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Debtor In Possession Financial Information
 3 Months Ended
Mar. 31, 2012
Debtor in Possession Financial Information [Abstract]  
Debtor In Possession Financial Information

2. Debtor in Possession Financial Information

Liabilities Subject to Compromise

As required by ASC Topic 852, Reorganizations, the amount of the Liabilities Subject to Compromise represents our estimate of known or potential pre-petition and post-petition claims to be addressed in connection with the Bankruptcy Filing. Such claims are subject to future adjustments. The Liabilities subject to compromise in the Consolidated Balance Sheet consists of the following:

 

     March 31, 2012      December 31, 2011  

Accrued interest payable

    $ 68,123       $ 68,123   

Other

      17,105         17,109   

Senior unsecured notes

      1,222,189         1,222,189   

Directly-issued Subordinated capital securities

      400,000         400,000   
  

 

 

     

 

 

  

Consolidated liabilities subject to compromise

      1,707,417         1,707,421   

Payable to non-debtor subsidiaries

      35         35   
  

 

 

     

 

 

  

Debtor's Liabilities subject to compromise

    $ 1,707,452       $ 1,707,456   
  

 

 

     

 

 

  

Interest was no longer accrued on Ambac's debt obligations included in Liabilities Subject to Compromise on the Consolidated Balance Sheets after Ambac filed for bankruptcy protection on November 8, 2010. If Ambac had continued to accrue interest on its debt obligations, contractual interest expense would have been $24,162 and $28,576 for the three months ended March 31, 2012 and 2011, respectively.

Reorganization Items, net

Professional advisory fees and other costs directly associated with our reorganization are reported separately as reorganization items pursuant to ASC Topic 852. Reorganization items also include adjustments to reflect the carrying value of certain pre-petition liabilities at their estimated allowable claim amounts. The reorganization items in the Consolidated Statements of Total Comprehensive Income for the three months ended March 31, 2012 and 2011, consisted of the following items:

 

     Three months ended
March 31, 2012		      Three months ended
March 31, 2011		  

U.S. Trustee fees

    $ 20       $ 5   

Professional fees

      2,441         10,498   

Office lease settlement

      —           14,302   
  

 

 

     

 

 

  

Total reorganization items

    $ 2,461       $ 24,805