"...Ambac expects to fulfill the remaining conditions to the effectiveness of the Plan on or before May 1, 2013 (the “Effective Date”). Pursuant to the Plan, Ambac will distribute 45,000,000 new common shares (the “New Common”) and 5,047,138 new warrants (the “New Warrants”) to holders of allowed claims, in full and final satisfaction of such claims, on the Effective Date. In addition, all existing common stock of the company will be cancelled on the Effective Date and the holders of such stock will not receive any distributions under the Plan. ..."
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