Ambac’s Form 10-Q Filing to Be Delayed
11 Maggio 2010 - 11:05PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced
today that it has filed with the Securities and Exchange Commission
(“SEC”) a Notification of Late Filing on Form 12b-25 pertaining to
its Quarterly Report on Form 10-Q for the quarter ended March 31,
2010.
Ambac needs additional time to complete this filing due to the
complexities in implementing ASU 2009-16 and ASU 2009-17, as issued
by the Financial Accounting Standards Board in December 2009. The
Company also noted that the delay was due in part to accounting
complexities arising from the actions taken by the Office of the
Commissioner of Insurance of the State of Wisconsin on March 24,
2010. Further details can be found in the Company’s Form 12b-25
filing.
Ambac is in the latter stages of finalizing its financial
statements and required disclosures for inclusion in its Form 10-Q
for the quarter ended March 31, 2010. Ambac anticipates that it
will report significant changes in its results of operations for
the three months ended March 31, 2010, as compared to the prior
fiscal period. Additional detail can be found in the Company’s Form
12b-25 filing, which is available at www.sec.gov as well as the
investor relations section of Ambac’s website.
About Ambac
Ambac Financial Group, Inc., headquartered in New York City, is
a holding company whose affiliates provided financial guarantees
and financial services to clients in both the public and private
sectors around the world. Ambac's principal operating subsidiary,
Ambac Assurance Corporation, a guarantor of public finance and
structured finance obligations, has a Caa2 rating from Moody's
Investors Service, Inc. and an R (regulatory intervention)
financial strength rating from Standard & Poor's Ratings
Services. Ambac Financial Group, Inc. common stock is listed on the
New York Stock Exchange (ticker symbol ABK).
Forward-Looking
Statements
This release contains statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Any or all of management’s forward-looking statements here or in
other publications may turn out to be incorrect and are based on
Ambac management’s current belief or opinions. Ambac’s actual
results may vary materially, and there are no guarantees about the
performance of Ambac’s securities. Among events, risks,
uncertainties or factors that could cause actual results to differ
materially are: (1) Ambac has insufficient capital to finance its
debt service and operating expense requirements beyond the second
quarter of 2011 and may need to seek bankruptcy protection; (2) the
unlikely ability of Ambac Assurance to pay dividends to Ambac in
the near term; (3) the risk that holders of debt securities or
counterparties on credit default swaps or other similar agreements
bring claims alleging that the rehabilitation of the Segregated
Account constitutes an event of default under the applicable debt
indenture or an event of default under the applicable ISDA
contract; (4) adverse events arising from the Segregated Account
Rehabilitation Proceedings, including the injunctions issued by the
Wisconsin rehabilitation court to enjoin certain adverse actions
related to the Segregated Account being successfully challenged as
not enforceable; (5) litigation arising from the Segregated Account
Rehabilitation Proceedings; (6) any changes to the Proposed
Settlement, or the failure to consummate the Proposed Settlement;
(7) decisions made by the rehabilitator for the benefit of
policyholders may result in material adverse consequences for
Ambac’s securityholders; (8) potential of rehabilitation
proceedings against Ambac Assurance, with resulting adverse
impacts; (9) the risk that reinsurers may dispute amounts owed
us under our reinsurance agreements; (10) possible delisting of
Ambac’s common shares from the NYSE; (11) the risk that market
risks impact assets in our investment portfolio or the value of our
assets posted as collateral in respect of investment agreements and
interest rate swap and currency swap transactions; (12) risks which
impact assets in Ambac Assurance’s investment portfolio; (13) risks
relating to determination of amount of impairments taken on
investments; (14) credit and liquidity risks due to
unscheduled and unanticipated withdrawals on investment agreements;
(15) market spreads and pricing on insured CDOs and other
derivative products insured or issued by Ambac;
(16) inadequacy of reserves established for losses and loss
expenses, including our inability to realize the remediation
recoveries included in our reserves; (17) Ambac’s financial
position and the Segregated Account Rehabilitation Proceedings may
prompt departures of key employees; (18) the risk of
litigation and regulatory inquiries or investigations, and the risk
of adverse outcomes in connection therewith, which could have a
material adverse effect on our business, operations, financial
position, profitability or cash flows; (19) difficult economic
conditions, which may not improve in the near future, and adverse
changes in the economic, credit, foreign currency or interest rate
environment in the United States and abroad; (20) the actions of
the U. S. Government, Federal Reserve and other government and
regulatory bodies to stabilize the financial markets; (21) likely
unavailability of adequate capital support and liquidity;
(22) credit risk throughout our business, including credit
risk related to residential mortgage-backed securities and
collateralized debt obligations (“CDOs”) and large single exposures
to reinsurers; (23) default by one or more of Ambac
Assurance’s portfolio investments, insured issuers,
counterparties or reinsurers; (24) the risk that our risk
management policies and practices do not anticipate certain risks
and/or the magnitude of potential for loss as a result of
unforeseen risks; (25) factors that may influence the amount of
installment premiums paid to Ambac, including the imposition of the
payment moratorium with respect to claims payments as a result of
Segregated Account Rehabilitation Proceedings; (26) changes in
prevailing interest rates; (27) the risk of volatility in
income and earnings, including volatility due to the application of
fair value accounting, required under the relevant derivative
accounting guidance, to the portion of our credit enhancement
business which is executed in credit derivative form, and due to
the adoption of the new financial guarantee insurance accounting
standard effective January 1, 2009, which, among other things,
introduces volatility in the recognition of premium earnings and
losses; (28) changes in accounting principles or practices
that may impact Ambac’s reported financial results;
(29) legislative and regulatory developments;
(30) operational risks, including with respect to internal
processes, risk models, systems and employees; (31) changes in tax
laws and other tax-related risks; (32) other factors described in
the Risk Factors section in Part I, Item 1A of Ambac’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2009 and
also disclosed from time to time by Ambac in its subsequent reports
on Form 10-Q and Form 8-K, which are available on the Ambac website
at www.ambac.com and at the SEC’s website, www.sec.gov; and
(33) other risks and uncertainties that have not been
identified at this time. Readers are cautioned that forward-looking
statements speak only as of the date they are made and that Ambac
does not undertake to update forward-looking statements to reflect
circumstances or events that arise after the date the statements
are made. You are therefore advised to consult any further
disclosures we make on related subjects in Ambac’s reports to the
SEC.
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