In a just released SEC filing Fire Tree Value has announced it has 5.5% of Ambac’s (ABK) stock .
Full Filing
Ownership.
(a)
Fir Tree Value, Fir Tree Capital Opportunity, and Fir Tree Mortgage Opportunity are the beneficial owners of 11,122,050 shares of Common Stock (6,885,250 of which are shares of Common Stock held by Fir Tree Value and 4,236,800 of which are shares of Common Stock purchasable upon the exercise of American-style call options held by Fir Tree Value), 2,806,950 shares of Common Stock (1,591,750 of which are shares of Common Stock held by Fir Tree Capital Opportunity and 1,215,200 of which are shares of Common Stock purchasable upon the exercise of American-style call options held by Fir Tree Capital Opportunity), and 1,351,100 shares of Common Stock (343,000 of which are shares of Common Stock held by Fir Tree Mortgage Opportunity and 1,008,100 of which are shares of Common Stock purchasable upon the exercise of American-style call options held by Fir Tree Mortgage Opportunity), respectively. Fir Tree may be deemed to beneficially own the shares of Common Stock held by Fir Tree Value, Fir Tree Capital Opportunity, and Fir Tree Mortgage Opportunity as a result of being the investment manager of Fir Tree Value, Fir Tree Capital Opportunity, and Fir Tree Mortgage Opportunity.
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(b)
Fir Tree Value, Fir Tree Capital Opportunity, and Fir Tree Mortgage Opportunity are the beneficial owners of 3.9%, 1.0%, and 0.5%, respectively, of the outstanding shares of Common Stock. Collectively, the Reporting Persons beneficially own 15,280,100 shares of Common Stock which represent 5.3% of the shares of Common Stock outstanding, which such percentage is determined by dividing (i) (a) the 8,820,000 shares of Common Stock beneficially owned by Fir Tree Value, Fir Tree Capital Opportunity, and Fir Tree Mortgage Opportunity plus (b) the 6,460,100 shares of Common Stock purchasable upon the exercise of American-style options held by Fir Tree Value, Fir Tree Capital Opportunity, and Fir Tree Mortgage Opportunity by (ii) 286,833,756, the number of shares of Common Stock issued and outstanding as of May 5, 2008, as reported in the Issuer’s 10-Q filed on May 12, 2008.
(c)
Fir Tree Value may direct the vote and disposition of 11,122,050 shares of Common Stock. Fir Tree Capital Opportunity may direct the vote and disposition of 2,806,950 shares of Common Stock. Fir Tree Mortgage Opportunity may direct the vote and disposition of 1,351,100 shares of Common Stock. Fir Tree has been granted investment discretion over the Common Stock held by Fir Tree Value, Fir Tree Capital Opportunity, and Fir Tree Mortgage Opportunity.
Disclosure (“none” means no position):None
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