NEW YORK, May 4, 2016 /PRNewswire/ -- Cornwall Capital Management LP and certain of its affiliates ("Cornwall"), are significant shareholders in Ambac Financial Group, Inc. ("Ambac" or the "Company"), owning approximately 4.9% of Ambac's outstanding common shares. Cornwall does not own any other securities, obligations or interests in Ambac or its subsidiaries, including Ambac Assurance Corporation ("AAC").
Cornwall believes that Canyon Capital Advisors LLC ("Canyon") should cease its proxy campaign against Ambac. Cornwall believes the Voting and Support Settlement Agreements executed on March 28, 2016, which included the appointment of a direct shareholder representative to the Ambac Board of Directors, were responsive to shareholders, including Canyon, and that continuing with a divisive proxy fight is counterproductive.
Importantly, Cornwall is fully supportive of Chairman Jeffrey S. Stein. Mr. Stein has been active in guiding Ambac post-emergence from bankruptcy in 2013 and effective in leading the Board during a very challenging period for the Company. Removing Mr. Stein, who is the only remaining independent director with a history with the Company, would be bad for Ambac shareholders and other stakeholders, including AAC's policyholders.
Cornwall is confident that the Board is on the right path. A continued proxy fight by Canyon will only continue to draw attention and resources away from the Board's focus on increasing shareholder value.
About Cornwall Capital
Cornwall Capital is a New York-based, multi-strategy investment firm with more than $500 million in assets under management. Cornwall manages capital on behalf of family offices and institutional investors, including pension funds and endowments. The firm was founded as a family office in 2002, but it opened up to outside investors in 2011. Cornwall has a broad investment mandate and regularly invests across asset-classes and geographies. Cornwall is a regular investor in both public and private equities, commodities, foreign exchange, rates and credit.
Scott Tagliarino or Taylor Ingraham, ASC Advisors LLC
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SOURCE Cornwall Capital