Ambac trading halted on NYSE

Reuters ^ | 03/05/08

[TigerLikesRooster]

Ambac trading halted on NYSE

Wed Mar 5, 12:12 PM ET

NEW YORK (Reuters) - Trading in Ambac Financial Group Inc (ABK.N), the bond insurer, was halted around midday Wednesday on the New York Stock Exchange.

No further information was immediately available.

Ambac shares were trading up 63 cents, or 5.9 percent, at $11.35 prior to the halt.

Shares of MBIA Inc (MBI.N), another bond insurer, were up $1.22, or 9.4 percent, at $14.20. Trading in MBIA shares was not halted.

[TigerLikesRooster]

Does anybody know what this is all about? Curious.

[TigerLikesRooster]

Ping!

[Moonman62]

They are raising capital by issuing new shares. It was all over the financial news.

[ex-Texan]

Does anybody know what this is all about?

Ambac Stock Plunges 19 Percent

Bond Insurer Fails to Assuage Concerns About Its Credit Rating

Ambac Financial Group tumbled 19 percent in New York Stock Exchange trading yesterday after the bond insurer's plan to raise $1.5 billion failed to allay concern that it may lose its AAA credit rating.

Investors had anticipated banks would be part of a bailout that would raise as much as $3 billion, enough to overcome record losses on subprime-mortgage debt. Instead, the New York company will seek buyers for $1 billion of common shares and $500 million of equity units, according to a statement. * * *

The insurer was attempting to raise cash. Nobody wants to invest hard earned bucks in a bond insurer today.

Not when the corrupt house of cards is tumbling. How many trillions are at risk ___________ ?'Nuff said here.

[TigerLikesRooster]

Thanx.

[Travis McGee]

“Several brokerage houses tumbled; blue-sky investment companies formed during the happy bull market days went to smash, disclosing miserable tales of rascality; over a thousand banks caved in during 1930, as a result of marking down both of real estate and of securities; and in December occurred the largest bank failure in American financial history, the fall of the ill-named Bank of the United States in New York.” ~~"Only Yesterday: An Informal History of the 1920’s" by Fredrick Lewis Allen

[Travis McGee]

Ambak “Bailout” Lands with Big Thud

http://globaleconomicanalysis.blogspot.com/

[TigerLikesRooster]

I am sure many bosses of municipalities across U.S. are quaking in their boots now.

[mewzilla]

Ambac About Us

[mewzilla]

From last month....

Ambac Financial rejects Buffett's bond insurer bailout

[mewzilla]

From a couple of days ago....

Ambac's Subprime Solution

[Travis McGee]

Darn right. These are phrases we’ll be hearing soon.

“Systemic failure” and “cascading cross-defaults.”

[TigerLikesRooster]

How about “Austrian purge”?:-)

[Travis McGee]

Like this Austrian?

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."~~Ludwig von Mises

[TigerLikesRooster]

That’s the one.

[bert]

NEW YORK, March 5 (Reuters) - Ambac Financial Group Inc (ABK) has received solid demand for a $1 billion share offering, and may increase the size of the deal, a person briefed on the matter said.

The shares are likely to be sold at or near their closing price on Thursday, the person said.

(Reporting by Dan Wilchins, editing by Leslie Gevirtz)

[jiggyboy]

the graph there is hilarious. “sniff this!” !

[Travis McGee]

[nicmarlo]

thanks for the ping, Travis.