NY Times: Through the Tax Looking Glass With Ambac

New York Times DealBook, Through the Looking Glass With Ambac, by Stephen J. Lubben (Seton Hall):

If the claims by the IRS are true, Ambac has managed to pull off something that Lehman Brothers could not: force the government to provide a bailout. Ambac got its bailout by receiving more than $700 million in tax refunds that the IRS now argues were unwarranted.

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• Bloomberg, Bankrupt Ambac Fights U.S. Tax Collectors in Three Courts
• Wall Street Journal, IRS Seeks Federal Court Ruling Over Ambac Back Taxes