Ambac Fails To Derail Las Vegas Monorail Ch. 11

Law360, New York (May 20, 2010, 1:26 PM EDT) -- Ambac Assurance Corp. has lost its attempt to stay Las Vegas Monorail Co.'s bankruptcy case while a district court considers whether the bankruptcy court wrongly rejected Ambac's argument that LVMC was a municipality and thus ineligible to be a Chapter 11 debtor.

Judge Bruce A. Markell of the U.S. Bankruptcy Court for the District of Nevada on Wednesday denied the motion for a stay pending appeal without having heard oral arguments on the issue.

ÔÇťAmbac styles its motion as a stay pending appeal. But that is...
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