Ambac Trying To Derail Monorail Co.'s Ch. 11 Case

Law360, New York (May 12, 2010, 5:10 PM EDT) -- Ambac Assurance Corp., which insured bonds that helped Las Vegas Monorail Co. buy and improve an elevated train system in Las Vegas, is challenging a decision from the court overseeing LVMC's bankruptcy that rejected Ambac's argument that LVMC was a municipality and thus ineligible to be a Chapter 11 debtor.

Ambac filed its notice of appeal of the April 26 order denying its motion to dismiss LVMC's Chapter 11 case in the U.S. Bankruptcy Court for the District of Nevada on Monday.

The financing that private...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.