Ambac Says $800M Tax Row Threatens Reorganization

Law360, New York (October 13, 2011, 6:17 PM EDT) -- Bankruptcy financial product insurer Ambac Financial Group on Wednesday asked a New York judge to quickly determine the status of at least $800 million in federal tax claims against it, saying a delay could derail its plan to reorganize.

Ambac is trying to emerge from a bankruptcy it entered after the housing market collapse hammered its business insuring financial products. It said in a brief that any delay from litigating against the Internal Revenue Service might “render reorganization moot” and force it to liquidate.

Ambac's greatest...
To view the full article, register now.




Case Information

Case Title

Ambac Financial Group, Inc.

Case Number



New York Southern

Nature of Suit

Date Filed

November 8, 2010

Law Firms


Government Agencies

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.