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Ambac Rehab Plan Approval Comes Before Wisconsin Judge

Wisconsin Insurance Commissioner Sean Dilweg is seeking a state judge’s approval of a plan to “rehabilitate” a $50 billion Ambac Assurance Corp. portfolio of policies to insure bonds and mortgage-backed securities.

Wisconsin Circuit Court Judge William D. Johnston began hearing testimony today at the state courthouse in Darlington. The plan to pay claimants 25 percent in cash and the rest in nine years at 5.1 percent annual interest has drawn objections.