Ambac, IRS In Talks To Resolve $807M Tax Claims

Law360, New York (October 26, 2011, 1:48 PM EDT) -- Bankrupt financial products insurer Ambac Financial Group Inc. told a New York court on Wednesday that it hoped to reach an agreement by early November with the Internal Revenue Service over disputed tax liabilities, including claims for at least $807 million.

“While we have made lots of progress, we don't yet have a deal,” Peter A. Ivanick of Dewey & LeBoeuf LLP, counsel for the debtors, told U.S. Bankruptcy Judge Shelley C. Chapman.

Over the last two weeks, the two sides have taken significant steps forward...
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