I Am Not Back Financial (NYSE: ABK)

NEW YORK - Shares of Ambac financial are down over 50%, as the company has said it will pursue a prepackaged bankruptcy. The company will miss interest payments on one of its bonds today, meaning the company has now defaulted. In March, Wisconsin Insurance Commissioner seized $35 billion of Ambac’s risky mortgage-insurance policies and said he was splitting the insurance unit where Ambac expects to recognize losses.