Ambac Financial Group Inc (AMBC)

[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.