Ambac may go bankrupt this year, misses payment

Ambac Financial Group Inc., which was the second-largest U.S.

Ambac Financial Group (ABK), once one of the largest U.S. bond insurers, is in talks with senior debtholders to file a pre-packaged bankruptcy, according to a Securities and Exchange Commission filing.

When you see headlines like this: San Bernardino, California, Weighs Chapter 9 Bankruptcy, you know 100% without a doubt the city is bankrupt, and the only question pertains to the filing. From the Bloomberg headline story .... San Bernardino may become the third California city in two weeks to file for municipal bankruptcy protection, as it struggles with declining tax revenue, growing employee costs and ill-timed public-works projects.

TAMPA, Fla. (AP) — Casey Anthony filed for bankruptcy in Florida on Friday, claiming about $1,100 in assets and $792,000 in liabilities. Court records show that Anthony, who was acquitted of killing her 2-year-old daughter Caylee in 2011, sought Chapter 7 bankruptcy protection in federal court in Tampa.

The Fundamental Analyst submits: Well it finally happened, AMBAC (ABK) has filed for chapter 11. My January 2008 article titled “It’s all over for AMBAC” turned out to be a tad premature.

WILMINGTON, Delaware (Reuters) - Ambac Financial Group Inc, which was the second-largest U.S. bond insurer before suffering huge losses on risky mortgages, filed for Chapter 11 bankruptcy on Monday.