The guaranty is no solution There is an organization, the Pension Benefit Guaranty Corporation (PBGC), which is meant to insure pensions against failure.
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Fitch has affirmed the following ratings: Fidelity & Guaranty Life Insurance Company Fidelity & Guaranty Life Insurance Company of New York --IFS rating at 'BBB'.
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AIG — AIG has struck a deal to sell mortgage guaranty unit United Guaranty to Arch Capital Group for about $3.4 billion in cash and stock.
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AIG (AIG) has struck a deal to sell mortgage guaranty unit United Guaranty to Arch Capital Group for about $3.4 billion in cash and stock.
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Fitch has placed the following ratings on Rating Watch Evolving: Fidelity & Guaranty Life Insurance Co. Fidelity & Guaranty Life Insurance Co. of New York --IFS rating 'BBB'.
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Fitch has affirmed the following ratings with a Stable Outlook: Fidelity & Guaranty Life Insurance Company Fidelity & Guaranty Life Insurance Company of New York --IFS rating at 'BBB'.
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Anbang's purchase of U.S. insurer Fidelity & Guaranty Life FGL.
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Easy guarantee, because of the government guaranty -- FREEMAN: Yes.
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UNDER WHICH CO WILL REINSURE SGI-INSURED FINANCIAL GUARANTY INSURANCE POLICIES * ASSURED GUARANTY LTD - AS CONSIDERATION FOR TRANSACTION, AT CLOSING, SGI WILL PAY $360 MILLION * ASSURED GUARANTY - AS CONSIDERATION FOR TRANSACTION, SGI WILL ASSIGN INSTALLMENT PREMIUMS ESTIMATED TO TOTAL $55 MILLION ON PRESENT VALUE BASIS TO CO Source text for Eikon: Further company coverage:
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Assured Guaranty Corp, Financial Guaranty Insurance Co and National Public Finance Guarantee Corp in their court papers said they insure more than $2.6 billion of outstanding Puerto Rico Highways & Transportation Authority bonds.
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It also includes vendors and the Pension Benefit Guaranty Corp.
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Sears struck a deal with the Pension Benefit Guaranty Corp.
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The rating assigned to F&G Re is the same as the existing IFS for Fidelity & Guaranty Life Insurance Company (FGLIC) and Fidelity & Guaranty Life Insurance Company of New York (collectively F&G Life).
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We will pursue an IPO of our mortgage insurer, United Guaranty.
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SHANGHAI - U.S. annuities and life insurer Fidelity & Guaranty Life (FGL) FGL.
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Fitch has upgraded the following ratings: Fidelity & Guaranty Life Holdings, Inc.
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Assured Guaranty, which has less insured exposure, moved 3.6 percent higher.
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Representatives for CIFG, Ambac, Houlihan Lokey and Assured Guaranty declined to comment.
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Hedge fund manager David Einhorn is bearish on bond insurer Assured Guaranty.
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He also served on the board of Assured Guaranty for a decade.
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Guaranty had roughly $13 billion of assets before its August 2009 demise.
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Those "personal guaranty liens" were "released after being satisfied," Mr. Robertson said.
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I went to First Guaranty Bank to apply for a crop loan.
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Last year, Anbang agreed to buy U.S. insurer Fidelity & Guaranty Life FGL.
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Municipal Assurance Corp, an Assured Guaranty unit, insured nearly $135 million of bonds.
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Ambac's stock is up 1.8 percent and Assured Guaranty shares gained 3.3 percent.
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Morgan Guaranty Trust Co. of New York --Long-Term senior debt at 'AA-'.
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Assured Guaranty had been joined by fellow bond insurer MBIA in the suit.
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He said, do you realize that First Guaranty Bank is photocopying your signatures?
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Morgan Guaranty Trust Co. of New York --Long-Term senior unsecured debt at 'AA-'.
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Correction: An earlier version misstated the exposure Assured Guaranty has to Puerto Rico debt.
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Plan to repurchase shares valued at $300 million from assured guaranty municipal holdings inc.
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Fidelity & Guaranty (FGL) terminated its agreement to be taken over by China's Anbang Insurance.
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Assured Guaranty had been joined by fellow bond insurer MBIA (MBI) in the suit.
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Its members include lenders, servicers, guaranty agencies, collection agencies, financial literacy providers and schools.
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Charles E.F. Millard is the former Director of the U.S. Pension Benefit Guaranty Corp.
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In April this year, U.S. annuities and life insurer Fidelity & Guaranty Life (FGL) FGL.
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The department store chain recently struck a deal with the Pension Benefit Guaranty Corp.
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His father is an underwriting counsel, in Alpharetta, Ga., for Stewart Title Guaranty Company.
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Visit the website of the Pension Benefit Guaranty Corporation, established to protect private sector pensions.
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Tax-exempt serial maturities from 2023 through 2032 are insured by Assured Guaranty Municipal Corp.
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Fidelity & Guaranty – The company terminated its agreement to be taken over by China's Anbang Insurance.
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Its planned $13 billion takeover of U.S. annuities and life insurer Fidelity & Guaranty Life FGL.
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Find yours at the website for the National Organization of Life & Health Insurance Guaranty Associations.
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He ends up applying for a crop loan at a place called First Guaranty Bank.
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The guaranty agencies, which collect defaulted federally guaranteed loans made through banks, share some responsibility.
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The insurance guaranty fund ended the last fiscal year in September 2016 with $10.4 million.
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Service members and veterans get the added benefit of priority processing and having guaranty fees waived.
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It is also awaiting regulatory approval for its purchase of U.S. insurer Fidelity & Guaranty Life FGL.
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Based on Fitch's Financial Guaranty criteria, EIF's intrinsic rating is assessed within the 'AA' rating category.
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Guaranty Trust Bank, Diamond Bank, Fidelity Bank and Access Bank were domestic banks in the mix.
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Last week, Ambac jointly filed suit with Assured Guaranty against numerous senior officials of the commonwealth.
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Fidelity & Guaranty (FGL) will not be acquired by China's Anbang Insurance as planned, according to Reuters.
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MBIA Inc climbed 8.2 percent to $11.34 while Assured Guaranty gained nearly 4 percent to $41.41.
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It is still waiting for regulatory approval to buy U.S. life insurer Fidelity & Guaranty Life FGL.
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Fidelity & Guaranty said in the filing it expected the deal to close in the second quarter.
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At the time, Sears also said it struck a deal with the Pension Benefit Guaranty Corp.
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Sears struck an agreement with guardians of its underfunded pension fund — the Pension Benefit Guaranty Corp.
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Prizes are awarded "as is" with no warranty or guaranty, either express or implied by Sponsors.
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Fitch has also upgraded the Issuer Default Rating (IDR) assigned to Fidelity & Guaranty Life Holdings, Inc.
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But that ignores the twofer that favors the big banks in the MBS federal guaranty proposal.
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The special committee's conundrum is amplified by the predicament faced by the Pension Benefit Guaranty Corp.
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Anbang's $1.6 billion offer for U.S. annuities and life insurer Fidelity & Guaranty Life fell through in April.
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Assured Guaranty (AGO) withdrew its lawsuit that had challenged the legality of Puerto Rico's fiscal turnaround plan.
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Shares of MBIA, Ambac Financial and Assured Guaranty declined 8.4 percent, 5.5 percent and 2.9 percent, respectively.
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The filing said that Fidelity & Guaranty expected the deal to close in the second quarter of 2016.
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In September 2018, Fidelilty Guaranty & Life Holdings Inc said it has formed a "research partnership" with Ant Financial.
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Assured Guaranty insures $73 million of Atlantic City's GO bonds, and MBIA insures another $5.4 million of GOs.
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There will be an enterprise edition with maintenance, extended guaranty and security updates for up to four years.
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The last element is particularly hard on Assured Guaranty Ltd and MBIA Inc which have exposure to PREPA.
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Just last month, Sears struck an agreement with guardians of its pension fund — the Pension Benefit Guaranty Corp.
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Assured Guaranty – The company withdrew its lawsuit that had challenged the legality of Puerto Rico's fiscal turnaround plan.
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Insurance by Assured Guaranty Municipal Corp on an additional 2035 maturity produced a lower yield of 4.05 percent.
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They should begin immediately to pay a fee to the Treasury for its effective guaranty of their obligations.
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BlueMountain's co-founders closed several hedge fund strategies and became a part of insurer Assured Guaranty this year.
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The insurers MBIA, Assured Guaranty and Ambac are also among those who are against the proposed fiscal plan.
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Hillary Rodham Clinton's relationships with Madison Guaranty Savings and Loan Association, Whitewater Development Corporation, or Capital Management Services.
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Assured Guaranty is "a melting ice cube that is paying out the drops while it still can," Einhorn said.
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AIG — AIG's mortgage insurance unit, United Guaranty, has filed for an initial public offering of up to $100 million.
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AIG's current restructuring plans include an IPO of up to 19.9 percent of United Guaranty, its mortgage insurance unit.
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Fidelity & Guaranty — The insurer will not be acquired by China's Anbang Insurance as planned, according to a Reuters report.
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As of March 31, 2018, Guaranty Bancorp had total assets of $3.7 billion and total deposits of $3 billion.
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Later in March, United Guaranty filed for an initial public offering of up to $100 million with U.S. regulators.
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These days, most new policies are written by either Bermuda's Assured Guaranty or New York-based Build America Mutual.
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Expenses fell 15.6 percent to $2.18 billion, helped by the sale of United Guaranty Corp and AIG Advisor Group.
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In 2012, government leaders reduced the minimum balance of its insurance guaranty fund to $10 million from $0003 million.
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Of the $5.6 billion of insured bonds, Assured Guaranty Municipal backed $2.9 billion, while Build America Mutual covered $2.46 billion.
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Arch Capital Group — Arch Capital completed the acquisition of United Guaranty, an American International Group subsidiary, for an undisclosed amount.
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And, like Social Security, the programme that protects retirees against such losses—the Pension Benefit Guaranty Corporation—is going bust.
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American International Group said on Monday it would sell its mortgage-guaranty unit to Arch Capital for about $3.4 billion.
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These bodies, Britain's Pension Protection Fund (PPF) and America's Pension Benefit Guaranty Corporation (PBGC), are funded by levies on employers.
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Anbang's deal for insurance company Fidelity & Guaranty has won approval from the Committee on Foreign Investment in the United States.
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Fitch has revised the Rating Watch status to Positive from Evolving for the following ratings: Fidelity & Guaranty Life Holdings, Inc.
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For those plans needing additional help, the Pension Benefit Guaranty Corporation (PBGC) would be available to make up the difference.
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An investor presentation from Assured Guaranty outlines the focus for Andrew Feldstein and his BlueMountain team at their new owner.
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The distressed ones are not thrilled either, because the Pension Benefit Guaranty Corporation does not pay the full pension benefit.
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He is chairman of the Maryland Small Business Retirement Security Board and past director of the Pension Benefit Guaranty Corporation.
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Assured Guaranty is well reserved for its municipal exposures and does not face liquidity risks, it said in a statement.
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But a draft proposal raises the guaranteed minimum benefits paid by the Pension Benefit Guaranty Corporation if a plan fails.
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And they say it's because they can't get enough money from their bank, called First Guaranty, to run their farm.
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The lawsuit follows a related action against UBS by bond insurer Assured Guaranty Ltd over the same mortgage-backed securities.
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Assured Guaranty Ltd and BAM together insure at least $414 million of the city's more than $530 million of debt.
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A motion filed late on Wednesday in U.S. District Court in Puerto Rico by National Public Finance Guarantee Corporation, Assured Guaranty Corp, Assured Guaranty Municipal Corp and Syncora Guarantee Inc asks the judge overseeing the U.S. commonwealth's bankruptcy case to allow another federal judge to appoint an independent professional to take over the utility's operations.
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She is keenly aware of this as her husband is a federal employee, but his agency — the Pension Benefit Guaranty Corp.
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The case is ACA Financial Guaranty Corp v Goldman Sachs & Co, 650027/2011, New York state Supreme Court (New York County).
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Independent Bank received a fairness opinion from Stephens Inc, while Keefe, Bruyette & Woods Inc served as financial adviser to Guaranty Bancorp.
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With the $160 million sale to Assured Guaranty, BlueMountain is focusing its efforts on its CLO line, which already manages billions.
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Assured Guaranty trades at a trailing price-to-earnings ratio of 9.5, and at about 70 percent of its book value.
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Direct lending had a clear advantage because it had a dramatically lower price tag than the guaranty program at the time.
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A sentiment echoed by Assured Guaranty, which has approximately $853 million of net par exposure to PREPA's debt as of Sept.
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The fate of these funds is the government's problem because it insures them through the federally chartered Pension Benefit Guaranty Corporation.
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More than 220 parties in the case have filed objections to the company's planned sale, including the Pension Benefit Guaranty Corp.
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More than 40 parties in the case have filed objections to the company's planned sale, including the Pension Benefit Guaranty Corp.
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After leaving City Hall, Mr. Wilmers became a vice president of the Morgan Guaranty Trust Company, a predecessor of JPMorgan Chase.
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"This is the best oil price downturn we have ever had," said Ted Jones, chief economist at Stewart Title Guaranty Company.
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Fitch has removed the following ratings from Rating Watch Positive and placed them on Rating Watch Evolving: Fidelity & Guaranty Life Holdings, Inc.
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The PBGC case is Pension Benefit Guaranty Corp v Sears Holdings Corp, U.S. District Court, Northern District of Illinois, No. 19-00669.
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"Anbang will continue to work with Fidelity & Guaranty Life to complete the deal," the newspaper quoted the person as saying, without elaborating.
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That ended a lawsuit in which the U.S. Pension Benefit Guaranty Corp accused Renco of trying to evade $70 million of obligations.
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Multiemployer pension plan sponsors would also still be eligible to apply for loans through the Pension Benefit Guaranty Corporation, under certain conditions.
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In 2015, USA Funds sued the Education Department after the government instituted a rule limiting some fees guaranty agencies charge struggling borrowers.
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But the campaign hit a setback with Fidelity & Guaranty Life, the Des Moines-based insurer that Anbang agreed to buy last year.
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In 2013, Diamonte was appointed by President Barack Obama and currently serves as chair of the advisory committee for Pension Benefit Guaranty.
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The Los Angeles-based hedge fund on Monday nominated Frederick Arnold, chief financial officer at ConvergEx Group, and ACA Financial Guaranty Corp.
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The Pension Benefit Guaranty Corp estimated the pension plan is unfunded by $937 million, according to previously unreported court filings in August.
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Its library of movies Around 200 older movies were sold to Goldman Sachs and Assured Guaranty, leaving little left in the archive.
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ANNOUNCES PRELIMINARY 2017 FINANCIAL RESULTS * GUARANTY FEDERAL BANCSHARES INC - PRELIMINARY Q4 EARNINGS PER SHARE $0.15 Source text for Eikon: Further company coverage:
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Coal miners can't rely on the Pension Benefit Guaranty Corporation, the federal agency created in the 1970s to protect worker retirement plans.
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Shares of MBIA, Assured Guaranty and Ambac Financial spiked more than 3 percent Wednesday after a Puerto Rico rescue package passed the Senate.
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AIG's mortgage insurance unit, United Guaranty Corp, filed for an initial public offering on Wednesday as part of AIG's plan to become smaller.
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The company said it would pay about $35.37 for each Guaranty Bank share, representing a premium of 9 percent to Guaranty's Tuesday close.
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I'm delighted to see BlueMountain begin a new chapter as part of Assured Guaranty, and I'm confident in their vision for the business.
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But on May 27, Anbang withdrew its application with New York State to buy an Iowa insurer, Fidelity & Guaranty Life, for $1.6 billion.
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Sears also announced Wednesday that it had struck an agreement with the wardens of its underfunded pension fund — the Pension Benefit Guaranty Corp.
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The Trump's administration's letter affects 7 million people with loans through the Federal Family Education Loan Program that are held by guaranty agencies.
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If an insurance company fails, each state has a guaranty agency that backs policies up to certain dollar limits, which vary by state.
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After college, he worked at Morgan Guaranty Bank in New York and as a reporter at the Montgomery County Sentinel and Congressional Quarterly.
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Other banks affected include top tier Nigerian lenders Zenith Bank, Guaranty Trust Bank, First Bank and United Bank for Africa, the sources said.
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For those plans needing additional help to meet retiree obligations, the Pension Benefit Guaranty Corporation would be available to make up the difference.
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MBIA's National Public Finance Guarantee insures about $139 million of the PREPA payment due on Friday, while Assured Guaranty covers about $35 million.
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Financial Guaranty Insurance Company, or FGIC, sued Puerto Rico on Tuesday for diverting $164 million in revenue streams meant to pay the island's debt.
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Assured Guaranty on Thursday reported net income for the third quarter of 2017 was $208 million, or $1.72 per share, according to a statement.
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The Crapo Act adds new requirements to the Department of Veterans Affairs (VA) Loan Guaranty program to protect veterans who refinance their home loans.
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Anbang said in November that it would buy Fidelity & Guaranty for about $1.57 billion as Chinese insurers seek to expand into the United States.
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The federal agency charged with insuring defined benefit pensions (those promising a specified benefit formula to retirees) is the Pension Benefit Guaranty Corporation (PBGC).
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Anbang has been active with its money in other industries in the United States, snapping up Fidelity & Guaranty Life Insurance Company late last year.
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Earlier this month, bond insurers Ambac Financial and Assured Guaranty sued the commonwealth for redirecting money reserved for certain debt payments to pay others.
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But now, the PBGC is also projected to become insolvent in five years, making their "guaranty" not much better than a band-aid solution.
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Couldn't get an interview at Hartford, Jordan Guaranty, half a dozen other white-shoe firms in the city he'd had his heart set on.
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Attorneys from the Department of the Treasury, Internal Revenue Service, the Department of Labor and the Pension Benefit Guaranty Corporation joined in the brief.
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Facing bankruptcy in 2700, for instance, the Weinstein Company sold rights to 19793 older films to Goldman Sachs and an insurance company, Assured Guaranty.
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Insurance guaranty funds, present in every state and some territories, pay outstanding claims to residents and property owners if an insurance company becomes insolvent.
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The latest Chinese outbound deal to run into regulatory trouble is Anbang Insurance Group's proposed $1.57 billion bid for U.S. peer Fidelity & Guaranty Life FGL.
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Warren and Ocasio-Cortez's letter notes that Mnuchin is one of three members on the board of the federal oversight organization Pension Benefit Guaranty Corp.
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David Einhorn, whose Greenlight Capital was down 14 percent in the first quarter, presented an existing short position in bond insurance company Assured Guaranty Ltd.
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Assured Guaranty, Ambac and National, a wholly owned subsidiary of MBIA, collectively have more than $800 million in exposure to the total payments due Friday.
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The predominant exposure for two of the insurers is to the GO bonds—with Assured Guaranty and MBIA backing $196.5 million and $173 million, respectively.
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Assured Guaranty Corporation, one of the plaintiffs in the lawsuit, said on Thursday it is assessing options, including an appeal to the U.S. Supreme Court.
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The Pension Benefit Guaranty Corporation (PBGC) and Labor Department's Employee Benefits Security Administration are proposing new reporting requirements for employee pension and welfare benefit plans.
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Fitch has also revised the Rating Watch to Positive from Evolving on the 'BB' Issuer Default Rating (IDR) assigned to Fidelity & Guaranty Life Holdings, Inc.
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The comic was given a 9.4 rating out of 53 by Certified Guaranty Company, and is the highest-rated copy of the issue in existence.
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Several months after signing the guaranty for the TRC Funding investors, Bramzon's firm sued SLP in federal court in Washington, D.C., for filing false liens.
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The company said in its filing Thursday that it expected to hand over the management of its pension plan to the Pension Benefit Guaranty Corporation.
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About 1,400 multiemployer plans cover 10.6 million workers and retirees, according to the Pension Benefit Guaranty Corporation, the federally sponsored insurance backstop for defunct plans.
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The Pension Benefit Guaranty Corporation (PBGC) and Labor Department's Employee Benefits Security Administration will propose new reporting requirements for employee pension and welfare benefit plans.
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China's Anbang Insurance Group abandoned its $1.6 billion purchase of Iowa-based Fidelity & Guaranty Life, due to opposition from U.S. state regulators (not from the feds).
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MBIA was down 8 percent, Ambac Financial Group was down 6 percent, and Assured Guaranty was down 3 percent in late afternoon trading in New York.
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Its debt to Pension Benefit Guaranty Corp, a U.S. government agency overseeing the retirement benefits of former Sears workers, was not disclosed in the bankruptcy filing.
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Weber is the latest departure to hit BlueMountain, which over the past year has seen turbulence as it comes under a new corporate owner, Assured Guaranty.
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The lawsuit was brought by Peaje Investments LLC, Assured Guaranty Corp and Altair Global Credit Opportunities Fund against the government and outgoing governor, Alejandro Garcia Padilla.
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Investors are suing Caesars for reneging on its guaranty of bonds issued by its operating unit, Caesars Entertainment Operating Co Inc, or CEOC, which is bankrupt.
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Sorensen, who was based in Colorado, joined the firm in 2004, according to industry records, and was previously with AMG Guaranty Trust as a senior analyst.
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Affiliated Managers Group sold its majority stake in Andrew Feldstein's BlueMountain Capital to Assured Guaranty, a Bermuda-based municipal bond and infrastructure insurer, for $91 million.
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He served on the international council of Morgan Guaranty Trust and the European advisory council of General Motors, and as an adviser to the Amro Bank.
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Employee pensions are protected through the Pension Benefit Guaranty Corporation, which takes over the pension benefit payments in case of bankruptcy, although payments could be smaller.
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Pensions, which are insured by the federal Pension Benefit Guaranty Corporation in case employers go bankrupt, still cover 26.2 million people across 23,400 single-employer plans.
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Although the Pension Benefit Guaranty Corporation would step in if the company could not, the federal agency would pay only a certain portion of promised benefits.
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Etisalat met with the lenders in London on April 28 led by Guaranty Trust Bank but they could not agree a way forward, the sources said.
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He served in the Clinton administration in congressional and public affairs positions at the Departments of Labor and the Interior and the Pension Benefit Guaranty Corporation.
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Losing access to affordable life and annuity products would even lead to an expansion in the obligations secured by the unsustainable federal Pension Benefit Guaranty Corp.
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"The agreed terms represent a significantly better recovery when compared with recent market prices," Dominic Frederico, president and CEO of Assured Guaranty, said in a statement.
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How can we guaranty his continuation in power, particularly if they open up to the world and people see just how destitute the North Korean people are?
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The predominant exposure for two of the insurers is to bonds that are GO guaranteed — with Assured Guaranty and MBIA backing $196.5 million and $173 million, respectively.
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It sets standards for vesting, requires employers to invest sufficiently to cover future pension liabilities and, through the Pension Benefit Guaranty Corporation, offers insurance for retirement monies.
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Assured Guaranty and Ambac said in their complaint that the clawback was unconstitutional, because it "substantially and unjustifiably" impaired their contract rights under the United States Constitution.
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ACA Financial Guaranty Corp claimed Goldman and the hedge fund headed by John Paulson tricked it into insuring the CDO, which was tied to subprime mortgage securities.
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UL] investments group, to run Blackstone Insurance Solutions, a new business formed late last year when Blackstone agreed to oversee $22 billion from Fidelity & Guaranty Life [FGLH.UL].
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Last month, Ambac and Financial Guaranty Insurance Co penned a letter to Garcia Padilla challenging the legality of the clawbacks, and some analysts expect litigation to follow.
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The Labor Department and the Pension Benefit Guaranty Corporation had also reviewed the Central States proposal, and all three agencies found it unacceptably flawed, Mr. Feinberg said.
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|
Some also called for giving more money to the Pension Benefit Guaranty Corporation, so it would survive the collapse of a pension fund like the Central States.
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Worse still, the insurance scheme established to back those schemes is on course to run out of money by 2025, according to the Pension Benefit Guaranty Corporation.
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Other supporting parties in the settlement are the Bonistas del Patio, which represents island residents who own bonds, and the bond insurers Assured Guaranty, Ambac and MBIA.
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In June 2016, it withdrew its bid to buy the insurer Fidelity & Guaranty Life after failing to satisfy questions from a state regulator in the United States.
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Last year David Einhorn became the latest in a long line of hedge funders to publicly short a bond insurer, calling Assured Guaranty "a melting ice cube".
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Announces $450 million public offering of depositary shares representing series e preferred shares * Says public offering price is $25 per depositary share for an aggregate public offering price of $450 million * Has priced an underwritten public offering of 18,000,000 depositary shares * Intends to use net proceeds to fund the cash consideration for acquisition of united guaranty corporation , aig united guaranty insurance limited Source text for Eikon: Further company coverage:
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In the two years since its launch, ACE's drivers have delivered 350,000 parcels in Nigeria and work with 1,500 businesses, including Guaranty Trust Bank, Leadway Assurance and IBM.
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One customer from 2014 called Wells immediately after realizing unneeded insurance had been added to a financing package, but still was charged over several months for the guaranty.
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Anbang withdrew its application to buy Fidelity & Guaranty Life after failing to provide information requested for processing the deal, New York state's financial services regulator said on Tuesday.
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Fitch expects Sears to use expected proceeds from the Craftsman sale to fund its liquidity needs in 33710840, given Pension Benefit Guaranty Corp's (PBGC) consent to this transaction.
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And he can't just go to another bank to get the loan, because he says other banks have told him that he's in too deep with First Guaranty.
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The validity of the clawbacks will help determine the recoveries of bondholders of the affected agencies, and the liability of companies that insure those bonds, like Assured Guaranty.
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Payments to beneficiariesof the United Mine Workers of America pension plan $700 million 600 500 Premiums received by the Pension Benefit Guaranty Corporation's multiemployer program, for all plans.
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KEY RATING DRIVERS Fitch's removal from Negative Watch and affirmation of ACGL's holding company ratings follows a detailed review of the credit quality of United Guaranty Corporation (UGC).
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Two of Purdue Pharma's biggest creditors, the Pension Benefit Guaranty Corp and CVS Health, will help represent unsecured creditors in the recently launched bankruptcy of the Oxycontin maker.
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McClatchy had begun suspending some pension payments to former executives in January, opting to apply to the Pension Benefit Guaranty Corporation to assume control of its pension plan.
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If the insurer went insolvent, retirees would be able to seek redress from state insurance guaranty associations, which provide a backstop to their benefits up to certain limits.
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This rating action also includes the removal from Rating Watch Positive status for the Issuer Default Rating (IDR) and senior unsecured note ratings of Fidelity & Guaranty Life Holdings, Inc.
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These companies were acquired by the Kaiser organization in February 2017 and are beneficiaries of a guaranty agreement by and among, KFHP, KFH and KFHP's subsidiary health insurance carriers.
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The two-part bond deal on Thursday includes $77.2 million of general obligation lease revenue bonds backed by the university's rent revenues and insured by Assured Guaranty Municipal Corp.
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CoBiz is the second bank in Colorado to be bought in the last month after Texas' Independent Bank Group agreed to acquire Guaranty Bancorp, also for around $1 billion.
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One believer in next-generation data centers, insurance company Assured Guaranty, has upgraded its facilities by replacing separate components with all-in-one hardware and software from Westborough, Mass.
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It is also wise to ask whether policies sold by private insurers are covered by a guaranty fund, which most states have to cover claims if an insurer fails.
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The deal is expected to close at the end of the year, and Feldstein will net $22.5 million in shares of Assured Guaranty as a part of the deal.
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That's according to a tally kept by Mr. Mehta, formerly director of research and analytics for the Treasury's Troubled Asset Relief Program and the federal Pension Benefit Guaranty Corporation.
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But after the completion of the Guaranty Building in Buffalo in 21915, his partnership with engineer Dankmar Adler ended and there would be no more skyscraper commissions for Sullivan.
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In 1979, Mr. Staley landed at Morgan Guaranty, a forerunner to JPMorgan that was then primarily a commercial lender and bond dealer with asset-management and back-office services.
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In exchange for West Virginia dropping its lawsuit, Contura will provide the regulator a $4 million letter of credit and up to $4.5 million guaranty on Alpha's cleanup obligations.
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Assured Guaranty said it had it had met with the leadership of Hartford, members of the governor's staff, and other state and local representatives about the city's fiscal challenges.
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He helped ACE buy the fellow insurer Chubb for $28.3 billion, and advised A.I.G. on the sale of the United Guaranty Corporation to Arch Capital Group for $3.4 billion.
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During years of yawning budget deficits, the U.S. protectorate tapped the V.I. Insurance Guaranty Fund to pay for other public services, according to government financial records reviewed by Reuters.
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Hundreds of millions of dollars of Puerto Rico's July 21 payments are covered by insurance, including about $266.75 million by Assured Guaranty, according to public records and a company spokeswoman.
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Hundreds of millions of dollars of Puerto Rico's July 21 payments are covered by insurance, including about $266.75 million by Assured Guaranty, according to public records and a company spokeswoman.
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Shares of bond insurers MBIA, Assured Guaranty and Ambac — which all have exposure to Puerto Rico bonds — fell in early trading, down 2.4 percent, 0.3 percent and 2.1 percent, respectively.
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It also benefits from an unsecured guaranty by the indirect parent of PropCo I and is secured by a first-priority pledge on two-thirds of the Canadian subsidiary stock.
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President Donald Trump has nominated Gordon Hartogensis, the brother-in-law of Senate Majority Leader Mitch McConnell and Transportation Secretary Elaine Chao, to head the federal Pension Benefit Guaranty Corporation.
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To make matters worse, the Pension Benefit Guaranty Corporation (PBGC) multiemployer program, the funding backstop for plans that have run out of money, is also projected to collapse by 2025.
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Today, Wednesday, this assessment will be confirmed in testimony by the director of the Pension Benefit Guaranty Corporation (PBGC), Tom Reeder, before the House Committee on Education and the Workforce.
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It also proposes a strategy to stabilize the multiemployer pension system and the long-term solvency of the Pension Benefit Guaranty Corporation, a federally chartered entity that supports insolvent pensions.
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"It's not that they happen to have the same rates — they work together and file them collectively," said Daniel C. Price, the chief executive at OneTitle National Guaranty Company, Inc.
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Bond insurer Assured Guaranty Corp is contesting the constitutionality of the federal board overseeing Puerto Rico's restructuring despite a recent opinion rejecting a similar challenge by hedge fund Aurelius Capital Management.
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" Assured Guaranty also stated that the company could not support "an agreement that would prolong expensive litigation, while harming Puerto Rico's long-term economic success and the national municipal bond market.
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The Pension Benefit Guaranty Corporation, a federally chartered entity, will step in when a plan fails so that retirees' benefit payments — up to a maximum level defined by federal law — continue.
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In its lawsuit, TPL has also alleged that Oliver has acted in concert with an undisclosed group including Santa Monica Partners, Universal Guaranty Life Insurance Company and potentially other third parties.
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He represented Standard & Poor's from 85033 to 1989, was Vice Chairman and General Counsel of Fitch Ratings from 1989 to 1998, and was on Assured Guaranty LTD's board for a decade.
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Benefits are not insured by the Pension Benefit Guaranty Corporation and state and local government employees can see their Social Security benefits reduced — if they are eligible for them at all.
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The provision is designed to increase funding for the Pension Benefit Guaranty Corporation, a government agency that covers the benefits owed to retirees if the company they worked for goes bankrupt.
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A deal for AssetMark could be the biggest Chinese investment in the U.S. financial services sector since Anbang Insurance Group Co's $1.6 billion agreement in November to acquire Fidelity & Guaranty Life.
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Others have suggested quadrupling the premiums charged by the Pension Benefit Guaranty Corporation so it has the funds to pay at least partial benefits when the plans run out of money.
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The latest numbers from the Pension Benefit Guaranty Corporation (PBGC), the funding backstop for these and other plans, show inaction is driving the U.S. towards $90 billion in liabilities by 2028.
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The lawsuit claims that First Guaranty Bank had been changing June's loan applications without his consent, reducing the amount he's asking for, leaving him with less money to run his farm.
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The seven-year loan deal coordinated by Citibank was signed with a consortium of Access Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank , FCMB, United Bank for Africa and First Bank.
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The Education Department's decision to let guaranty agencies gouge struggling people is indefensible — not least because the additional fees bear no relationship at all to the expenses incurred by the companies.
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The Q-School class that he skipped accounted for three: Appleby; Hjertstedt, who won the B.C. Open in September; and Billy Ray Brown, who captured the Deposit Guaranty Classic in July.
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According to W. Thomas Reeder, the director of the Pension Benefit Guaranty Corporation, the maximum amount that a beneficiary would receive in a multiemployer plan collapse is a little under $13,000.
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The reason the Justice Department and the FBI have procedures is to guaranty fairness, and not just fairness but also the appearance of fairness, so that people can have confidence in institution.
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Other large payments due July 1 that are backed by the monolines include Puerto Rico Electric Power Authority, where MBIA and Assured Guaranty have exposure of $139 million and $35 million, respectively.
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The Assured Guaranty Corporation and the Ambac Assurance Corporation said in their complaint that Puerto Rico had diverted at least $163 million that had been pledged to pay debts they had insured.
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Settlement funds will be distributed among receiverships for Alabama's Colonial Bank, Texas' Franklin Bank and Guaranty Bank, Nevada's Security Savings Bank, and Illinois' Strategic Capital Bank, which failed in 2008 and 2009.
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If Congress cannot transfer those funds, the financially-strained $5 billion federal Pension Benefit Guaranty Corp, an agency that backstops failed private-sector pension programs, would be responsible for covering the plans.
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Alejandro Garcia Padilla to help fund the pending debt-service payments, was unconstitutional, according to Ambac Financial Group and Assured Guaranty, which insure or reinsure approximately $8 billion of the Commonwealth's debt.
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He represented Standard & Poor's from 85033 to 1989, was vice chairman and general counsel of Fitch Ratings from 1989 to 1998, and was on the board of Assured Guaranty for a decade.
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A deal for AssetMark could be the biggest Chinese investment in the U.S. financial services sector since Anbang Insurance Group Co's $1.6 billion agreement in November to acquire Fidelity & Guaranty Life FGL.
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He represented Standard & Poor's from 85033 to 1989, was Vice Chairman and General Counsel of Fitch Ratings from 1989 to 1998, and was on the board of Assured Guaranty for a decade.
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The Pension Benefit Guaranty Corp, an independent federal agency, said it did not support an agreement reached Wednesday because it would not receive the entire $708 million it says it is owed.
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Assured Guaranty, a bond insurer, said on Tuesday it will continue "to vigorously enforce our property rights as a secured creditor" in PREPA's bankruptcy case, while also seeking to consensually resolve matters.
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This is because Central States is classified as "systematically important," meaning it would cost the federal Pension Benefit Guaranty Corporation (PBGC) over $1 billion to assist in the event of plan failure.
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BlueMountain is winding down its 16-year-old flagship fund, the $2.5 billion BlueMountain Credit Alternatives Fund, to focus on its collateralized-loan-obligations business for its new corporate owner, Assured Guaranty.
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Such distress signs also caught the attention of municipal bond insurers such as Assured Guaranty, MBIA, and Ambac Financial Group, which have until now been focusing intently on developments in Puerto Rico.
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BlueMountain is winding down its 2580-year-old flagship fund, the $2.5 billion BlueMountain Credit Alternatives Fund, to focus on its collateralized-loan-obligations business for its new corporate owner, Assured Guaranty.
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Furthermore, the Pension Benefit Guaranty Corporation that is supposed to insure lost pension benefits will itself be insolvent and unable to replace anything more than a tiny portion of the lost benefits.
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Shares in Guaranty Trust Bank (GTB) fell 4.68 percent to close at 37.10 naira, while Zenith Bank shares fell for a forth consecutive day, down 3.27 percent to close at 22.50 naira.
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Bankruptcy is now "the most likely outcome," said Height Securities analyst Ed Groshans, who increased loss projections for bond insurers like MBIA Inc and Assured Guaranty Ltd in an April 3 note.
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The easiest way to tell if you have a potentially valuable coin is to first look it up on reputable websites such as the Numismatists Guaranty Corporation or Professional Coin Grading Service.
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Assured Guaranty insures $18 million of the junior Cofina bonds, but says it expects to offer the new bonds with insurance in the hope of recovering more than the projected 56.4 percent.
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General unsecured creditors such as vendors will receive $1.23 million in cash and the government's pension insurer, the Pension Benefit Guaranty Corp, will receive $340 million in cash and 5.5 percent of shares.
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U.S. District Judge Laura Taylor Swain said in an order that Financial Guaranty Insurance Co failed to cite any authority to support a stay on proceedings to which it is not a party.
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The Chinese insurer abruptly pulled out of a $14 billion bid for Starwood Hotels & Resorts Worldwide Inc last year, and its attempt to buy U.S. annuities and life insurer Fidelity & Guaranty Life FGL.
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William Husband is named as a whistle-blower in June's lawsuit against First Guaranty Bank, and the lawsuit claims that Husband, who is white, made it clear that this was about racial discrimination.
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A considerable portion of these bonds are insured by MBIA, Ambac and Assured Guaranty, which are contractually obligated to take over payments, a reality that will cause some shock to their stock prices.
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Financial Guaranty Insurance Co, a bond insurer, urged a 90-day hold on litigation last week, but the board said in court papers filed on Tuesday such a move was self-serving at best.
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The agency has affirmed the Long-Term IDRs of Zenith Bank Plc, Guaranty Trust Bank Plc (GTB), Access Bank Plc, United Bank for Africa Plc (UBA), Wema Bank Plc and Bank of Industry (BOI).
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He is a former principal deputy commissioner and chief operating officer of the Social Security Administration and served in the George H.W. Bush administration as Executive Director (CEO) of the Pension Benefit Guaranty Corporation.
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Single-Family mortgage market in 2016 will increase from 2015 levels by approximately 2% * Single-Family guaranty serious delinquency rate at quarter end of 1.32 % versus 1.44% at q1 end * Sees originations in u.s.
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MPRA was adopted in part to shore up those plans without swamping the government's pension insurer, the Pension Benefit Guaranty Corp, which said in August its multiemployer insurance program could be broke by 2025.
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LAGOS, Aug 14 (Reuters) - Nigeria's Guaranty Trust Bank expects to grow its loan book by 10 percent by the end of the year after credit declined in the first half, it said on Tuesday.
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The B-21000 term loan also benefits from an unsecured guaranty by the indirect parent of PropCo I and is secured by a first-priority pledge on two-thirds of the Canadian subsidiary stock.
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Furthermore, a retiree is then at the mercy of whichever state he or she happens to live in at the time and even healthy guaranty associations provide widely varying levels of maximum lifetime protection.
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"PREPA's interests cannot be adequately served or protected if they are subjected to the whims of the governor's agenda," said the creditors, which include bondholders such as Oppenheimer Funds and insurers like Assured Guaranty.
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Mr. Mehta, the former director of research and analytics for the Treasury's Troubled Asset Relief Program and the federal Pension Benefit Guaranty Corporation, pointed to several other indicators of uncanny market placidity this year.
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Anbang's international luster had already dulled after it withdrew an application last year to buy an Iowa insurer, Fidelity & Guaranty Life, and also shelved a $14 billion bid to buy Starwood Hotels and Resorts.
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And the guaranty corporation's program backing up these plans — which operated under the assumption that they were inherently strong — would be wiped out by the failure of just one of the major pension pools.
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The three largest insurers of Puerto Rico's bonds — Assured Guaranty, Ambac and National, a wholly owned subsidiary of MBIA — collectively have more than $800 million in exposure to the total $1.9 billion due July 1.
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The Chinese insurer abruptly pulled out of a $14 billion bid for Starwood Hotels & Resorts Worldwide last year, and its attempt to buy U.S. annuities and life insurer Fidelity & Guaranty Life is facing regulatory hurdles.
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To safeguard pensions the American and British governments set up insurance schemes that stand behind corporate plans; the Pension Benefit Guaranty Corporation (PBGC) in the former and the Pension Protection Fund (PPF) in the latter.
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The third-largest U.S. bank on Friday said the accord resolved claims that its Interest Rate Reduction Refinance Loans should have been ineligible for guarantees under a U.S. Department of Veterans Affairs loan guaranty program.
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The Pension Benefit Guaranty Corporation (PBGC) is designed to be an insurance program that corporations pay into, and if they can't pay their pension promises the PBGC is designed to provide some support to beneficiaries.
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But it has since become a more common name to investors, buying U.S. insurer Fidelity & Guaranty Life last fall and attempting to buy Starwood Resorts, only to lose out to Marriott at the last minute.
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But its global expansion hit a snag as recent deals have tanked — last year, the company lost its bid for Starwood Hotels to Marriott International, and this year, it failed to acquire Fidelity & Guaranty Life.
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But its global expansion has hit a snag as recent deals have tanked — last year, Anbang lost its bid for Starwood Hotels to Marriott International, and this year, it failed to acquire Fidelity & Guaranty Life.
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One hybrid strategy is to partner with an angel for a bank loan, where the angel provides a guaranty with its personal balance sheet to secure the loan and receives equity or warrants in return.
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He had the same role, only from the perspective of a hedge fund client instead of a data seller, at $18 billion BlueMountain Capital Management before it was bought by Assured Guaranty earlier this year.
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Meanwhile, the Pension Benefit Guaranty Corporation, the federally sponsored insurance backstop for defunct plans, projects that its multiemployer insurance program will run out of money by the end of the 2025 fiscal year, absent reforms.
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The lawsuit over the board members filed by creditors, including Aurelius Investment LLC and bond insurer Assured Guaranty Corp, also sought a dismissal of Puerto Rico's Title III bankruptcy cases - a move the appeals court rejected.
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The letter was signed by holders of constitutionally guaranteed general obligation (GO) debt; a group holding junior COFINA debt backed by sales tax revenue; and Assured Guaranty Corp, which insures $3.4 billion of Puerto Rican bonds.
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Omega Advisors, run by Leon Cooperman and Steven Einhorn, increased its stake in insurance broker Fidelity & Guaranty Life by 216.5 percent compared with the quarter before, and added a new position in regional bank Renasant Corp.
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A franchise agreement will typically include a guaranty section that can be extensive and the idea is to ensure that the franchisee's new business will cover expenses that are reasonable and are owed to the franchisor.
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Avaya said that it had backing from holders of more than half of its $4.38 billion first-lien debt and a settlement with the Pension Benefit Guaranty Corp to terminate its underfunded salaried employee pension plan.
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LAGOS, Feb 5 (Reuters) - Nigeria's Guaranty Trust Bank (GT Bank) launched a tender offer on Friday to repay a $500-million Eurobond early, a move to deploy its available dollar liquidity ahead of the debt's maturity.
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The letter was signed by holders of constitutionally guaranteed general obligation (GO) debt; a group holding junior COFINA debt backed by sales tax revenue; and Assured Guaranty Corp, which insures $210 billion of Puerto Rican bonds.
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While Marshall-Lee predicts an "ugly market" for the next couple of years, he says stronger companies such as Guinness Nigeria, Nigerian Breweries or lenders Zenith Bank and Guaranty Trust Bank will probably weather the storm.
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MBIA's National Public Finance Guarantee insures about $173 million in GO debt due on Friday, while Assured Guaranty covers another $184 million, and Ambac insures $40 million in GO or GO-guaranteed debt due on Friday.
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AIG — The insurer announced a series of strategic actions, including divestiture or sale of several units, an IPO of its United Guaranty business, and a return of $183 billion to shareholders over the next two years.
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That will send workers and retirees into the arms of the Pension Benefit Guaranty Corporation, which does meet normal retirement benefits (but not health benefits), but is subject to a cap and offers no inflation-linking.
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The bill allowed trustees of multi-employer retirement plans to slash benefits if a pension fund's failure was likely to overwhelm the underfunded Pension Benefit Guaranty Corporation, the federal government's main insurance program for pension plans.
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If an insurance company holding a massive annuity goes bust or somehow doesn't make its payments, the retiree is no longer protected under federal law and the retirees are subject to a state-regulated guaranty association.
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During the last fiscal year alone, six multiemployer plans were terminated, and eight others requested financial assistance from the Pension Benefit Guaranty Corporation (PBGC), the federal backstop for plans that can no longer cover promised benefits.
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He is the son of Sharon Lee and Atilal Lee of Harrison, N.Y. The groom's mother works in Rye, N.Y., as a controller for the ACA Financial Guaranty Corporation, an insurance company based in New York.
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WASHINGTON, March 15 (Reuters) - China's Anbang Insurance Group, which is looking to buy U.S. hotel operator Starwood , has won approval from a U.S. national security panel to buy U.S. annuities and life insurer Fidelity & Guaranty Life .
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Assured Guaranty, a bond insurer that guarantees payment on some $4.9 billion of the PREPA bonds, stated PREPA would have to find a way to settle with creditors—which includes Assured—with either cash or assets.
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The island chain of St. Thomas, St. Croix, and St. John relied on its insurance guaranty fund to pay claims after Hurricanes Hugo in 1989 and Marilyn in 1995, according to a 2007 government news release.
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N), and Ian Haft, a partner at Cornwall Capital Management LP. (This story has been refiled to correct spelling of Assured Guaranty in paragraphs five, six) Reporting by Mike Stone in New York; Editing by Frances Kerry
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When negotiating a guaranty section it is fair for a franchisee to be responsible for financial obligations specific to their business, fees such as royalties and advertising, and terms among restricted covenants, including use of confidential information.
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The financing platform was launched by the ADB and the China National Investment and Guaranty Corporation (I&G), the State Development and Investment Corporation (SDIC), as well as China's finance ministry and National Development and Reform Commission.
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"It would have been the largest expansion of retirement coverage in our history," said Joshua Gotbaum, a guest scholar at the Brookings Institution who served as director of the Pension Benefit Guaranty Corporation during the Obama years.
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The news comes one day after sources said China's Anbang Insurance Group will let a plan to acquire U.S. annuities and life insurer Fidelity & Guaranty Life for $1.6 billion lapse, after failing to secure necessary regulatory approvals.
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He was the director of research and analytics for the federal Pension Benefit Guaranty Corporation and for the Treasury's Troubled Asset Relief Program, which was set up to help stabilize the financial system in the 2008 crisis.
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WASHINGTON (Reuters) - China's Anbang Insurance Group has withdrawn its application for its planned acquisition of Fidelity & Guaranty Life after failing to provide information requested for processing the deal, New York state's financial services regulator said on Tuesday.
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Deciding a case of first impression, the Bankruptcy Appellate Panel (BAP) of the 6th U.S. Circuit Court of Appeals held Friday that a discharge in bankruptcy also discharges the debtor's obligations under a pre-petition personal guaranty.
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Taylor, who manages more than $1 billion in fixed income, sees value in bonds within a five-year maturity and that are insured by either Assured Guaranty or National Public Finance Guarantee, a wholly owned subsidiary of MBIA.
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The litigation, which was filed by creditors of the U.S. commonwealth, including Aurelius Investment LLC and bond insurer Assured Guaranty Corp, also sought a dismissal of Puerto Rico's Title III bankruptcy cases - a move the appeals court rejected.
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LAGOS, March 15 (Reuters) - Nigeria's Guaranty Trust Bank (GT Bank) is not looking to refinance its Eurobond due next year because it does not see opportunities to grow its dollar loan book, its chief executive said on Wednesday.
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Earlier this week, the insurer announced a series of strategic actions, including divestiture or sale of several units, an IPO of its United Guaranty business and a return of $25 billion to shareholders over the next two years.
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The bill at the center of the controversy, the Multiemployer Pension Reform Act, was largely intended to protect the Pension Benefits Guaranty Corporation, which was at risk of being pushed into insolvency by large numbers of pension failures.
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WASHINGTON (Reuters) - China's Anbang Insurance Group, which is looking to buy U.S. hotel operator Starwood, has won approval from a U.S. national security panel to buy U.S. annuities and life insurer Fidelity & Guaranty Life, Fidelity said on Tuesday.
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Fixed-income giant PIMCO has struggled to find its niche in equities, while Andrew Feldstein's credit-focused hedge fund BlueMountain has cut two equities strategies within a year — and its majority stakeholder AMG just sold to Assured Guaranty.
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In a Friday night decision, U.S. District Judge Andrew Carter in Manhattan said the FDIC, the receiver for Austin-based Guaranty Bank, lacked standing to sue after selling the debt in question through a March 153 resecuritization transaction.
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In addition to its deal for Waldorf Astoria, Anbang, which is based in Beijing, has also bought an American insurer, Fidelity & Guaranty Life Insurance, for nearly $1.6 billion, and a controlling stake in a South Korean life insurer.
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The email said that if the plan did nothing and ran out of money, the federal government's insurer, the Pension Benefit Guaranty Corporation, would likely step in and pay retirees even less than the new proposal calls for.
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A state insurance guaranty association that helps cover insolvent insurers' claims is not required to reimburse Medicare for the medical expenses of people who are also covered by the defunct insurers' policies, a federal appeals court said Thursday.
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Multiemployer plans were given the opportunity to cut pensions for retirees under the Multiemployer Pension Reform Act of 2014, which was enacted in part to prevent the insolvency of the government's pension insurer, the Pension Benefit Guaranty Corp.
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"For MBIA and Assured Guaranty, who have a lot of electric utility debt, there's a direct link, in particular to MBIA, where they have a lot of near-term debt service requirements on that electric utility debt," Gadlin said.
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An immediate financial consequence of the Treaty's validation is that a Reparation Commission will be constituted to receive from Germany, as recognition and guaranty of her debt, a first payment of gold bonds, free from taxes of any nature.
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The FDIC, whose full name is Federal Deposit Insurance Corp, had accused the three banks in its lawsuits of failing, as bond trustees, to monitor the underwriting and servicing of mortgages backing $2.7 billion of securities that Guaranty bought.
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"Einhorn's analysis of Assured Guaranty fails to acknowledge the positive implications of our significant financial strength and strong operating performance, and demonstrates a fundamental lack of understanding of our business model and the municipal debt markets," the company said.
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Day of Sale: 03/16 SUCCESSOR AGENCY TO THE COMMERCE WEEK OF 23,390 NR/AA/NR COMMUNITY DEVELOPMENT COMMISSION 03/14 TAX ALLOCATION REFUNDING BONDS, SERIES 2016 A&B SERIES B-TAXABLE MGR: Ziegler, Chicago INSURANCE: Assured Guaranty Municipal Corp.
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In a complaint filed in Chicago federal court, the Pension Benefit Guaranty Corp asked to be named trustee of the pension plans, which it said are underfunded by $1.4 billion and cover about 183,000 Sears and Kmart employees and retirees.
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So important has third-party grading become that almost all rare coins sold at auction these days have been graded and sealed in stickered plastic by either PCGS or its main rival, Numismatic Guaranty Corporation (NGC), which is based in Florida.
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"We are gravely concerned by this improper act, which violates numerous statutory and state and federal constitutional provisions," said Nader Tavakoli, the executive chairman of Ambac Assurance Corporation, and Derek M. Donnelly, senior managing director of the Financial Guaranty Insurance Company.
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In a decision on Wednesday, U.S. District Judge Andrew Carter in Manhattan said the FDIC, the receiver for Austin-based Guaranty Bank, lacked standing to sue because it had sold the mortgage-backed bonds after taking over the bank in 2009.
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NEW YORK, May 23 (Reuters) - Bond insurer Assured Guaranty sued Puerto Rico and its federally-appointed oversight board on Wednesday, saying their plan to resuscitate the storm-ravaged, bankrupt U.S. territory violates the U.S. Constitution by stripping creditors of property rights.
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NEW YORK (Reuters) - The Association of Financial Guaranty Insurers (AFGI) said on Friday that granting bankruptcy protections to the government of Puerto Rico, which is struggling to pay its debts, would jeopardize its ability to reach a consensual debt restructuring.
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The FDIC had accused the defendant banks of failing, in their roles as bond trustees, to ensure that mortgages backing $2.7 billion of securities bought by Guaranty were properly underwritten, or to require lenders to fix or buy back troubled loans.
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In a statement on Monday, Canyon said that it was nominating Frederick Arnold, the chief financial officer of Convergex Group; John R. Brecker, a director of ACA Financial Guaranty; and Eugene I. Davis, chief executive of the Pirinate Consulting Group.
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That unusual structure drew the attention of insurance regulators in New York, who asked Anbang last year to provide more information before it signed off on a proposed $1.6 billion acquisition of a Des Moines-based life insurer, Fidelity & Guaranty Life.
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The justices left in place lower court rulings dismissing lawsuits by bond insurance companies Assured Guaranty Corporation and Ambac Assurance Corporation that sued the federally created financial oversight board that is trying to restructure about $120 billion of Puerto Rico's debt.
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Structured properly, such a program can restore the solvency of at-risk plans and the Pension Benefit Guaranty Corporation (PBGC), the federal backstop for multiemployer pensions, while staying true to fiscally conservative principles — ensuring taxpayers are not left footing the bill.
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The company also announced that on Wednesday it secured a loan of $440 million to use toward a $6483 million payment into its pension plans, unleashing 140 of Sears' properties from a ring-fence agreement with the Pension Benefit Guaranty Corporation.
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A trial had been set for January over the U.S. Pension Benefit Guaranty Corp's claims against the company, which stem from the termination of Ontario, Canada-based Nortel's underfunded pension plan in 2009, which at the time had 22,000 participants.
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The lawsuit over the board members, which was filed by creditors of the U.S. commonwealth, including Aurelius Investment LLC and bond insurer Assured Guaranty Corp, also sought a dismissal of Puerto Rico's Title III bankruptcy cases - a move the appeals court rejected.
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A group of Puerto Rico Electric Power Authority (PREPA) bondholders, bond insurer Assured Guaranty Corp, along with the island's government and federally created financial oversight board, reached a restructuring support agreement that would reduce the utility's debt by up to 32.5 percent.
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Anbang, which also bought the Waldorf Astoria as part of its spending spree, withdrew its application with the New York State Department of Financial Services to buy Fidelity & Guaranty Life, an insurer based in Iowa, because regulators had asked about ties between shareholders.
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While some have advocated turning over UMWA pension plan to the Pension Benefit Guaranty Corporation (PBGC), the PBGC has said such an action would cause their multiemployer fund to be exhausted in just one to three years, resulting in massive benefit cuts.
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National Public Finance Guarantee Corp and Assured Guaranty on Friday filed motions seeking, under federal bankruptcy Rule 2004, an exam of Puerto Rico and its Federal Oversight and Management Board to compel the release of information related to the island's fiscal plan.
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The insurance company pays retired workers an annuity that is equal in value to the pension they've earned, but the workers lose certain safeguards, like the backstop of the Pension Benefit Guaranty Corporation, the agency that steps in if a company can't pay.
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But nearly three-quarters of the people with this type of pension are in plans that have less than half the money they need to pay promised benefits, according to the Pension Benefit Guaranty Corporation, the federal agency that insures pension plans.
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"Loan documents will be amended to provide that both Jared Kushner and (his brother) Joshua Kushner will be guarantors under the non-recourse carve-out guaranty and will individually and collectively constitute key principals for purposes of such documents," Fitch Ratings said in a note.
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Adeniyi Falade, managing director of pension fund manager CrusaderSterling Pension, which manages 250 billion naira ($818 million) in assets, said banking stocks such as Zenith Bank and Guaranty Trust Bank look attractive once the election result, expected on Monday at the earliest, is known.
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A few companies such as General Electric Co and General Motors Co have announced plans to increase their pension contributions this year, rather than pay higher premiums to the Pension Benefit Guaranty Corp, a federal government agency that insures private defined-benefit pension plans.
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Key rating sensitivities that could result in a downgrade of both operating and holding company ratings outside of anchor rating considerations include: difficulties experienced in the USMI operations, including failure to successfully integrate United Guaranty Corporation (UGC), or sizable adverse prior-year reserve development.
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"They are afraid of competition that would come from a huge program like this that forces them to cut their own fees," said Gotbaum, who is a former director of the Pension Benefit Guaranty Corporation, the federally sponsored agency that insures private sector pensions.
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A recent lawsuit filed by two of the island's top insurers, Ambac Financial Group and Assured Guaranty — which collectively insure or reinsure approximately $8B of the island's debt — asserts that the move was unconstitutional and seeks to prevent any additional clawbacks from taking place.
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AIG, the largest commercial insurer in the United States and Canada, said it would get $2.2 billion in cash, $250 million in Arch Capital's perpetual preferred stock and $975 million in non-voting common-equivalent preferred stock from the sale of United Guaranty Corp.
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"Over the following century, this limited holding [in Luther] metamorphosed into the sweeping assertion that '[v]iolation of the great guaranty of a republican form of government in states cannot be challenged in the courts,'" she wrote, quoting a 1946 ruling on the matter.
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The MPRA was intended to help prevent the Pension Benefit Guaranty Corporation (PBGC) from going bankrupt if large pension plans like Central States defaulted, and to prevent benefits from dropping all the way to the levels guaranteed PBGC if a default were to occur.
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The Wall Street Journal reported last month that McClatchy had frozen some pension payments while it tried to get a bailout from the government's pension insurer, the Pension Benefit Guaranty Corporation, after the Internal Revenue Service denied a request for a waiver of its obligations.
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Assured Guaranty is hopeful that the nearly full recoveries seen for the senior Cofina bonds is a sign that a high level recovery is achievable for Puerto Rico's other top tier security, the General Obligation ( "GO") bonds, which are backed by Puerto Rico's constitution.
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"We have major concerns over sustainable returns and the humanitarian community being able to continue to support [internally displaced persons] as they go back to their villages of origin, as we can neither guaranty their or our own safety under the current circumstances," she said.
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Our projections – which have been reviewed by congressional staff, pension experts on Wall Street and other actuaries – show that the legislation would protect 2628 million plan participants from insolvency, eliminate the need for as much as $28500 billion in financial help from the Pension Benefit Guaranty Corp.
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Matthew Finn, co-portfolio manager of the $7.53 million Thrivent Small-Cap Stock fund, said he remains bullish on Assured Guaranty Ltd, a municipal bond insurer ensnared in legal cases regarding Puerto Rico's plans to restructure about $120 billion of debt and pension obligations in federal court.
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Education Secretary Betsy DeVos, showing more concern for the lending industry — which is essentially on the federal dole — than the borrowers the industry ought to serve, recently rescinded the directive, allowing the companies, known as guaranty agencies, to charge a predatory 16 percent fee on the debt.
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The Pension Benefit Guaranty Corporation, the government agency that backs the pensions of 40 million workers and retirees and takes over funds when they fail, estimated that multiemployer plans covering as many as 15 percent of those participants may become insolvent over the next 20 years.
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But the government agency known as the Pension Benefit Guaranty Corporation (PBGC) plans to use its right to effectively veto the Kenmore sale in order to negotiate a share of the anticipated proceeds from Sears, according to people familiar with the matter who requested anonymity to discuss confidential deliberations.
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During Bill Clinton's first presidential run in 21977, her years as a corporate litigator at the Rose Law Firm were exhaustively examined for possible conflicts of interest involving clients like Tyson Foods, Walmart and Madison Guaranty, a savings-and-loan that became a central focus of the Whitewater investigation.
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Assured Guaranty Corp is in the "final stages" of documenting and executing an agreement with PREPA and a group of bondholders, who reached a deal with the utility in July covering more than $3 billion of debt, according to a motion filed in U.S. District Court in Puerto Rico.
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The retirees' victory is only the second time in 22012 years that the federal Pension Benefit Guaranty Corporation has required a company to unwind a pension "termination" — a dreaded deal in which a bankrupt company cuts off a pension fund and leaves it for the government to take over.
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The Pension Benefit Guaranty Corporation said the deal was intended not to revive R. G. Steel but to reduce Renco's ownership stake from 100 percent to less than 80 percent — the cutoff for being included in the so-called controlled group that is jointly responsible for pension obligations.
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These forecasts are not just lacking in value, they're destroying value by issuing spurious numbers, according to Salil Mehta, an independent statistician who was formerly the director of research and analytics for the United States Treasury's Troubled Asset Relief Program and for the federal Pension Benefit Guaranty Corporation.
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The lawsuit by Assured Guaranty and Ambac Financial , filed in U.S. federal court in Puerto Rico, asks a judge to declare that Puerto Rico violated the U.S. constitution when it diverted $163 million from revenue streams meant to pay debt at the island's infrastructure, highway and other agencies.
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FELIPE ITO ANUATTIRibeirão Preto, Brazil * Your article accurately describes one of the failures of America's Congress to adequately fund the America's Pension Benefit Guaranty Corporation (PBGC)—formed to guarantee the pension funds of corporations that went broke without adequate assets to cover their pension obligations ("Betraying the promise", April 163th).
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The BAP acknowledged that bankruptcy and district courts across the country have split on that question, but concluded that treating the guaranty as a discharged contingent liability is more consistent with the Bankruptcy Act's broad definitions of "claims" and "debts" and its purpose of giving the debtor a fresh start.
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The Employee Retirement Income Security Act, a federal law, requires private-sector companies offering pensions to pay annual insurance premiums to the Pension Benefit Guaranty Corporation, which steps in to pay monthly benefits to retirees (up to a maximum amount) if a company can no longer make its promised payments.
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In a decision on Monday, a three-judge panel of the 11th U.S. Circuit Court of Appeals affirmed a lower court's ruling that Mortgage Guaranty Insurance Corp could not be sued under the U.S. Fair Debt Collection Practices Act (FDCPA) because it was not a debt collector as defined by that law.
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In a decision made public on Tuesday, U.S. District Judge Andrew Carter in Manhattan said the FDIC could try to show it still had legal standing to sue as the receiver for Austin-based Guaranty Bank, despite having transferred its claims to a "resecuritization trust" when it sold the debt in March 2010.
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Ms. Kaptor and Representative Tim Ryan, Democrat of Ohio, have introduced legislation called the Keep Our Pension Promises Act that would repeal the December 2014 bill, and would create a "legacy fund" with the Pension Benefits Guaranty Corporation to prop up plans such as Central States that are at risk of failing.
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After prorating the value of the IP assets (estimated at $350 million), the residual equity in Toys-Canada, and applying the benefit from the guaranty by the indirect parent of PropCo I, the B-4 term loan is expected to have good recovery prospects (9083%-70%), and is therefore rated 'CCC+/RR3'.
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The committee in court papers noted it stayed on the sidelines when National Public Finance Guarantee Corp and Assured Guaranty in August filed motions for an examination under federal bankruptcy rule 2004 of Puerto Rico and its Financial Oversight and Management Board to compel the release of information on the island's fiscal plan.
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The Pension Benefit Guaranty Corporation can completely take over a single-employer plan that is found to be too far behind, but it cannot legally take over a dying multiemployer plan until it has spent down all its assets — which means problems that have been clear for years can go unfixed and become worse.
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By the numbers: A report from the Partnership for Public Service and the IBM Center for the Business of Government found that this shift is likely to impact agencies with financial responsibilities — including the Department of the Treasury, the IRS, the Securities and Exchange Commission and the Pension Benefit Guaranty Corporation —where technology could be used for data analysis.
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After prorating the value of the IP assets (estimated at $2110 million), the residual equity in Toys-Canada and applying the benefit from the guaranty by the indirect parent of PropCo I, the B-21000 term loan is expected to have superior recovery prospects (211%-21500%), and is therefore upgraded to 'B-/RR21000' from 'CCC+/RR212000'.
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Reports results for second quarter 2017 * Q2 non-gaap operating earnings per share $1.16 * Q2 earnings per share $1.24 * Q2 earnings per share view $0.63 — Thomson Reuters I/B/E/S * Assured Guaranty Ltd - gross written premiums for q2 2017 were $79 million representing increases of 119% over q2 2016 Source text for Eikon: Further company coverage:
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"This 'deal,' backed by barely 10 percent of Commonwealth guaranteed and GO creditors, who bought positions at prices substantially below par, failed to include the largest general obligation creditors who have supported Puerto Rico for decades, and is a disservice to the residents and long term stakeholders of the island," Assured Guaranty said in a written statement provided to CNBC.
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The TRC Funding investors' suit against Bramzon, the plaintiffs' lawyer who signed a guaranty of their investment in April 2017, alleged that his firm owed millions of dollars to the Texas litigation support firm Strategic Litigation Partners, which filed a series of 2017 liens based on claims that it had not been paid for working up Bramzon's mass tort files.
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Day of Sale: 07/14 GREENBRIER COUNTY BOARD OF WEEK OF 113,590 NR/AA-/ EDUCATION PUBLIC SCHOOL REFUNDING 07/11 2016, WEST VIRGINIA MGR: Piper Jaffray & Co, Minneapolis SERIAL: 2017-2025 REMARK: STATE SCHOOL BOND GUARANTY PROGRAM Day of Sale: 07/13 BONITA UNIFIED SCHOOL DISTRICT WEEK OF 22,20173 /AA-/ 2016 GENERAL OBLIGATION REFUNDING 07/11 BONDS,SERIES B (2019 CROSSOVER) CALIFORNIA MGR: Stifel, Nicolaus & Company, Inc.
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The B-200073, B-200063 and B-200053 term loan holders are equally secured by Toys intellectual property (IP) and trademarks (and have a second lien on the ABL collateral) but the B-200043 term loan also benefits from an unsecured guaranty by the indirect parent of PropCo I and is secured by a first-priority pledge on two-thirds of the Canadian subsidiary stock.
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After several years of difficult negotiations, the authority, known as Prepa, reached an agreement in April with its creditors, which include the hedge fund Blue Mountain Capital, bond funds managed by Oppenheimer and Franklin Templeton and insurance companies like MBIA and Assured Guaranty, which are obligated to make up the difference between the negotiated recovery of the bonds and 133 cents on the dollar.
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Sponsor and each of its officers, directors, affiliates, related entities, partners, partnerships, principals, representatives, agents, licensees, sponsors, successors and assigns: (1) make no warranty, guaranty or representation of any kind concerning any prize; (2) disclaim any implied warranty; and (3) are not liable for injury, loss, or damage of any kind resulting from the acceptance or use of any prize, travel related thereto or from participation in this contest.
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Nixon had no guaranty of how his bold initiative would be received either here in America or in China, but he put his own personal credibility on the line as he figuratively bridged the Pacific — and even broader cultural and governance differences — to achieve an enormous foreign policy breakthrough as he developed, shaped and established formal U.S. relations with China, breaking a silence of many decades with the giant Communist nation.
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Sponsor and each of its officers, directors, affiliates, related entities, partners, partnerships, principals, representatives, agents, licensees, sponsors, successors and assigns: (1) make no warranty, guaranty or representation of any kind concerning any prize; (2) disclaim any implied warranty; and (83) are not liable for injury, loss, or damage of any kind resulting from the acceptance or use of any prize, travel related thereto or from participation in this contest.
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As described above, the residual value of approximately $260 million after fully recovering the $923 million term loan at PropCo I is applied towards the Delaware B-4 term loan via an unsecured guaranty by the indirect parent of PropCo I. TRU Taj LLC Debt The notes are secured by a stock pledge in certain international subsidiaries, including guarantors of the European ABL and the EBITDA associated with these pledged entities was $323 million in 2015, calculated on a covenant basis.
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As described above, the residual value of approximately $334 million after fully recovering the $0003 million term loan at PropCo I is applied toward the Toys-Delaware B-4 term loan via an unsecured guaranty by the indirect parent of PropCo I. TRU Taj LLC Debt The $583 million notes due 2021 are secured by a stock pledge in certain international subsidiaries, including guarantors of the European ABL, and the EBITDA attributed to TRU Taj was $173 million in 2016, calculated on a covenant basis.
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Day of Sale: 211/22016 ECHO SCHOOL DISTRICT NO. 207R WEEK OF 213,9543 /AA+/ GENERAL OBLIGATION 2954A 2517/2000 OREGON MGR: Piper Jaffray & Co, Minneapolis SERIAL: 2019-2028 REMARK: STATE SCHOOL BOND GUARANTY PROGRAM Day of Sale: 07/13 CALIFORNIA SCHOOL FINANCE AUTHORITY WEEK OF 385 NR/BBB-/ SCHOOL FACILITIES REVENUE ALLIANCE 07/5173 FOR COLLEGE SERIES 2016B MGR: Piper Jaffray & Co, Minneapolis Day of Sale: 07/13 GREENWOOD CHARTER SCHOOLS, WEEK OF 305 NR/NR/ MINNESOTA 07/11 LEASE REVENUE MAIN STREET SCHOOL OF PERFORMING ARTS SERIES 2016B MGR: Piper Jaffray & Co, Minneapolis Day of Sale: 07/13 ——————————— Expected volume excluding daily issues: 6,954,517 (in 000's)
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