On June 5, 2012, Ambac Assurance Corporation (“Ambac Assurance”), a subsidiary of Ambac Financial Group, Inc., issued a press release announcing that the Circuit Court for Dane County, Wisconsin, approved the motions submitted by the Wisconsin Commissioner of Insurance, acting as the Rehabilitator of the Segregated Account of Ambac Assurance (i) to begin paying in cash 25% of each permitted policy claim that has arisen since the commencement of the rehabilitation proceedings for the Segregated Account and of each policy claim submitted and permitted in the future and (ii) to exercise two call options to purchase approximately $789 million of surplus notes issued by Ambac Assurance. In connection with such approval, Ambac Assurance announced that (i) it anticipates beginning to make the 25% cash claim payments in the third quarter of 2012 and (ii) it issued exercise notices relating to one call option on $500 million of surplus notes, expiring on June 7, 2012.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. |
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