Ambac (ABK) Shares Rallying Amid Expected $440M Tax Refund in Q4
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Shares of Ambac Financial (NYSE: ABK) are ripping higher today following an 8-K from this morning in which the company disclosed that it will receive about $440 million in tax refunds in Q4. The stock most recently traded at $0.92, up 31% from yesterday's closing price.
From the filing:
Included in the third quarter statutory results were the effects of commutations of four collateralized debt obligation of asset-backed securities exposures completed with multiple counterparties. The CDO of ABS transactions, which have an aggregate of approximately $5,031 million notional outstanding as of September 30, 2009, were settled for cash payments of approximately $520 million. As a result of the commutation settlements, Ambac recorded positive adjustments to its aggregate impairment reserves as of September 30, 2009. The statutory financial results also included the impact from other significant non-recurring third quarter activity such as reinsurance recaptures amounting to $311 million, which had a positive effect on surplus, and the correction of an error in the prior quarter’s estimation of credit derivative impairments amounting to approximately $280 million, which had a negative effect on surplus.
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