Ambac Shouldn't Maintain Investments, Trustee Says

Law360, New York (December 20, 2010, 6:41 PM EST) -- The U.S. trustee in the Ambac Financial Group Inc. bankruptcy has objected to the bond insurer's motion seeking permission to use its existing cash management system and maintain money market and bond investment practices for accounts worth more than $63 million.

The money must be protected on behalf of creditors under Section 345 of the U.S. Bankruptcy Code, according to trustee Tracy Hope Davis's limited objection, lodged Friday in the U.S. Bankruptcy Court for the Southern District of New York,

Currently the money — invested in...
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