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Cornwall Capital urges Canyon Capital to end proxy fight with Ambac Financial

Cornwall CapitalManagement LP believes CanyonCapital Advisors LLC should end its proxy campaign against Ambac Financial Group Inc.

The election of Cornwall Capital partner Ian Haft to Ambac'sboard on March 28, alongwith the voting and support agreements signed by a number of activist shareholdersthat day, showed Ambac's responsiveness to shareholder concerns, Cornwall Capitalsaid.

"Continuing with a divisive proxy fight is counterproductive,"Cornwall Capital said in a statement. Removing Ambac Chairman Jeffrey Stein wouldbe detrimental to shareholders, the company added.

The other shareholders who agreed to voting and support agreementson March 28 were Alden Global CapitalLLC, Axonic Capital LLC,Evermore Global Advisors LLCand Sterling Grace Municipal SecuritiesCorp. At the time, their combined holding of Ambac stock was 18.5%.

Cornwall Capital and affiliates currently own about 4.9% of Ambac'sshares.