Oh wir sehen sehr bald 1$ und da ich so verhauen wurde bei meiner letzten Analyse, sage ich nur noch, es war die wichtigste Schlacht die AMBAC gewonnen hat und damit ist der Weg nach oben frei.
Begründung kann sich jeder aus den folgenden Zeilen entnehmen:
Ambac to pay banks $2.6 billion
www.jsonline.com/business/94888954.html
Darlington — A deal to pay 14 of the world's largest banks $2.6 billion as part of the restructuring of Ambac Assurance Corp. was approved Tuesday by a Lafayette County circuit court judge.
The deal - the first in what will be a long and complicated case - will provide the banks about $2.6 billion in cash and $2.6 billion in debt. Ambac owes the banks a total of $12.9 billion.
The deal was brokered by state Insurance Commissioner Sean Dilweg, who is controlling about $67 billion in troubled insurance policies issued by Ambac, a company that created the business of insuring municipal bonds but in recent years branched out to the high-risk world of insuring bonds backed by subprime loans.
After a 3½-hour hearing in a humid courtroom packed with 50 lawyers from across the country, Circuit Judge William D. Johnston ruled in favor of Dilweg and Ambac and against bondholders who objected to the deal. Objections were raised by bondholders who owned securities backed by subprime loans and by bondholders who financed the construction of a monorail in Las Vegas, a project now in Chapter 11 bankruptcy.
"I give great deference to the role of the commissioner of insurance" and the expertise of the office, which has been working with Ambac for more than two years, Johnston said.
Johnston's ruling allows payments to banks including Citibank, The Royal Bank of Scotland, Barclays Bank and Banco Bilbao Vizcaya Argentaria, a Spanish banking conglomerate.
"I'm very happy with the decision," said Dilweg, whose employees and consultants have spent thousands of hours working on the Ambac deal. "The steps we're taking here are aimed at preventing billions of dollars of losses."
When Dilweg took control of Ambac's troubled assets, the move was meant to deal with the company's high-risk policies while keeping separate - and protecting - its much safer lines of business, including its insuring of conservative and highly rated municipal bonds, valued at about $285 billion.
If approved, he predicted that a larger "rehabilitation plan" for the $67 billion would be in place by this summer.
If not, the case will be "mired in contentious second guessing of the Insurance commissioner ... and more billable moments, just like today."
The case is so complex that even determining the value of Ambac assets required the firm to hire BlackRock Solutions, an expert in appraising complex financial products. Much of its work remains confidential.
"I saw all of the Armani suits, so I knew something was up," cracked one Lafayette County sheriff's deputy.
Muss man noch mehr sagen, als hier steht?