Newspaper article International New York Times

Ambac Shareholder Begins Proxy Fight

Newspaper article International New York Times

Ambac Shareholder Begins Proxy Fight

Article excerpt

The investor, Canyon Capital Advisors, nominated three board candidates after Ambac elevated its interim chief executive, Nader Tavakoli, to a permanent post.

An activist shareholder in the Ambac Financial Group kicked off a board fight at the insurance firm on Monday, nominating three candidates for the company's board. The investor, Canyon Capital Advisors, began its proxy fight after Ambac elevated its interim chief executive, Nader Tavakoli, to its permanent chief.

Canyon, which says that it owns nearly 5 percent, argued that Ambac has suffered during Mr. Tavakoli's tenure, including a 42 percent drop in its stock price last year. Ambac's expenses rose under Mr. Tavakoli despite projecting cost cuts during that same time.

In a statement on Monday, Canyon said that it was nominating Frederick Arnold, the chief financial officer of the ConvergEx Group; John Brecker, a director of ACA Financial Guaranty; and Eugene Davis, the chief executive of the Pirinate Consulting Group. …

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