Ambac, TerreStar, Black Crow, Orleans: Bankruptcy
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Ambac Financial Group Inc. drew first blood in the Chapter 11 reorganization begun Nov. 8 by suing to block the Internal Revenue Service from taking back $700 million in tax refunds already paid. Ambac said yesterday that the IRS, unless stopped, could scuttle the rehabilitation of Ambac Assurance Corp., the principal insurance subsidiary that was taken over by regulators in Wisconsin earlier this year. |


