Saturday, June 29, 2013

Ambac v Bank of America Schedule

I have posted that Ambac is the principal remaining beneficiary of Justice Bransten's summary judgment opinions in MBIA v Bank of America (BAC) at Ambac Is Using MBIA's Roadmap in Its Over $1 Billion Representation and Warranty Case Against Bank of America.  Like MBIA's case, Ambac's case against BAC is for damages exceeding $1 billion dollars.  

Ambac will be alleging the exact same facts as MBIA did in its argument for BAC successor liability, and much the same facts regarding Countrywide's origination process and representation and warranty (R&W) breach rate regarding mbs loans in its insured pools.  So being able to read and react to Justice Bransten's opinions in what amounts to a free dress rehearsal is mastercard-like priceless.

The court has just posted the agreed schedule for the case which shows that arguments for summary judgment are scheduled for early 2015, with decisions rendered on those motions presumably coming sometime during the summer of 2015.  The trial date would depend on whether there are appeals of the summary judgment decisions, and whether Justice Bransten stays the trial pending any such appeals.

NB:  this blog is not intended to be investment advice, and should not be relied upon by anyone to constitute investment advice.  Investing is a tough game, and everyone must do and "own" their own work, because you will certainly own your investments.

Disclosure: no positions in Ambac or BAC.  Follow me on twitter.

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