Ambac Financial Group Inc (AMBC)

[monda2frida]

ABKFQ Ambac Financial Group, Inc. Common Stock 5/1/2013 Plan of Bankruptcy effective. All shares have been cancelled. Deletion time: 8:32:38


http://www.otcbb.com/asp/dailylist_detail.asp?d=05/01/2013&mkt_ctg=ALL

[Renee]

ABKFQ: Plan of Bankruptcy effective. All shares have been cancelled. Deletion time: 8:32:38

http://www.otcbb.com/asp/dailylist_detail.asp?d=05/01/2013&mkt_ctg=NON-OTCBB

[Hattori Hanzo]

Ummmmm

Deleted symbol........

[Turtle12]

Nasdaq was given the order to start trading tomorrow- the warrants and the common- cant have both trading at the same time- stock is finished- today was the last day. Check for yourself Nasdaq Omx

[need_monay_plox]

got out... but yeah they will let this trade tomorrow and whoever got in is likely to see .006

.003-.006 good double if you have the balls

[dave_s]

Pop hard until it is cancelled tomorrow ??

[WillForeall]

I'm willing to bet this is being shorted hard after that news was released. Could pop hard who knows.

[shadow101]

ABKFQ really oversold, Going back to Pennies..Better Buy..

[Bill Tarson]

Depends on your strategy. I never invest in pennies. I just trade. For this, I didn't even want to intra-day trade. For most, I usually like to swing trade, looking for those 50-100% ROI pops (but this takes timing and even I get the exit wrong by 20% more often than not). The idea is to consistently pull a profit. I also never go all-in, these days, unless there's a clear-cut winner (again, complicated set of rules for that) and it has the volume for an all-in. For most days, I revolve orders, so I'll have 1/3 of the cash poised for stock 1 strike 1, 1/3 for stock 1 strike 2, and 1/3 for stock 2 strike 1, or any other combination of account splits.

I don't really focus on splits, reverse splits, promos, etc. I just look for whatever is most volatile and voluminous at the time.

I practically ignore everything said on here, especially hype (hurr, be scared, hurr be greedy).

Good luck and make sure you know exactly exactly how you're trying to make money before putting money on it.

[need_monay_plox]

this will bounce tomorrow

[Scooter Henry]

I will be watching tomorrow if .006 area holds and .007 breaks it could easily bounce over .01... I was surprised it didn't sell off at the end of the day... That says a lot to me

[jamesnames]

I had one in December where the effective date was December 21st, yet the stock traded on the old symbol through December 28th. Now, it was the same Judge Chapman, as well, thought that really isn't relevant. Also, the old shareholders in the case I mentioned got the same amount of shares in the new entity.

These shares are going to zero, but the question is when. It could be Wednesday, and it could possibly be Tuesday (doubt it), or even Thursday or later this week or next.

I know for 100 percent certainty that the shares I owned in another company in December had an EFFECTIVE date of December 21st, yet the shares traded all the way through December 28th.

I am making no predictions here, other than to say that even a few days of trading is plenty time to allow this market maker to make one more wild and crazy move (which would have to be up).

He took this thing from under 2 cents to over 20 cents in about two weeks earlier this month. I am sure he can take it to 2 to 3 cents on AIR as one final hurrah.

I am not advising anything. Just letting people know that it is greater than 50-50 that this thing hits 2 cents again in the next day or two. That would be a triple from here. There is serious bagholder risk here, but that is also what makes this very intriguing. Today's selling was climactic, and that is how you get lows and good entry points, even if it only last for a few days.


Here is proof below. Once again, I am NOT predicting anything, other than to say that one last wild ride is entirely possible, especially since the Market Maker probably got caught off guard today with the quick confirmation/effective date announcement. Notice that in the example below shares traded through December 28th.


2. Effective Date. Pursuant to the Confirmation Order, the Debtors hereby certify and give
notice that the Plan became effective on December 21, 2012 (the “Effective Date”).


Dec 28, 2012 0.45 0.50 0.45 0.50 50,600 0.50
Dec 27, 2012 0.48 0.49 0.45 0.45 28,700 0.45
Dec 26, 2012 0.45 0.47 0.45 0.47 45,100 0.47
Dec 24, 2012 0.43 0.45 0.43 0.45 28,000 0.45
Dec 21, 2012 0.40 0.43 0.40 0.43 23,000 0.43
Dec 20, 2012 0.40 0.42 0.40 0.42 26,200 0.42
Dec 19, 2012 0.40 0.43 0.40 0.43 10,300 0.43

[jamesnames]

You must not be able to read.

I laid out the options and I included every possibility. The question is WHEN exactly is the EFFECTIVE date. Is that tomorrow, Wednesday, or a day in the future?

What a shame that you didn't read what I wrote. Just because they plan on getting most of the money shuffling done on or before May 1st (Wednesday), there is a lot to be done. This could trade all the way through Wednesday or even longer if all of the ducks aren't lined up.

If you know so much then please tell us when exactly this will stop trading. I simply made the point that until this is finalized the ABKFQ shares will continue to trade.

You cannot guarantee that this will not trade Thursday, so I don't see your point. Somebody had to take on tens of millions of shares today, and they will be unloaded higher tomorrow, Wednesday, or Thursday or beyond. Otherwise, all of those tends of millions of shares taken today by the market maker are worth zero, You are talking a potential 500K loss on that, so my guess is that the market maker unloads those shares to someone else.

Your guess is that he bought those shares today and takes a 100 percent loss tomorrow. I doubt it. We'll see.

[Turtle12]

Your wrong- states in the plan upon emerge- all equity is immediately cancelled. This will not trade one day after emerging.

[jamesnames]

This could trade longer than you think.

I have had this on my screen for a few years. I noticed the crazy selling today. It looks like they rammed through this POR and got it approved on short notice. Now, the question is, at what point are the ABKFQ shares going to disappear from the screen?

At first glance, it would look to be Wednesday, May 1st. That is two days from now. However, there is a huge difference between canceling shares at the end of day Tuesday, sometime Wednesday, or end of day Wednesday. Also, it is not entirely clear if these shares absolutely go dark Wednesday. It could be that even with the issuance of new equity, that this will trade until the PLAN is absolutely finalized. Is that days or is that months?

Looking at today's action there were only 40 million sells out of the 67 million shares traded. That means that 27 million shares traded at the ask. This is very interesting.

Will shorts/naked shorts cover tomorrow and/or Wednesday? Will ABKFQ trade until Wednesday, through Wednesday,until midday Wednesday, or for days or weeks after Wednesday?

It seems as if there has to be some type of grace period after getting the confirmation order today. Not so sure they can totally clean it up in a day and a half without allowing for some type of objection.

Eventually the shares are definitely worth zero. The only question is if tomorrow is the last day of trading, or Wednesday, or a later date.

If it turns out that this trades through Wednesday the price should spike as the market maker had to take on a ton of shares today. He has to unload those or take a few hundred thousand dollar loss on today's trades alone. Shares will go much higher if this trades past Wednesday. They will go higher even if it trades at all Wednesday, as Tuesday looks to be a full day no matter what, since there are conditions that must be met before this is official, and that cannot get done before Wednesday.

The odds favor at least a full day of trading tomorrow (Tuesday), so my guess is that the price goes to at least 1.5 cents. This is a strange one, and the reason that it just may spike more than you imagine is that because even seasoned traders and flippers are afraid here. When EVERYONE is afraid, and the rug can get pulled at any time, this is how you create a low and you might just get a quick triple up tomorrow.

[brony]

OK...any info will help(rookie here)So in my position I held on to my .20 cent stock thinking it would rebound (uggh). Anyways main concern is that I heard that when they cancel the stock they can re issue it like in a reorganization..since they might and prob will get a merger?
so....
A.Do I try to trade it for a couple bucks while I can tomorrow?
B. Or do I leave it alone and cross my fingers hoping to get it re issued and is that even possible ?out of 5000 shares what do I get out of it? reverse-slit ?
Questions from a rookie... thanks !

[Bill Tarson]

Totally up to you. Personally, I'm usually pretty dang ballsy, but I'm giving this one the silent treatment. Looking at MJNA @ .1 or .08, instead. ABKFQ is poison, imo. Plenty of other fish in the sea.

I'm also diversified, right now, because there aren't any clear-cut winners, today (from my POV, anyway).

[Scooter Henry]

Wednesday

[Power of Emouna]

Any idea as to when the common shares will be cancelled?

[Scooter Henry]

Looks like it may bounce here... Too scared to touch it though

[Bill Tarson]

I usually flip, but man, I wouldn't touch this thing with a 20-inch stick. It's an outlier. -80% is outside my threshold for acceptable trading and the chances of timing this properly are pretty dang minimal.

Happy winnings to those who did, today, though.
I just think the odds on this one are really tilted against the trader. There will be no 100%-200% ROI pop on this one.
There's just tiny little gains on tiny little orders and that's that. Not worth the money put on the table, imo.

It's like trying to count the cards in a game of blackjack that doesn't have any face cards in it.

[pagello]

Usually flippers will pop these up and down until the final cancellation. That's Wed. I believe, so not much time to do that. Many people don't understand what's happening and supply fodder for the flippers.

Ambac Positioned to Emerge from Bankruptcy NEW YORK--(BUSINESS WIRE)--April 29, 2013-- Ambac Financial Group, Inc. ("Ambac") announced today that the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") approved a settlement with the United States of America ("United States") that brings resolution to claims filed against Ambac by the Internal Revenue Service (the "IRS") and related litigation. Additionally, the Bankruptcy Court approved Ambac's entry into an amendment to the existing tax sharing agreement with Ambac Assurance Corporation as well as certain modifications to Ambac's Fifth Amended Plan of Reorganization (the "Plan"). Ambac is scheduled to execute a closing agreement with the IRS on April 30, 2013, concurrent with its payment of $1.9 million, and the Segregated Account of Ambac Assurance Corporation's payment of $100 million, to the United States. Ambac expects to fulfill the remaining conditions to the effectiveness of the Plan on or before May 1, 2013 (the "Effective Date"). Pursuant to the Plan, Ambac will distribute 45,000,000 new common shares (the "New Common") and 5,047,138 new warrants (the "New Warrants") to holders of allowed claims, in full and final satisfaction of such claims, on the Effective Date. In addition, all existing common stock of the company will be cancelled on the Effective Date and the holders of such stock will not receive any distributions under the Plan. Ambac has received approval from the NASDAQ OMX Group to list the New Common and New Warrants on the NASDAQ Global Select Market, as of the Effective Date, under the ticker symbols AMBC and AMBCW, respectively. About Ambac On November 8, 2010, Ambac Financial Group, Inc. ("Ambac") filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code ("Bankruptcy Code"). The Bankruptcy Court entered an order confirming Ambac's plan of reorganization on March 14, 2012. Until the plan of reorganization is consummated and Ambac emerges from bankruptcy, it will continue to operate in the ordinary course of business as "debtor-in-possession" in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Ambac's principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations. CONTACT: Ambac Financial Group, Inc. Michael Fitzgerald, 212-208-3222 [e-mail] www.ambac.com

[Bill Tarson]

So it'll probably MM algo time-decay before then, I would guess. Like a really bad option that's about to expire, lol.

Would you agree with that assessment?

[pagello]

I believe so. Commons are at the bottom of the pecking order. The unsecured creditors are only getting ~18% Nothing left for commons.

[Bill Tarson]

So the canceled shares just... Poof? I'm not familiar with this side of the market (I'm a technical trader).

[pagello]

http://www.cnbc.com/id/100684909


Once the second-largest U.S. bond insurer, Ambac suffered big losses after it strayed from insuring municipal bonds and began guaranteeing bonds backed by home loans.


With the approval of the IRS settlement, Ambac expects to emerge on Wednesday after the company finalizes documents, the company's attorney, Peter Ivanick of Hogan Lovells, said at Monday's court hearing.

When Ambac emerges from bankruptcy, the company's current stock will be canceled and creditors will be issued new shares.

[Bill Tarson]

I feel the need to warn you guys (mainly because halted money is money that hurts the market), that this thing is at extremely high risk for getting halted indefinitely and then sent to the grey sheet graveyard, never to be seen again.

Don't say I didn't warn you. I'm not even sure I want to intra-day trade this ugly thing.

Never bet against the IRS. This company is fried. I would not be the least bit surprised to see the L2 get cleared out today by a halt.

Good luck to all, and again, be very careful around this one. That is the worst news I've seen in a very long time for any company, penny stock or not. Worse than a promo, worse than BOPT shorting, worse than chapter 11. It's chapter 11 with the IRS out for blood. Effin' poisonous.

Just my prognosis. I've been wrong before, but I'd never bet against the IRS. They have an infallible and ruthless track record.

Stick a fork in this one.

[brony]

Monday, Ambac(ABKFQ) will seek the Manhattan bankruptcy court's permission to pay $101.9 million to resolve claims brought by the Internal Revenue Service tied to its treatment of credit-default swaps.

If approved, the deal could clear the way for the bond insurer to emerge from the Chapter 11 case it filed in November 2010. Ambac won confirmation of its bankruptcy-exit plan more than a year ago, but it hasn't been able to emerge yet.

[fali]

Turtle12,
Thank you for the answer.
God Bless.

[Turtle12]

The last filing state on or before may 1st

[fali]

Turtle12,
Do you know the date for the cancellation of the common shares?
Anyone can answer.
Thanks.

[Turtle12]

100% says you lose all your money in two weeks if you stay long. You can try and help.

[brony]

Ya but Still a 67% BUY on http://www.barchart.com/opinions/stocks/ABKFQ

[Turtle12]

Simple answer is no- Abkfq has not emerged from bankruptcy. Should be in two weeks- call the investor relations dept. if anyone says they are worth anything please provide facts not opinions. The confirmation plan state equity is wiped out. Also refer to Busted Stocks on yahoo Finance.

[Bigthings]

Is there any possibility to participate in new company now?
thanks.

[Turtle12]

Stock is a $0.00. The Street.com Thursday- stock is an absolute 0.00. They lost 100 mil of there NOL. The new company which will merge at the end of the month will look nothing like the old company. Save your money. The bankruptcy plan has already been confirmed. States in the plan equity gets wiped out. The only obstacle was the IRS settlement. The judge will confirm plan April 29 and will cease trading immediately.

[VortMax]

They would overstate losses to gain net loss carryforwards used in future earnings. Its an accounting trick.

[Ambac Fighter]

The fight against the bandits (Ambac / OCI) begins ......



We will make a charge against Ambac / OCI.
Enough evidence available.
Stocks from 2008 are also there to provide what we are entitled a criminal complaint.

But to carry out the criminal complaint with better quality, we need about 26000, - €.
After a successful lawsuit follows a Claas action.

Therefore, we call for donations.

greeting

Please contact us ......
www.aktienbase.de
"BringFrieden" or "memory1931"

[sawtrader]

Several opinions on this, but the IRS did not press charges, which indcates that it may not have been deliberate cooking of losses.
If the company sees that they are in the clear and no further pressure from the IRS/DOJ, and if they see that they can come out of BK with commons having some value, then they will make an announcement. If not, they will proceed with BK and it depends on the Judge and the court proceedings. Since the NOL is being used the commons held by the shareholders prior to BK can buy shares per the shareholder rights that has been set forth.

[TheGent]

Question is why did they misstate there losses by 1 billion dollars? Are they going to bring commons out of BK?

[Dor]

PFD 5.95% DEB
CALLABLE 2/28/13 AKF
AMBAC FINANCIAL
PFD 5.875% CALLABLE AKT
What is the status of these debs, they don't trade but the values continue to change from day to day.

[brony]

U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH (ABKFQ) and its affiliates have agreed to pay $101.9 million to resolve claims brought by the Internal Revenue Service tied to its treatment of credit-default swaps, in a settlement that may pave the way for the bond insurer to emerge from bankruptcy.

[Sam'd'Mil]

$ABKFQ .0477s

According to Diana Adams, Ambac’s President and Chief Executive Officer, “The IRS Settlement came about through the diligent efforts and support of many interested parties involved in the case and we believe the terms are fair, equitable, and in the best interests of Ambac, its creditors, and AAC. This settlement puts us in a favorable position to emerge from bankruptcy and move forward with managing our existing business and exploring new business opportunities.”
The Motion is scheduled to be heard by the Bankruptcy Court at a hearing on April 29, 2013. The entry by the Bankruptcy Court of an order approving the IRS Settlement pursuant to Bankruptcy Rule 9019 will satisfy one of the remaining significant conditions precedent to the consummation of Ambac’s confirmed Fifth Amended Plan of Reorganization (the “Plan”). If the order is obtained, Ambac and the IRS will then consummate the IRS Settlement. The effective date of the Plan should occur shortly thereafter.

[sawtrader]

Thanks Vortmax, for the updates. I would expect that buying should take the pps higher again till the hearing date. Surely traders will be looking forward to a few wild swings.

[VortMax]

ABK Nets $68M Profit in February 2013

http://www.kccllc.net/documents/1015973/1015973130408000000000002.pdf

Q4 was $150M

January 2013 was $108M

February 2013 was $68M

So $326M net profit in 5 months, so a $782M/year run rate. Used to trade at 10PE, would have a $7.82B market cap right now. Even if it was distressed, would still be $5B market cap or PPS $15.00+

[VortMax]

just saw this. it means that ABK agrees that it overstated losses by $1.1B. It would also mean ABK put $1.1B too much into its loss reserves. This is a $2.2B swing. This could bring back equity lawyers who have claimed all along that ABK tied up its money to make things look worse then they were. That $1.1B could theoretically be argued as due to equity holders, or at least a portion of it.

[sawtrader]

News out, IRS settles and NOLS reduced by 1.1b. Since you have posted some good outcomes in the past, your new comments will be greatly appreciated and welcomed by everyone interested here.

[Ambac Fighter]

we have more fact's, and we can destroy the POR

you can contact me at the end of the film.

[Ambac Fighter]

I made the video in order to clarify questions. Please note that I got leaked recently, data on Takefuji and consider this can only been about a week.

strategy:

For me there is no change in strategy. There is only now through the Takefuji two ways:
First Fraud display with POR-contestation of lawyers because of the new data with Takefuji, which in some 26.000,- Euro will cost.
Second Prüfund the data to about 15,000,- Euros in cost and then zuzüglch about 33% in commission costs for the lawyers. Who is not a share of the 15,000 - would bear inspection costs, which I had offered in my donor group that I take over the costs and receive compensation as a 5% success fee achieved its revenue from AMBAC lawsuit.

Please have a looks at the video.

To me it will be gone no matter which way. There are so many out there Shareholders who might participate.
Greed is not always good and hope for the other for a pull the child from the fountain for free, eh a rarely occurs. Once said to all the riders were of like option 1.
Option 2 is to use, but again, several years of time to have to wait if necessary.

My decision not care, I'm happy with any of these solutions.

MFG
Bring peace

Note on possible number 1:
I can of course my data so free, now also file with the new Takefuji-AMBAC data. If you trust enough in my knowledge of English and the unaubereiteten documents have, I can do that. It strikes me as a Bondholder is not as hard as you Nuraktionäre if the time on it is going to be rectified and then the POR many light was implemented. Otherwise, I would advise that specialist lawyers to submit it better, which costs money.
And this possibility relates to all shareholders, not just any group.

http://www.aktienbase.de/index.php?page=Portal

[brony]

Nahhh.. dont think so