21-03-2025
Deutsche Bank, Mudrick Sue Ambac Over $65 Million Transfer
Deutsche Bank Securities Inc., Mudrick Capital Management and other noteholders of Ambac Assurance Corp. sued the bond insurer for allegedly making an unauthorized transfer of $65 million to its parent company.
The creditors, which also include CQS and Shenkman Capital Management, said in a lawsuit filed earlier this month in New York the transfer violated a term of Wisconsin-domiciled Ambac's rehabilitation — the equivalent of Chapter 11 for insurers. They pointed out that they have not been paid principal or interest on their notes since 2018.
