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Entries tagged "monoline"At MBIA, it's like old timesAlthough activist investor William Ackman has moved on, monoline insurer MBIA is facing another activist, Martin Whitman, who is using a courtroom rather than a boardroom to wage his battle. Bond insurers rally on Ambac CDO settlementAlways in need of a lift as they continue to take structured finance related hits, the bond insurers rallied Friday on news that No. 2 monoline Ambac Financial Group Inc. wiped one of its largest toxic structured finance exposure off of its books as it agreed to settle an unnamed counterparty's claims against a $1.4 billion collateralized-debt-obligation exposure in exchange for an $850 million cash payment. Ambac shares soared 50.40% on the news to close at $3.79 per share. Ambac in early June announced plans to launch a separate stable municipal bond-only entity, which has yet to materialize. ... Ambac to Fitch Ratings: You're fired!Was it just coincidence or retribution that Ambac Financial Corp. ended its ratings contract with Fitch Ratings? Ambac released a terse press release Wednesday of its action, adding, "Our decision to refocus and realign our business around our core expertise in the public finance and infrastructure sectors has led us to re-evaluate our ratings needs." And for Ambac, its needs apparently didn't include spending money on a ratings downgrade from Fitch that only hurt its bottom line. ... Ripplewood may make waves in bond insurer poolPrivate equity firm Ripplewood Holdings LLC may be looking to dive into the troubled bond insurer sector. According to a Wednesday New York Post report, the firm is considering the launch of a bond insurance business. Discussions to start a monoline are in very early stages and may not materialize, the report added. When The Deal contact Ripplewood, a spokesman declined to comment. ... The bears fight Wednesday's monoline bulls following Moody's commentsA handful of bond insurers, which were hammered with double-digit declines on Wednesday following news that Ambac Financial Group Inc. reported a $1.66 billion quarterly loss, saw some relief Thursday on Moody's Investors Service comments that while Ambac losses exceeded analysts' expectations, they were below worst-case-scenario losses the agency uses to evaluate Ambac's capital adequacy. ... Ambac trading halted on pending newsThe New York Stock Exchange halted Ambac Financial Group Inc. trading on pending news of a possible recapitalization deal to preserve its crucial triple-A rating. Trading stopped at 12:01 p.m. ET at $11.35 per share, up 5.87% on the day. The news comes following a wave of media reports sparked by CNBC that Ambac is in talks with a consortium of banks to raise roughly $3 billion. - Michael Rudnick ... Split plan not in the books for AmbacAmbac Financial Group Inc.'s municipal bond insurance business and its more volatile structured finance business will remain unified, in contrast to the split-book plans of its monoline peers MBIA Inc. and FGIC Inc., according to a Financial Times report Tuesday. ... Report: Ambac bail out plan in final stagesNew York State Insurance Superintendent Eric Dinallo said efforts to recapitalize Ambac Financial Group Inc. are in the final stages, according to a CNBC report. ... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "monoline." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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