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Kann man auf Prime Clark 30.11.2020 einsehen oder du googelst ,,Ambac assets puerto rico 2004 motion".
Inhalt:
2004 hatte Ambac eine Auflistung aller Vermögenswerte von Puerto Rico gefordert.
Nun wird der uralte Antrag wieder aufgewärmt und diesmal muss er wegen der drohenden Insolvenz verfolgt werden müssen.
Diese Auflistung soll von unabhängigen Experten erfolgen. Darin muss alles aufgelistet werden, was man verkaufen könnte wie zum Beispiel Strände.
SONSTIGES
Puerto Rico will an ausgelesene Investoren seine Wasserversorgung refinanzieren über neue Anleihen und amit die alten komplett bezahlen.
Die Ratingagentur Standard&Poors hat das Rating von CC auf CCC angehoben für PRASA.
Ambac hatte PRASA Anleihen von versicherten Kunden erworben und das kann wieder Geld in Ambacs Kasse bedeuten.
PRASA ist nicht insolvent! Puerto Rico hat immer die Zinsen dafür bezahlt gehabt.
Fazit: Wenn der Richtet den Antrag 2004 bewilligt, dann kann es sein, das Ambac alle Rückstellungen für Puerto Rico auflösen kann und die gehaltenen Anleihen als Wert einbuchen kann.
kommt und der deckel fliegt bin gespannt wo die Reise hingeht!
Der tatsächlich anfallender Betrag sei doppelt so hoch und unumgänglich. Der Betrag ist mit 600 Millionen + irgendwas angegeben.
https://www.law360.com/articles/1339107
Thursday to say a remote trial is "both appropriate and feasible" at the planned February date. Going to court in person in February "is not an option" and a virtual trial is "far preferable" to a delay, according to Countrywide, which was absorbed by Bank of America in 2008.
"Ambac has a right to an in-person trial," the insurer told the court. "This is supported by the [Civil Practice Law and Rules], as well as the recently proposed Commercial Division rule requiring consent of all parties for a remote trial."
Ambac also said remote doesn't actually mean socially distanced.
"Even a 'remote' trial will involve substantial personal interaction," Ambac said. Numerous participants "would need to work together for long hours in the same law firm conference rooms in the weeks leading up to and during the trial. Indeed, many witnesses would balk at appearing under these circumstances, and counsel will face the ethical dilemma of zealously representing their client while placing their health at risk."
Ambac lawyer Mark Zauderer said Friday, "With COVID raging, conducting a so-called remote trial, with dozens of witnesses and lawyers who have to meet in person to effectively participate in the process — many over the age of 65 — is risking a disaster for the participants and their families."
A representative for Countrywide did not immediately respond to a request for comment.
Vergleich es mit Amazon nur als Versicherung.
Auftrag: Lieferung und Versicherung von Qualitätsversicherungsprodukten an Arbeitgebergruppen, Affinitätsgruppen und Einzelpersonen.
The federally-appointed board overseeing Puerto Rico’s $70 billion debt restructuring will appear in court next week to once again defend the validity of the process, which is now three and a half years old.
Though the oversight board, represented by Proskauer Rose, has already trumped multiple creditor challenges to the process, it is now preparing to face off against a bond insurer, Ambac Assurance Corporation, which is represented by Milbank. Ambac, which also holds certain Puerto Rico bonds, sued the board last May, asserting that the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) violates the requirement in the U.S. Constitution that there must be uniformity among bankruptcy laws.
At one point in the hearing, Judge Laura Taylor Swain said during the Ambac’s attorney’s presentation that she had restrained herself several times from questioning the attorney’s argument. Other than that, she didn’t indicate her leanings.
At the end of the hearing, Swain said she would take the topic under advisement and release a ruling at a later time.
At the start of the hearing board attorney Martin Bienenstock argued that the Uniformity Clause doesn’t apply to PROMESA. Bienenstock said Ambac was arguing that PROMESA is a national law to try to get around Article 4 of the U.S. Constitution, which allows the federal government to rule the territories as it wished.
Bienenstock said the U.S. Supreme Court has ruled twice that federal taxes need not be uniform in the territories with those in the states. He said the court has issued other rulings making clear that the Territories Clause is more important than other parts of the U.S. Constitution when it comes to federal rule over the territories.
He also said PROMESA was quite similar to Chapters 9 and 11 of the bankruptcy code. In this way, it cannot be said to be “non-uniform” with existing law.
Puerto Rico Fiscal Agency and Financial Advisory Authority attorney Peter Friedman argued that the legal doctrines of estoppel and laches barred Ambac from making its arguments. According to the legal principle of estoppel, a party cannot assert a right that contradicts a previous point that it stated or agreed to by law. Laches is the negligent delay in asserting a legal right.
On estoppel, Friedman said Ambac accepted benefits under the Puerto Rico Sales Tax Finance Corp. (COFINA) bond restructuring. It is therefore bared from turning around and attacking PROMESA, which gave birth to that bond restructuring.
Regarding laches, Friedman said PROMESA was 4.5 years old and the bond bankruptcies were 3.5 years old. While Ambac has argued it has been trying to work out arguments consensually since then and only recently turned to this legal challenge, the reality has been that Ambac has tried a variety of constitutional arguments against the law for a while, Friedman said.
Official Committee of Retired Employees of the Commonwealth of Puerto Rico Ian Gershengorn also argued against Ambac. He said PROMESA was a local law for the territory of Puerto Rico and thus protected under the Territorial Clause from challenge.
Ambac attorney Elizabeth Prelogar defended Ambac’s positions and asked Swain to deny the motions to dismiss its case.
Prelogar said the Supreme Court’s Aurelius case decision supported Ambac’s position. In that decision the court found that the Oversight Board was a local government body and PROMESA’s means of appointing the board was constitutional. The court looked at the purpose of the law on this topic rather than simply citing the Territorial Clause, she said.
Accordingly, one should look at the function of the PROMESA law to see if it withstands the Uniformity Clause, she said. The purpose of the Constitution’s Uniformity Clause was to protect outside creditors from discriminatory treatment and to protect national commerce. These functions are relevant in this situation and argue against PROMESA’s legality, she said.
Concerning laches, Prelogar said the board’s injury to the insurer has become more apparent over time. She said the court had previously allowed a party to come forward years later with a suit because circumstances had changed. She said Ambac is only seeking prospective, forward-looking relief.
Concerning the estoppel argument, Prelogar said Ambac did not receive a benefit from the COFINA deal but rather it was given less than it was owed by the bonds’ face value.
She said it was not the case that, regarding the claim under judicial estoppel, Ambac may have argued against the need for a uniform bankruptcy in the past.
Ich glaube, Puerto Rico erhält Subventionen, zahlt keine Schulden zurück und erklärt am folgend Tag der seriösestes, zzverlässigste, treuste und finanzstärkste Staat der Welt zu sein, damit sie ihren wieder neue betrügerische Staatsanleihen ausgeben.
Puerto Rico ist ein black Hole.
Das geht nur durch Rechtsbruch.
Business Wire
Ambac Closes Financial Deleveraging Transaction Through Exchange of Outstanding Corolla Trust Obligations for Surplus Notes
Januar 25, 2021, 1:35 pm
Reduces Nominal Debt and Accrued Interest Outstanding by Approximately $73 Million
Ambac Financial Group, Inc. (NYSE:AMBC) ("Ambac"), a financial services holding company, today announced that its subsidiary, Ambac Assurance Corporation ("AAC"), successfully completed an exchange whereby it acquired 100% of the outstanding obligations of Corolla Trust in return for AAC issued 5.1% Senior Surplus Notes ("SSNs"). Corolla Trust was established in 2014 and is the sole owner of an AAC Junior Surplus Note ("JSN") with a face amount of $350 million and accrued and unpaid interest of $164 million through January 22, 2021. Ambac held the residual interest in Corolla Trust, which was also exchanged in return for AAC issued 5.1% SSNs. Following the exchange, AAC expects to collapse Corolla Trust. As a result of this deleveraging transaction, AAC will reduce its nominal debt and accrued interest outstanding by approximately $73 million.
Claude LeBlanc, President and Chief Executive Officer of Ambac, commented: "The successful completion of the exchange of the Corolla Trust obligations for Senior Surplus Notes represents another significant step in our continuous pursuit to deleverage and simplify AAC’s capital structure, consistent with our strategic priorities."
The bond insurers, which include Assured Guaranty and Ambac Assurance, are urging the 1st U.S. Circuit Court of Appeals to reverse U.S. District Judge Laura Taylor Swain’s September decision rejecting their requests for relief from the automatic stay that protects bankrupt entities against litigation and attempts to collect on debts during the bankruptcy process. They sought the relief in the hope of bringing their revenue-related claims to another court after Swain rejected earlier attempts to make their case in Puerto Rico’s bankruptcy-like proceedings, known as Title III. The bond insurers, represented by Cadwalader Wickersham & Taft, Weil Gotshal & Manges, Milbank and Hogan Lovells, say Swain “misunderstood” their rights.
Das Berufungsgericht hat den Antrag angenommen, dass Richterin Swain generell gegen Gläubiger zu Gunsten Puerto Rico urteilt. Man nennt sowas ,,forum shopping".
Richterin Swain soll nie auf die Inhalte der Gläubiger und Faktenlage eingangen sein, behaupten die Gläubiger.
Ein Anwalt sagte:,, Die Gläubiger haben von Puerto Rico einen Regenschirm erhalten, den sie nur bei Sonnenschein nutzen dürfen."
Der Anwalt bezog sich auf gegründete Trusts, welche Teile der Staatsannahmen als Sicherheit für die Gläubiger verwalten und bei denen Puerto Rico die Garantiezahlung nicht nachgekommen war, dass untere Gericht den Gläubigern aber nicht erlaubt, die Forderungen einzutreiben, den das dürfte nur der staatliche Trust, der im Interessenskonflikt dem aber nicht nachkommt.
https://www.courthousenews.com/...that-put-bond-market-on-edge/?amp=1
Das Urteil wird sich auf die ganzen US Bonds auswirken. Es ist wird ein Richtlinienurteil angestrebt, nachdem alle Anleihen mit Einnahmengarantien diese Garantien einhalten müssen, da es ansonsten betrügerische Versprechen sind und sich dies auf 1/3 aller US Bonds auswirke.