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Debtor in Possession Financial Information
 6 Months Ended
Jun. 30, 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:

 

                 
    June 30, 2012     December 31, 2011  

Debt obligations and accrued interest payable

   $ 1,690,312     $ 1,690,312  

Other

     17,099       17,109  
   

 

 

    

 

 

  

Consolidated Liabilities subject to compromise

     1,707,411       1,707,421  

Payable to non-debtor subsidiaries

     35       35  
   

 

 

    

 

 

  

Debtor’s Liabilities subject to compromise

   $ 1,707,446     $ 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 $20,277 and $44,439 for the three and six months ended June 30, 2012, and $28,645 and $57,221 for the three and six months ended June 30, 2011. The lower interest expense in 2012 is due to the maturity of certain debt obligations in 2011.

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. The reorganization items in the Consolidated Statements of Total Comprehensive Income for the three and six month periods ended June 30, 2012 and 2011, consisted of the following items:

 

                 
    Three months ended
June 30, 2012		     Six months ended
June 30, 2012		  

U.S. Trustee fees

   $ 6     $ 26  

Professional fees

     761       3,202  
   

 

 

    

 

 

  

Total reorganization items

   $ 767     $ 3,228  
   

 

 

    

 

 

  

 

                 
    Three months ended
June 30, 2011		     Six months ended
June 30, 2011		  

U.S. Trustee fees

   $ 13     $ 18  

Professional fees

     6,720       17,218  

Lease settlement

     (295 )      14,007  

Other

     32       32  
   

 

 

    

 

 

  

Total reorganization items

   $ 6,470     $ 31,275