Ambac Sends Letter To Stockholders - Quick Facts

(RTTNews) - Ambac Financial Group, Inc. (AMBC) advised its shareholders to support the company's slate of directors. The company noted that all of its nominees for election at the annual meeting are already supported by stockholders representing more than 20% of the outstanding shares.

"We believe Canyon has not offered any strategy for increasing the value of Ambac in a way that would benefit all stockholders. Rather, we believe Canyon's only "strategy" is liquidating the company to pay off its claims, to the detriment of stockholders at large. Moreover, Canyon's emphasis on liquidation and maximizing creditor recoveries is evidenced by its nominee, who has a history of involvement in such situations. In our view, their campaign to replace Stein is merely an ill-conceived attempt to carry out their liquidation objectives by undermining the strategy and leadership of the Board," Ambac stated.