $1,489 $918 $1,414 $866 $871 $1,299 $1,288 $1,295 $1,249 $765 $667 $974 $500 $711 $652 $400 $323 $486 $268 $213 98 99 00 0102 03 04 05 06 07 98 99 00 0102 03 04 05 06 07 EXPENSE CLAIMS-PAYING RATIO 2 RESOURCES (in millions) 21.9% $14,512 $13,101 18.2% $11,970 17.1% 17.0% $11,213 15.3% 15.3%15.2% 13.9% $9,586 13.8% 13.6% $8,150 $6,937 $5,946 $5,210 $4,168 98 99 00 0102 03 04 05 06 07 98 99 00 0102 03 04 05 06 07 1 Credit Enhancement Production is defined as gross (direct and assumed) up-front premiums written plus the present value of estimated installment premiums written on insurance policies, structured credit derivatives and other credit enhancement products issued in the period.
Load more

Recommended publications
  • Ambac Assurance Corporation
    Report of the Examination of Ambac Assurance Corporation New York, New York As of December 31, 2016 TABLE OF CONTENTS Page I. INTRODUCTION .................................................................................................................. 1 II. HISTORY AND PLAN OF OPERATION .............................................................................. 3 III. MANAGEMENT AND CONTROL ...................................................................................... 12 IV. AFFILIATED COMPANIES ................................................................................................ 14 V. AMBAC ASSURANCE CORPORATION SEGREGATED ACCOUNT .............................. 23 VI. REINSURANCE ................................................................................................................. 27 VII. FINANCIAL DATA .............................................................................................................. 29 VIII. SUMMARY OF EXAMINATION RESULTS ....................................................................... 43 IX. CONCLUSION .................................................................................................................... 45 X. SUMMARY OF COMMENTS AND RECOMMENDATIONS .............................................. 47 XI. ACKNOWLEDGMENT ....................................................................................................... 48 XII. SUBSEQUENT EVENTS .................................................................................................... 49 State
    [Show full text]
  • Information Supplement Insured Municipals Income Trust Investors
    Information Supplement Insured Municipals Income Trust Investors’ Quality Tax-Exempt Trust Van Kampen Focus Portfolios, Municipal Series Van Kampen Unit Trusts, Municipal Series Invesco Unit Trusts, Municipal Series This Information Supplement provides additional information concerning the risks and operations of the Trusts which is not described in the prospectus for the Trusts. This Information Supplement should be read in conjunction with the Trust’s prospectus. This Information Supplement is not a prospectus (but is incorporated into the prospectus by reference), does not include all of the information that an investor should consider before investing in a Trust and may not be used to offer or sell Units without the prospectus. Copies of the prospectus can be obtained by contacting the Sponsor’s unit investment trust division at 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515-5456 or by contacting your broker. This Information Supplement is dated as of the date of Prospectus Part I and all capitalized terms have been defined in the prospectus. Table of Contents Page Municipal Bond Risk Factors ............................................................ 2 Insurance on the Bonds .................................................................... 4 Portfolio Administration .................................................................... 11 Sponsor Information ........................................................................ 12 Trustee Information .........................................................................
    [Show full text]
  • 2014 Annual Report About Ambac
    2014 Annual Report About Ambac Ambac Financial Group, Inc. (“Ambac”), headquartered in New York City, is a holding company whose subsidiaries, including its principal operating subsidiary, Ambac Assurance Corporation (“Ambac Assurance”), Everspan Financial Guarantee Corp., and Ambac Assurance UK Limited, provide financial guarantees and other financial services to clients in both the public and private sectors globally. Ambac Assurance, including the Segregated Account of Ambac Assurance (in rehabilitation), is a guarantor of public finance and structured finance obligations. Ambac is also selectively exploring opportunities involving the development and/or acquisition of new businesses. Ambac’s common stock trades on the NASDAQ Global Select Market under the symbol “AMBC”. The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac’s common stock. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates to the status of certain primary residential mortgage backed securities litigations. For more information, please go to www.ambac.com. Forward-Looking Statements In this Annual Report, we have included statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
    [Show full text]
  • View Annual Report
    2005 Annual Report 2005 Annual Financial Peace of Mind 2005 Annual Report > AMBAC’S GUARANTEE Ambac’s financial guarantee insurance provides an unconditional and irrevoca- ble promise to pay scheduled interest and principal if the issuer fails to meet its obligations. Ambac’s triple-A backing lowers financing costs for issuers, reassures investors and streamlines bond marketing for underwriters. > GLOBAL PUBLIC FINANCE Drawing on 35 years of municipal finance experience, Ambac helps local and regional governments worldwide structure and issue efficient and inno- vative financings to meet long-term needs, finance privatization efforts and enable projects that include both public and private sector participation. > GLOBAL STRUCTURED FINANCE Ambac provides guarantees for a broad range of asset classes, including groundbreaking structures backed by assets, receivables and future flows. page Ambac creatively applies structured products and securitization techniques to meet unique financing needs of corporate issuers, financial institutions and insurance companies worldwide.1 > CAPITAL MARKETS Extensive participation in capital markets around the world enables Ambac to help clients optimize their financial resources while managing risk and return through targeted application of derivatives (primarily interest rate and foreign exchange swaps) and investment agreements, strengthened with the Ambac guarantee. > RISK MANAGEMENT Ambac combines the insight of experi- enced risk management professionals with rigorous application of advanced analytical and modeling tools to constantly assess, measure and control risk. This critical competency safeguards Ambac’s financial strength and valuable triple-A rating. d n i M f o > AMBAC FINANCIAL GROUP, INC., headquartered in New York City, e is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors c around the world.
    [Show full text]
  • Financial Guarantors Object to Flawed Amended Commonwealth Plan Support Agreement
    Financial Guarantors Object to Flawed Amended Commonwealth Plan Support Agreement February 11, 2020 NEW YORK, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Financial Guarantors, including Ambac Financial Group, Inc. (NYSE: AMBC), Assured Guaranty Municipal Corp. and Assured Guaranty Corp., subsidiaries of Assured Guaranty Ltd. (NYSE: AGO), National Public Finance Guarantee, a wholly owned subsidiary of MBIA Inc. (NYSE: MBI), and Financial Guaranty Insurance Company (“FGIC”) jointly issued the following statement objecting to what they believe is a flawed Amended Commonwealth Plan Support Agreement disclosed by the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”): We believe the recently-released Amended Commonwealth Plan Support Agreement (“PSA”) is counterproductive to an orderly restructuring of Puerto Rico’s debt obligations and risks embroiling Puerto Rico in many more years of protracted litigation at significant cost to tax payers and potentially compromises Puerto Rico’s future access to the capital markets. The PSA is the product of a flawed process - a process in which the Oversight Board did not meaningfully engage with the parties to this statement, despite the Financial Guarantors being the largest creditors and longest serving financial supporters of Puerto Rico. The PSA is yet another untested and unsupportable legal experiment by the Oversight Board, which undermines negotiation of a consensual restructuring. Furthermore, the PSA fails to respect lawful creditor rights, priorities and liens, in violation of the Puerto Rico Oversight Management Economic Stability Act (“PROMESA”), and in particular openly disregards basic constitutional protections, fiscal plan requirements, and obligations with respect to both general obligation and revenue bonds, both critical instruments of municipal finance in Puerto Rico and nationally.
    [Show full text]
  • Ambac Financial Group Inc (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 22, 2020 Ambac Financial Group Inc (Exact name of Registrant as specified in its charter) Delaware 1-10777 13-3621676 (State of incorporation) (Commission (I.R.S. employer file number) identification no.) One World Trade Center New York NY 10007 (Address of principal executive offices) (212) 658-7470 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.01 per share AMBC The Nasdaq Stock Market LLC Warrants AMBCW The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
    [Show full text]
  • Ambac Financial Group Annual Report 2021
    Ambac Financial Group Annual Report 2021 Form 10-K (NASDAQ:AMBC) Published: March 1st, 2021 PDF generated by stocklight.com Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10777 AMBAC FINANCIAL GROUP, INC. (Exact name of Registrant as specified in its charter) Delaware 13-3621676 (State of incorporation) (I.R.S. employer identification no.) One World Trade Center New York NY 10007 (Address of principal executive offices) (Zip code) (212) 658-7470 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbols Name of each exchange on which registered Common Stock, par value $0.01 per share AMBC New York Stock Exchange Warrants AMBC WS New York Stock Exchange Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Ambac Financial Group Inc 10K 2019 V1
    ONE VISION CULTURE MISSION PURPOSE COMPANY AMBAC. 2018 Annual Report ABOUT AMBAC Ambac Financial Group, Inc. (“Ambac” or “AFG”), headquartered in New York City, is a holding company whose subsidiaries, including its principal operating subsidiaries, Ambac Assurance Corporation (“AAC”), Everspan Financial Guarantee Corp. and Ambac Assurance UK Limited (“Ambac UK”), provide financial guarantees of obligations in both the public and private sectors globally. AAC is a guarantor of public finance and structured finance obligations. Ambac’s common stock trades on the NASDAQ Global Select Market under the symbol “AMBC”. The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac’s common stock or a holder of 5% or more of Ambac’s common stock increases its ownership interest. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates to the status of certain residential
    [Show full text]
  • AMBAC FINANCIAL GROUP, INC. 2015 ANNUAL REPORT About Ambac
    AMBAC FINANCIAL GROUP, INC. 2015 ANNUAL REPORT About Ambac Ambac Financial Group, Inc. (“Ambac”), headquartered in New York City, is a holding company whose subsidiaries, including its principal operating subsidiaries, Ambac Assurance Corporation (“AAC”), Everspan Financial Guarantee Corp., and Ambac Assurance UK Limited (“Ambac UK”), provide financial guarantees and other financial services to clients in both the public and private sectors globally. AAC, including the Segregated Account of AAC (in rehabilitation), is a guarantor of public finance and structured finance obligations. Ambac is also selectively exploring opportunities involving the acquisition and/or development of new businesses. Ambac‘s common stock trades on the NASDAQ Global Select Market under the symbol “AMBC”. The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac’s common stock. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates to the status of certain primary residential mortgage backed securities litigations. For more information, please go to www.ambac.com.
    [Show full text]
  • Ambac Financial Group, Inc. 2017 Annual Report About Ambac
    AMBAC FINANCIAL GROUP, INC. 2017 ANNUAL REPORT ABOUT AMBAC Ambac Financial Group, Inc. (“Ambac” or “AFG”), headquartered in New York City, is a holding company whose subsidiaries, including its principal operating subsidiaries, Ambac Assurance Corporation (“AAC”), Everspan Financial Guarantee Corp. and Ambac Assurance UK Limited (“Ambac UK”), provide financial guarantees of obligations in both the public and private sectors globally. AAC is a guarantor of public finance and structured finance obligations. Ambac’s common stock trades on the NASDAQ Global Select Market under the symbol “AMBC”. The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac’s common stock or a holder of 5% or more of Ambac’s common stock increases its ownership interest. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates to the status of certain residential mortgage backed securities litigations. For more information, please go to www.ambac.com. Forward-Looking Statements In this Annual Report, we have included statements that may constitute “forward- looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
    [Show full text]
  • Schedule 1 Ambac Financial Group, Inc Kpmg Relationships
    SCHEDULE 1 AMBAC FINANCIAL GROUP, INC KPMG RELATIONSHIPS DEBTORS & AFFILIATES (including non-debtor affiliates and former names) AE Global Asset Funding, LLC AE Global Holdings, LLC AE Global Investments, LLC AME Asset Funding, LLC AME Holdings, LLC AME Investments, LLC Ambac Financial Group, Inc. Ambac (Bermuda) Ltd. Ambac Assurance Corporation Ambac Conduit Funding LLC Aleutian Investments LLC Juneau Investments LLC Ambac Capital Corporation Ambac Capital Funding, Inc. Ambac Asset Funding Corporation Ambac Investments, Inc. Ambac AII Corp. Contingent Capital Company, LLC SP Note Investor I, LLC Ambac Private Holdings, LLC Ambac Japan Co., Ltd. Ambac Capital Services, LLC Ambac Financial Services, LLC Connie Lee Holdings, Inc. Everspan Financial Guarantee Corp. Ambac Credit Products, LLC Ambac Credit Products Limited SP Aircraft Holdings, LLC SP Aircraft Owner I, LLC SP Aircraft Owner II, LLC SP Aircraft Owner III, LLC Ambac Assurance UK Limited Ambac Assurance Corporation Segregated Account CURRENT DIRECTORS AND OFFICERS OF THE DEBTOR David Trick Kevin J. Doyle Robert B. Eisman Diana Adams (SMD) Michael A. Callen David W. Wallis Philip N. Duff Thomas C. Theobald Laura S. Unger Henry D.G. Wallace Jill M. Considine Paul R. DeRosa FORMER DIRECTORS AND OFFICERS OF THE DEBTORS Phillip B. Lassiter William T. McKinnon John Uhlein Douglas Renfield-Miller Sean Leonard Robert Shoback Gregg L. Bienstock Robert S. Smith Timothy J. Stevens Gregory G. Raab LEASE COUNTERPARTIES None CONTRACT COUNTERPARTIES A.G. Edwards & Sons, Inc. Acqua Wellington Opportunity, Ltd. Advest, Inc. Banc of America Securities LLC Banco Bilbao Vizcaya Banco Santander, S.A. Barclays Bank PLC Barclays Capital Inc. Bear, Stearns & Co.
    [Show full text]
  • Ambac Financial Group Inc Warrants
    Ambac Financial Group Inc Warrants Decillionth Hendrik sometimes intervened any granule gazumps wherein. Overscrupulous and xerophilous Tymothy bescreens his methodology routinize fiddle-faddle vehemently. Forcible Alfred cellulated that balsam razing downheartedly and redelivers perfectly. Senior secured notes then continuing for financial group inc Under the proposal new lovely and warrants would neglect to general. Ambac said that everything new furniture stock and warrants are listed on the. Copyright the ambac financial group, the contrary notwithstanding the contrary to be valid stock pages by all rights, having been tendered. No service network shall be watchful for any registration of blouse or timber of Notes, but its Company may require payment of a court sufficient for cover four tax and other governmental charge that wait be imposed in connection therewith. In ambac financial. Company and bone be automatically released from all liens securing the Notes. Ambac Assurance preferred stock issued to third parties. It does ambac financial group, in violation of warrant agreement does not warranted as indicated in. Do still want vary your changes before leaving? At the end wrap the sound, going forward will meet multiple touchpoints for offshoring. Warrant thereof, and justice all other purposes, and facility the Warrant Agent nor any Company that be affected by notice to some contrary. The plug shall give overt written notice research the Trustee of the location, and memory any vegetable in the location, of law office or agency. Ambac Financial Group Inc cloudfrontnet. International group inc product features of warrants in lower case other legal or impair any material increase or several kinds of.
    [Show full text]