The executive office of Ambac is located at One World Trade Center, New York, New York 10007, and consists of 46,927 square feet of office space, under a sublease agreement that expires in January 2030.
−Removed: Ambac continues to hold a lease at One State Street Plaza that expires in December 2029 (25,871 square feet).
−Removed: Ambac has sublet this space through its expiration date.
−Removed: During 2020 and 2021, Ambac temporarily leased additional office space in New Jersey related to its COVID response plan.
−Removed: The New Jersey lease expired in September 2021.
−Removed: Ambac UK maintains an office in London, England, which consists of 3,514 square feet of office space, under a lease agreement that expires in October 2025.
−Removed: Xchange maintains office space in (i) Armonk, NY which consists of 2,754 square feet under a lease agreement that expires in July 2028 and (ii) Indianapolis, IN which consists of 3,678 square feet under a lease agreement that expires in March 2024.
−Removed: Ambac maintains a disaster recovery site in Kingston, NY which consists of 12,374 square feet under a lease that expires in March 2024.
−Removed: During a disaster event, the site would allow employees in our New York offices an alternative office location.
+Added: Ambac continues to hold a lease at One State Street Plaza, New York that expires in December 2029 (25,871 square feet) that has been sublet through its expiration date.
+Added: Ambac maintains a disaster recovery site ("DR Site") in Kingston, New York, County of Ulster which consists of 12,374 square feet.
+Added: During a disaster event, the site would allow employees an alternative office location.
+Added: In June 2022, the Ulster County Controller reported that the owner of the property where the DR Site is located was delinquent in payment of taxes, interest and penalties, and recommended that the county move forward with foreclosure on the property.
+Added: The County of Ulster foreclosed on the property in November 2022 and acquired title to the property in January 2023.
+Added: Ambac has begun discussions with the County of Ulster on continued occupancy of the DR Site located at the property, and is also evaluating alternative locations for the DR Site.
+Added: The lease signed by Ambac prior to the foreclosure had a stated expiration of March 2024.
+Added: Operations of each of our segments are carried out either in our executive office at One World Trade Center or in other leased offices under operating leases in New Jersey, New York, Indiana and London England.
+Added: The lease terms typically do not exceed ten years in length.
+Added: In the opinion of the Company’s management, the Company’s properties are adequate and suitable for its business as presently conducted and are adequately maintained.
Legal Proceedings
Refer to Notes to the Consolidated Financial Statements—Note 20.
−Removed: Commitments and Contingencies included in Part II, Item 8 in this Form 10-K for a discussion on legal proceedings against Ambac.
+Added: Commitments and Contingencies included in Part II, Item 8 in this Annual Report on Form 10-K for a discussion on legal proceedings against Ambac.
Mine Safety Disclosures — Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.