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IN RE AMBAC ASSUR. CORP.

No. 2011AP987.

810 N.W.2d 450 (2012)

339 Wis.2d 48

2012 WI 22

In the Matter of the Rehabilitation of Segregated Account of AMBAC ASSURANCE CORPORATION. Ted Nickel and Office of the Insurance Commissioner, Petitioners-Respondents, Ambac, Interested Party-Respondent, United States of America, Interested Party-Appellant-Petitioner, Access To Loans for Student Loan Corporation, Assured Guaranty Corporation, Aurelis Capital Management LP, Bank of America, N.A., Bank of New York Mellon, Countrywide Home Loans Servicing L.P., Customer Asset Protection Company ("CAPCO"), Depfa Bank, plc, Deutsche Bank National Trust Company, Deutsche Bank Trust Company Americas, Eaton Vance, Federal Home Loan Mortgage Corporation ("Freddie Mac"), Federal National Mortgage Association ("Fannie Mae"), Fir Tree Inc., Goldman Sachs & Co., Inc., HSBC Bank USA, National Association, King Street Capital Master Fund, Ltd., King Street Capital, L.P., Knowledgeworks Foundation, Lloyds TSB Bank plc, Monarch Alternative Capital LP, Nuveen Asset Management, One State Street LLC, PNC Bank, Restoration Capital Management LLC, Stone Lion Capital Partners LP, Stonehill Capital Management LLC, Treasurer of the State of Ohio, U.S. Bank National Association, Wells Fargo Bank, N.A., Wells Fargo Bank, National Association as Trustee for the LVM Bondholders, Wilmington Trust Company and Wilmington Trust FSB, Interested Parties.

Supreme Court of Wisconsin.

Decided March 8, 2012.

Attorney(s) appearing for the Case

For the interested party appellant-petitioner, there were briefs filed by Richard D. Humphrey , Assistant U.S. Attorney, Madison and Anthony T. Sheehan , with the U.S. Department of Justice, Washington D.C., and oral argument by Anthony T. Sheehan.

For the interested party respondent, there was a brief filed by Daniel W. Stolper , Barbara A. Neider and Stafford Rosenbalm, LLP, Madison and Richard W. Reinthaler , Peter A. Ivanick , Henry J. Ricardo , Emily L. Saffittz and Dewey & LeBoeuf, LLP, New York.

For the petitioners-respondents, there was a brief filed by Michael B. Van Sicklen , Naikang Tsao , Matthew R. Lynch and Foley & Lardner, LLP, Madison, and oral argument by Michael B. Van Sicklen.

N. PATRICK CROOKS, J.

¶ 1 This case requires us to answer a threshold question concerning whether an appeal in this insurance company rehabilitation case may go forward. The court of appeals granted the motion of the Office of the Commissioner of Insurance (Commissioner) to dismiss the appeal by the United States.1 The Commissioner had argued that the appeal should be dismissed either on the grounds that the notice of appeal was fundamentally...

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