NEW YORK - Shares of Ambac Financial are back trading under the symbol ABKFQ on the Over The Counter market. Which is the market that accepts trades for stocks that are not registered by the major indexes. Usually company's on these exchanges have little value. The q must also be added to the end of any stock symbol that is in bankruptcy.
Shares of Ambac now trade at 20 cents on the exchange. Ambac announced on monday that it would file for Chaper 11 after missing an interest payment. The bond insurer which stock once traded near $100 a share was crippled during the recession due to risky derivatives. In March 2010, The Wisconsin Office of the Commissioner of Insurance ordered the handover to “protect policyholders, including investors in thousands of state and local municipal bond issues,” due to the company missing payments on policies.
The bankruptcy of Ambac was two years in the making.
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