Ambac shareholder urges Canyon Capital to drop proxy fight

May 5, 2016 7:02 PM

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NEW YORK A large shareholder of Ambac Financial Group Inc. is urging a hedge fund to drop its proxy fight against the bond insurer, weeks before a key shareholder vote.

Cornwall Capital Management LP, which says it owns 4.9 percent of Ambac's shares, said in a statement issued late on Wednesday that fellow hedge fund Canyon Capital should cease its proxy campaign.

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