Martin Tsvetkov

Bankrupt Ambac Financial Group, Inc. (PINK:ABKFQ) Surges 66% in a Trading Frenzy

by Martin Tsvetkov March 20, 2012
ABKFQ_chart.pngJust because Ambac Financial Group, Inc. (PINK:ABKFQ) is currently in bankruptcy does not mean that it is incapable of taking traders by surprise and the company's latest market performance is a clear example thereof.

Yesterday, ABKFQ closed trade at $0.0423 per share, up 66% from its Mar. 16 close. A total of 12.07 million shares of common ABKFQ stock changed hands, a six-month record for the company and almost five times higher than the average daily volume.

Last week, ABKFQ settled a litigation against the California-based city of Hercules. In addition, the company received a court confirmation of its Fifth Amended Plan of Reorganization. The plan is expected to help the company reorganize its business so that it manages to improve its current financial situation.

ABKFQ_logo.gifLocated in New York City, Ambac Financial Group, Inc. is a holding company whose affiliates used to provide financial guarantees and financial services to both public and private clients. The company filed for a voluntary petition under Chapter 11 of the Bankruptcy Code.

Comments 2

1. Guest
March 22, 2012, 10:17AM

Quotes It will go up very soon $1!!

2. Guest
March 20, 2012, 06:55PM

Quotes yeah but did you see the 8k, common shares can go bye bye at anytime, not good for your common share holder

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