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1:10-bk-15973
New York Southern
A U.S. trustee on Wednesday moved to trim the fat from nearly $12 million in fees requested by lawyers and other professionals in the bankruptcy case of New York-based bond insurer Ambac Financial Group Inc., taking aim at charges for everything from airfare to preparing the bill itself.
Ambac Financial Group Inc. is set to exit bankruptcy within days thanks to a judge's approval Monday of a $101.9 million settlement with the Internal Revenue Service to end a dispute over tax liabilities from certain contracts Ambac signed years ago.
An Ambac Financial Group Inc. board nominee who was accused of trying to score a top position at the company for an unqualified friend will not serve on the board, but the details of the resolution are being kept under wraps.
Ambac Financial Group Inc. and its bond insurance unit have agreed to shell out $101.9 million to the Internal Revenue Service to end a dispute with the agency over tax liabilities from certain contracts Ambac signed before the housing market collapse, a development announced Monday that puts the bond insurer closer to emerging from Chapter 11.
Creditors of Ambac Financial Group Inc. declined Thursday to take sides in the bond insurer's bid to bar investment strategist Charles Lemonides from joining the company's board of directors, saying it did not have enough information to take a stance.
Bond insurer Ambac Financial Group Inc. on Monday asked a New York bankruptcy judge to bar investment strategist Charles Lemonides from joining the company's board of directors, alleging he pushed for an unqualified friend to become the company's chief investment officer.
Commending the parties' "herculean efforts," a New York bankruptcy judge on Wednesday confirmed an Ambac Financial Group Inc. Chapter 11 plan that will restructure $1.7 billion in debt, though she expressed regret that equity holders will be left out to dry.
Ambac Financial Group Inc. on Tuesday urged a New York bankruptcy court to approve its amended Chapter 11 reorganization plan over the objection of shareholders that the bankrupt bond insurer is being undervalued, potentially robbing them of recoveries.
Bankrupt financial products insurer Ambac Financial Group Inc. told a New York court on Wednesday that it hoped to reach an agreement by early November with the Internal Revenue Service over disputed tax liabilities, including claims for at least $807 million.
Bankruptcy financial product insurer Ambac Financial Group on Wednesday asked a New York judge to quickly determine the status of at least $800 million in federal tax claims against it, saying a delay could derail its plan to reorganize.