Bond Insurer Can't Derail Vegas Monorail Ch. 11

Law360, New York (November 2, 2010, 1:15 PM EDT) -- Ambac Assurance Corp., the first-tier bond insurer for Las Vegas Monorail Corp., has failed to convince a federal judge to derail the transit project’s reorganization proceedings while Ambac appeals a bankruptcy judge’s ruling on the company’s Chapter 11 status.

On Friday, Judge James C. Mahan of the U.S. District Court for the District of Nevada denied Ambac’s emergency motion to stay the proceedings while it appeals a bankruptcy judge’s April rejection of its motion to dismiss Las Vegas Monorail’s Chapter 11 case.

Ambac, which insures the...
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