Ambac (ABK) Seeks to Block IRS Seizure of Refunds
Ambac Financial Group Inc. (NYSE: ABK) has filed a suit against the United States to stop the seizure of $700 million in tax refunds that the company says it will need to be able to reorganize in bankruptcy court.
The company said that the Internal Revenue Service is looking into the refunds and may look to recoup the funds form Ambac.
The refunds are related to losses that the company suffered from credit default swaps which it insured in municipal, corporate and asset-backed debt. Ambac is seeking to keep the funds saying that it has no tax liability from 2003 to 2008.
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The company said that the Internal Revenue Service is looking into the refunds and may look to recoup the funds form Ambac.
The refunds are related to losses that the company suffered from credit default swaps which it insured in municipal, corporate and asset-backed debt. Ambac is seeking to keep the funds saying that it has no tax liability from 2003 to 2008.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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