Cash-strapped bond insurer Ambac Financial Group, Inc., filed for Chapter 11 bankruptcy protection Nov. 8 — but not before it handed its top lawyer a $100,000 pat on the back for a job well done.
The New York-based Ambac said in an 8-K regulatory filing Friday (pdf) that it awarded general counsel Kevin Doyle “a special bonus of $100,000 in recognition of his efforts to maximize the Company’s cash position, thereby assisting the Company in its efforts to emerge successfully from Chapter 11 bankruptcy proceedings.”
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