Eric Fox

4 Tidbits from Third Avenue Value Fund's Q3 Letter

Woodsey.....SA put the symbol in. Also, Whitman a "young" fellow???

I should have disclosed that I am long WTM.

Ambac's Earnings: You Can't Make This Stuff Up

Hey, I wonder if Whitney Tilson actually wrote this article. The reason I ask is that he hasn't responded to any of the comments here. Maybe someone on his staff wrote it. Or perhaps he is too busy organizing the Value Investing Congress.

Ambac's Earnings: You Can't Make This Stuff Up

Vacant homes has an interesting point....Can Ambac and MBIA walk away from claims if they allege fraud?

Ambac's Earnings: You Can't Make This Stuff Up

Don't forget these comments from the Conference call:

"Holding company cash approximately $158 million, this covers approximately 1.2 years of debt service, dividend payments and operating expenses for the holding company. And plans to dividend approximately $54 million per quarter from Ambac Assurance to the holding company, which would grow this cash position to approximately $238 million by year end. That is approximately 1.8 times the holding company’s annual cash needs. We feel very comfortable with our liquidity position at the holding company."

"Projected claim payments for the full year 2008 amounts to approximately $151 million and we expect to pay out only about 24 million related to CDO losses in 2008." (from the insurance sub, not the holding company)

(Disclosure - I have no position on either side)

Ackman's Proposal for Bond Insurers - Some Thoughts

Ackman is interested in any plan that will cut off the holding company from receiving any dividends from the current insurance sub or any future insurance sub or subs created in any restructuring. Look on page 13, that is the end game - cut off the holding company from any cash flow.