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Canyon Capital issues compensation analysis of Ambac CEO, board

Canyon CapitalAdvisors LLC released a comparative analysis on thecompensation of Ambac FinancialGroup Inc.'s president and CEO, Nader Tavakoli, and its boardversus corresponding compensation at Ambac Financial's peers.  

Canyon Capital said in a news release that the analysisstrongly supports its previous assertions that Tavakoli and the Ambac Financialboard are "significantly overpaid." Among other findings, theanalysis noted that Tavakoli's 2015 compensation was far in excess of hispredecessor's 2014 compensation potential and on the high end of thecompensation of highest paid executives at the companies Ambac Financial hasidentified as peers, for compensation purposes, as well as the CEOs of abroader group of more representative companies.

The analysis also claims that each of the Ambac Financialfull-year board members' $475,000 compensation is more than 2.70 times themedian rate, more than double the 75th percentile rate, and approximately 1.65times the 90th percentile rate for board members at Ambac Financial's chosenpeers.

Canyon Capital said that it is urging stockholders toelect to serve on theAmbac Financial board, instead of Ambac Financial's current chairman, JeffreyStein.  

Canyon Capital holds almost 5% of the outstanding shares ofAmbac Financial.