Ambac Financial Gets Pressed to Make a MoveBy
The Ambac Financial Group is getting the right pressure but from the wrong place.
Ambac, a United States bond insurer that spent three years in bankruptcy as a result of the financial crisis, is under threat of a proxy fight from the hedge fund Canyon Capital Advisors. Canyon wants Ambac to hasten settlement proceedings on $4 billion of claims originating from unstable mortgage debt bundles and other instruments. The trouble is that the hedge fund has a position on both sides of the trade…
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