Ambac Sues US To Protect $700M In Tax Refunds

Law360, New York (November 9, 2010, 3:47 PM EST) -- Bond insurer Ambac Financial Group Inc. filed an adversary proceeding against the U.S. government on Tuesday in hopes of protecting roughly $700 million in tax refunds — which the company calls crucial to its Chapter 11 restructuring — from potential seizure by the Internal Revenue Service.

Ambac asked the U.S. Bankruptcy Court for the Southern District of New York to issue a declaration that the company is entitled to retain tax refunds issued to the company between 2003 and 2008. New York City-based Ambac, which sought...
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