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Plan of Rehabilitation Questions & Answers > Rehabilitation > What is the Disclosure Statement?

The following questions and answers are provided to the general public for informational purposes only. They are not legal documents and do not bind the Segregated Account of Ambac Assurance Corporation, the Office of the Commissioner of Insurance, or the Rehabilitator to any position or interpretation of the rehabilitation court's orders in these proceedings, now or in the future. Interested parties should review the court documents available on this site and consult their own legal counsel with any questions they may have regarding any effect this rehabilitation proceeding may have on their legal rights and obligations.

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The Disclosure Statement provides information about the Plan and the Rehabilitation Proceeding. Unlike a disclosure statement and plan of reorganization submitted to a bankruptcy court under title 11 of the United States Code, chapter 645 of the Wisconsin statutes does not contemplate or permit voting on a plan of rehabilitation. The only approval required is that of the Dane County Circuit Court. Consequently, neither the Disclosure Statement nor the Plan is submitted for the purpose of facilitating voting, or for any purpose other than to provide information that tends to promote a full understanding of the Plan and the Rehabilitation Proceeding generally. Although the disclosures contained in the Disclosure Statement are not required by the Wisconsin Statutes, the Rehabilitator views the Disclosure Statement to be consistent with his statutory mandate to protect the interests of insureds, creditors and the public generally.

Last updated on October 7, 2010 by Ambac Policyholders Administrator