Replies to post #8587 on Octave Specialty Group Inc (OSG)

[AugustaFriends]

Bankruptcy Court hearing relating to the confirmation of the Plan has been rescheduled for February 15, 2012. There are two court settlements and the IRS settlement this month. With other developments on the Financial/mortgage scandal, all previous settlements on others cases favor ABKFQ, if judges use previous decision. If I'm correct one is on the 26 of Jan the other on the 30th. The IRS supposed be this month -- but who knows on that it's been dayed before.

See here

Ambac Financial Group, Inc. (OTC: ABKFQ) (“Ambac Financial”) today announced that, in order to give Ambac Financial additional time to negotiate a final settlement of its dispute with the Department of the Treasury - Internal Revenue Service, the voting deadline relating to the Second Amended Plan of Reorganization of Ambac Financial, dated September 30, 2011 (the “Plan”), has been extended to January 30, 2012. In addition, the Plan objection deadline has been extended to January 26, 2012 and the Bankruptcy Court hearing relating to the confirmation of the Plan has been rescheduled for February 15, 2012.

[AugustaFriends]

Ambac Wins Approval of $27.1 Million Lawsuit Settlement
Q
By Linda Sandler - Dec 29, 2011 3:17 PM PT



Ambac Financial Group Inc. (ABKFQ)’s $27.1 million settlement of a class-action lawsuit was approved by a U.S. judge who said the deal was reasonable and would allow the bankrupt company to complete its Chapter 11 plan.

The Police and Fire Retirement System of Detroit had challenged the bankruptcy judge’s September approval of the deal, partly because it stops other parties from suing Ambac, the bankrupt holding company for a failed bond insurer.

In a memorandum and order filed in court today, U.S. District Judge Naomi Buchwald said the bankruptcy judge was right to approve the deal after determining the settlement fell “well above the lowest point in the range of reasonableness,” warranting its approval by court measures.

“Settlements are strongly favored in the bankruptcy context, as they help clear a path for the efficient administration of the bankrupt estate,” she wrote in the memorandum.

The shareholder suits against Ambac, which filed for bankruptcy in 2010, sought to recover losses suffered because of Ambac’s exposure to the credit crisis tied to subprime mortgages. Ambac will pay $2.5 million, and its insurers will pay the remaining $24.6 million, according to Buchwald.

Creditors’ votes on Ambac’s reorganization plan must be in by Jan. 30, Ambac said this month. The company listed liabilities (ABK) of $1.68 billion in its initial Chapter 11 petition.

The holding company case is In re Ambac Financial Group Inc. (ABK), 10-15973, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Linda Sandler in New York at [e-mail].

To contact the editor responsible for this story: John Pickering at [e-mail].