Ambac Withdraws Shelf Registration (ABK)

Banking, finance, and taxes

Published: August 26, 2010 4:51 pm

Last Updated: April 27, 2020 3:44 pm

Ambac Financial Group, Inc. (NYSE: ABK) has telegraphed filing with deep implications. The company withdrew its earlier shelf registration statement with the SEC that would have allowed it to sell mixed securities. This time it appears to be a technicality rather than a telegraph of something great or something ominous. It turns out that because it did not file its 2009 annual report by the required deadline, Ambac is not eligible to issue securities under its filing.

Pursuant to Rule 477 under the Securities Act of 1933, as amended (the “Securities Act”), Ambac Financial Group, Inc. (the “Registrant”), on its own behalf, hereby requests the withdrawal of its Registration Statement on Form S-3 (File No. 333- 158341) filed with the Securities and Exchange Commission (the “Commission”) on April 1, 2009, together with all exhibits thereto (the “Registration Statement”). As a result of the Registrant not filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2009 by the required deadline, currently the Registrant is not eligible to issue securities pursuant to a registration statement on Form S-3.

In accordance with Rule 457(p) under the Securities Act, the Registrant requests that all fees paid on its behalf to the Commission in connection with the filing of the Registration Statement be credited to the Registrant’s account for future use by the Registrant. It is our understanding that this application for withdrawal of the Registration Statement will be deemed granted on the date that it is filed with the Commission unless, within fifteen (15) days after such date, the Registrant receives notice from the Commission that this application will not be granted.

Shares have been trading up and down in recent days, with today’s move a drop of 8.5% at $0.49 on light trading volume.

JON C. OGG

Are You Still Paying With a Debit Card?

The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.

Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!

Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!

Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.