A group of hedge funds, including credit giant King Street Capital, have sued Ambac Financial Group Inc. to try to stop transfers from its main bond-insurance unit to the holding company. The funds, which also include Aurelius Capital Management, Fir Tree, Monarch Alternative Capital and Stonehill Capital Management, said they own more than $1 billion of residential mortgage-backed securities and other debt insured by Ambac Assurance Corp., or AAC, Ambac's (ABK) main insurance subsidiary. The policyholders are trying to make sure Ambac Financial Group, the holding company, doesn't siphon off money and other valuable assets from AAC. They want all assets to go toward paying policyholders, including them.

Ambac Financial Group, Inc. expected to report Q3 2010 results on November 3, 2010. This event was calculated by Capital IQ (Created on August 11, 2010).

Ambac Financial Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2010. The company announced a second quarter 2010 net loss of $57.6 million, or a net loss of $0.20 per share. This compares to a second quarter 2009 net loss of $2,368.8 million, or a net loss of $8.24 per share. The second quarter 2010 results reflect loss and loss expenses in consumer asset-backed securities, other structured finance exposures and a transportation transaction and a net operating loss in the financial services segment, partially offset by a positive change in fair value of credit derivatives. Pre-tax loss from continuing operations was $57.7 million on total revenues of $381.2 million against pre-tax loss from continuing operations was $1,794.9 million on negative total revenues of $476.9 million for the same period a year ago. For the six months, pre-tax loss from continuing operations was $747.7 million on negative total revenues of $118.0 million against pre-tax loss from continuing operations was $1,515.2 million on total revenues of $649.9 million for the same period a year ago. Net loss attributable to company was $747.6 million or $2.59 per diluted share against net loss attributable to company was $2.761 million or $9.60 per diluted share for the same period a year ago. Book value per share (controlling interest) on June 30, 2010 was $6.88 against $7.95 on Dec. 31, 2009.