NEW YORK, Nov 12 (Reuters Legal) - Bankrupt bond insurer Ambac Financial Group awarded its top lawyer a $100,000 cash bonus for his efforts to preserve the company’s cash, it said in a regulatory filing on Friday.
Ambac’s board awarded the bonus to general counsel Kevin Doyle on November 5, the company said in the U.S. Securities and Exchange Commission filing.
It cited “his efforts to maximize the Company’s cash position, thereby assisting the Company in its efforts to emerge successfully from Chapter 11 bankruptcy proceedings.”
Ambac, which had been the second-largest U.S. bond insurer before being crushed by losses on risky mortgages, filed for Chapter 11 bankruptcy protection on November 8.
An Ambac spokesman was not immediately available to comment on the decision.
The bankruptcy filing is In re Ambac Financial Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 10-15973. Dewey LeBoeuf of New York is representing Ambac in the bankruptcy proceedings.
Reporting by Ben Berkowitz of Reuters; Additional reporting by Jeff Roberts of Reuters Legal