Ambac: Dialing for Dollars

When I first heard that Ambac was going to offer shares to the public, as the centerpiece of its lifesaver, my first thought was, “But who will buy it?”

Then I thought of P.T. Barnum and figured my knee-jerk was silly.

Now I’m hearing from several hedge funds that have been cold-called by brokers trying to get them to buy into the deal. “CSFB has called me numerous times,” said one. “I told my partner to hang up. And we just heard from an account that said they got circled AND asked if they want more.”

No doubt the deal will get done. But so much for rumors of this being a strong deal.

Comments

[drmalaka:]

I did read that the CEO bought 25,000 shares, wow that is a serious commitment at $6.75 a share. Then he goes on CNBC and says that they can cover all their potential claims. This guy is just like the MBIA guys, every time they open up their mouths it is either bad news or a lie. How can $1.5 Bil help these guys out? Now really. Plus I heard that a portion of that will be paid as a dividend to the holding company. Are you kidding me?

I can't figure out who was buying this thing up after hours today. I think people still do not get how useless these companies are. Everytime one of these companies announces something they stave off another big drop in their stock for a few weeks: ABK, MBIA, TMA, CFC we just keep seeing the same things happen time after time.

The funniest thing about this entire mess is that Ackerman is the only guy who has had it right the entire time and his solution is really the only viable one out there. The problem is that none of these guys wants to admit he was right on top of the hundreds of millions of bucks he made.

2008 Mar 08 02:30 AM

[Igor The Great:]

Oh well, what else to expect from Herb Greenberg...pathetic and misinformed as usual... btw, Herb, which broker you talking about, the one that works for Ackman? Did CSFB offered them to get out of naked short on the cheap?
drmalaka, remeber when everyone thought that AXP was useless, except Buffet? If that's too early for you pea brain, check out what happened to previous Ackman's fund few years ago.

2008 Mar 08 07:38 PM

[Gary McCamey:]

I know anyone who'd read what I think will say I"m really stupid. OK, I can live with that. But I will let time judge my actions. I'm ignoring all this bad news and all these negative articles, the whole mess. I have one theory, and to me it's the only one that matters. I'm completely invested and have put my money where my mouth is. I'll either be rich at the end of the year, or I'll be in the same position as I was when the year began. My theory: I believe this is all a farce, started by Democrats, hoping to get their two, (jokes) runners for the presidency elected. The worse they can make the market sound, the more they can manipulate the market to go down, the more negative their articles are, the more they think they can make the American people think 'The Sky is Falling', and their hope is, to get Hillary or Barak elected in the highest office in the world. What a joke, and the sad thing is, if everything they say was true, if it was the worst economy in the history, even then, even that would not get those two runners elected. I'm neither Republican or Democrat, but I"ve always voted for the one I think would be best for the office. No, the one who'd be best for the United States. In all the years I"ve voted, the only time I've missed was Bill Clinton, as he was elected and it appeared he did a great job. However humiliating himself and his wife and the office itself. But, I made more money that year then ever, or during his term. To you Democrats, American's will not elect Hillary, or Barak for the Presidency. It won't happen, no matter how much money you invest to make President Bush look bad, no matter how many nasty words you write. The thing you Democrats forget, or have misjudged is, the American people are not as stupid as you think. As one politician once said, "It doesn't matter what you believe, it doesn't matter what you think, all you have to say is, I'm going to make a CHANGE in America. Change is what the American people want, I"m for Change, Change, Change, Change." By the way, he lost and I had to laugh at his stupidity. THE AMERICAN PEOPLE ARE NOT AS STUPID AS YOU THINK THEY ARE, remember I said that. My feelings are Democrats are investing a lot to keep the market down. They have a lot, and just like Hillary and Baca are spending millions, (which by the way is defeating your purpose), to say, CHANGE, CHANGE, CHANGE! Here's what is important, and the Un-American Democrats haven't figured it out, we've fought a war in Irag, so many have died, now (despite the claims of the Democrats), the war is a success. But that is not the important thing. The important thing is we have not fought this war on American soil. It happened in another country, thank God, American men have spilled, no, that's the wrong word, they've given their blood so that you and I can vote and live the American dream. (Democrats ignore this.) The last time I heard a suicide bombing took place in Irag, it was two young women from a mentally ill institution. Why them? Why, because the others fanatics are dead. So many of the mislead suicide bombers have died. Are you not glad they died in Irag rather then on American soil? I wish I could take a magic wand and bounce it off the top of every Democrat head and say, 'See without the blind eyes of Democratic party system'. It's a word that describes a man or woman who is willing to sacrifice America or God for a party. The sad thing is if the tide was turned, Republicans would do the same thing. So, for your party you Democrats destroy all the American economy you can. Try to make President Bush look bad, but as he said, "I'll let history be my judge".l May God forgive you who step on the dead bodies of American soldier's who have GIVEN their blood, just like American soldiers died on the beaches of Normandy, GIVING their blood for freedom. Your freedom. Too bad you can't see this before you write your negative articles, beat down stocks and do all you can to harm the American way. And for what, to elect Hillary or Boca, which neither can see this war was going to happen, but their way it'd have happened on American soil. It will come, they will eventually get a bomb, and get it over here, and we'll all see then. We'll all pay the price for your party system I don't have the time to write it all as to how the words of the Star Bangle Banner was written, but when the British were trying to blow the American flag down from the wall, but after a full all night battle of cannon fire from ships, all night, the flag they were attempting to blow completely away, yet after a full night of cannon fire the day proved the flag was still standing. When the writer of the song went to the wall he saw the flag was no longer fastened to the walls, but was only held up by the bodies of the patriots who had held it in place until they died, and then another took his turn to hold the flag, one after another until the sun rose, and the flag was still flying. Where are those patriots now, where are the men and women who put nothing, not even their lives before freedom, before America. Where have all the patriots gone?

2008 Mar 08 08:20 PM