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|Subject: Re: AMBAC 5.95% Debenture Maturity 2/28/2103||Date: 1/7/2013 12:55 PM|
|Author: bluepost22||Number: 34607 of 35932|
So these notes got put on the market asking $8.00 and sold for $7.90.
There is a big gap between $7.90 and the press statements regarding likely recovery. Thus motivated, I went back to the claims administrator site and spent another 15 mins reading the latest proposal which seems to offer only equity to Senior Noteholders. Couldn't find the exhibit on warrants. Somebody has valued these notes at about $8 and when I get done with other end of year accounting chores maybe I can figure out why.
4th proposal (there is a notice of a 5th but don't see it):
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