trending Market Intelligence /marketintelligence/en/news-insights/trending/EMu9u5NSlPp1satc2LYdAw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Judge throws out CarVal's motion, deposition request related to Ambac Assurance segregated account rehabilitation

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund


Judge throws out CarVal's motion, deposition request related to Ambac Assurance segregated account rehabilitation

Ambac FinancialGroup Inc. said April 5 that Judge Richard Niess of the CircuitCourt of Dane County, Wis., denied a motion to show cause filed by severalinvestment entities managed by CarVal Investors LLC that hold bonds insured byAmbac Assurance Corp.whose policies have been allocated to the segregated account of Ambac Assurance.

CarVal asked the court to order Wisconsin InsuranceCommissioner Theodore Nickel, as the rehabilitator of the segregated account, to show why heshould not increase payment with respect to insurance policies that have beenallocated to the segregated account. Niess denied the motion partly because ofCarVal's lack of standing in the rehabilitation proceedings, according to thenews release.

CarVal also sought deposition testimony from representativesof Ambac Assurance, but the judge rejected its right to a deposition andgranted the commissioner's motion to quash the deposition notice.

The ruling came a few months after investor Nick Vouloumanosraised concerns aboutthe relationship of the Ambac Financial board and the creditors that it isnegotiating with for a recapitalization of Ambac Assurance. Vouloumanos saidthe Ambac Financial board may be under the influence of an ad hoc group ofcreditors, including CarVal, Canyon and Davidson Kempner, that is pushing forlarge and timely distributions. He claimed that creditors do not have the bestinterest of equity holders in mind and pointed out that some of the boardmembers were appointed to other boards by certain creditors and have served onthe same board as some of the creditors.