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Debtor in Possession Financial Information | 3 Months Ended
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Mar. 31, 2013
Reorganizations [Abstract] |
Debtor in Possession Financial Information | 2. DEBTOR IN POSSESSION FINANCIAL INFORMATION Entities operating in bankruptcy and expecting to reorganize under Chapter 11 of the Bankruptcy Code are subject to the additional accounting and financial reporting guidance in ASC Topic 852 “Reorganizations”. In accordance with ASC Topic 852, following the date Ambac filed its Chapter 11 petition, we discontinued recording interest expense on debt classified as Liabilities subject to compromise, which amounted to $232,556 as of March 31, 2013. The stated contractual interest on debt classified as Liabilities subject to compromise amounted to $20,660 and $24,162 for the three months ended as of March 31, 2013 and March 31, 2012, respectively. As required by ASC Topic 852, the amount of the Liabilities subject to compromise represents our estimate of known or potential pre-petition claims to be addressed in connection with the bankruptcy. The Liabilities subject to compromise in the Consolidated Balance Sheets consists of the following:
|  | March 31, 2013 |  |  | December 31, 2012 |
Debt obligations and accrued interest payable |  | $ | 1,690,312 |  |  | $ | 1,690,312 |
Accounts payable |  |  | 14,329 |  |  |  | 14,592 |
Consolidated liabilities subject to compromise |  |  | 1,704,641 |  |  |  | 1,704,904 |
Payable to non-debtor subsidiaries |  |  | — |  |  |  | 35 |
Debtor’s Liabilities subject to compromise |  | $ | 1,704,641 |  |  | $ | 1,704,939 |
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 allowable claim amounts. The reorganization items in the Consolidated Statements of Total Comprehensive Income for the three months ended March 31, 2013 and 2012 consisted of the following items:
|  | Three months ended March 31, 2013 |  |  | Three months ended March 31, 2012 |
U.S. Trustee fees |  | $ | 10 |  |  | $ | 20 |
Professional fees |  |  | 2,049 |  |  |  | 2,441 |
Total reorganization items |  | $ | 2,059 |  |  | $ | 2,461 |

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- Definition The entire disclosure for the description and amounts of reorganization under Chapter 11 of the US Bankruptcy Code. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 45 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=6916575&loc=d3e55811-112764 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6918054&loc=d3e56071-112765 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 90-7 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6918054&loc=d3e56015-112765 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6918054&loc=d3e56068-112765 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6918054&loc=SL2890621-112765 + Details
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