In a desperate ploy last March, Ambac spun off policies on subprime mortgage-backed securities, relinquishing control of them to the Wisconsin insurance commissioner. He's asking a state judge to approve a plan that pays policyholders 25 cents on the dollar. But a raft of big-firm lawyers is standing in the way.
November 15, 2010 at 12:00 AM
1 minute read
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