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Assured Guaranty and Xenia Rural Water District Reach Consensual Long-Term Financial Solution

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By Business Wirevia The Motley Fool

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Assured Guaranty and Xenia Rural Water District Reach Consensual Long-Term Financial Solution

NEW YORK–(BUSINESS WIRE)– Assured Guaranty Corp. (AGC) announced today that it has reached an agreement on a forbearance and restructuring plan with Xenia Rural Water District, Iowa. The plan provides for the full repayment of all claims made under the bond insurance policy for Xenia’s Water Revenue Bonds, Series 2006, while providing Xenia additional time to repay such amounts. At the same time, USDA Rural Development has agreed to restructure its outstanding loans with Xenia. These steps will help Xenia meet its future obligations and return to financial stability, as well as meet the needs of the customers of its water system. In addition, under the forbearance agreement the pending litigation between AGC and Xenia will be dismissed.

Robert Tucker, Managing Director, Investor Relations and Corporate Communications commented: “We are pleased that AGC, Xenia and USDA Rural Development have been able to agree on a restructuring plan. This restructuring is a good example of the way AGC is able to work with a distressed municipal debtor to achieve a consensual and long-term financial solution that addresses the needs of all parties. The holders of the Xenia bonds continued to receive scheduled payments under the AGC municipal bond insurance policy throughout this process and now have the benefit of both a stronger underlying credit and our insurance. We thank Xenia and USDA Rural Development for their assistance and efforts in reaching this resolution.”

The Xenia Policy was a “Covered Policy” under the Quota Share Reinsurance Agreement dated January 21, 2009 between AGC and CIFG Assurance North America, Inc. and was subsequently novated to AGC.

About AGC

AGC is a Maryland-domiciled insurance company regulated by the Maryland Insurance Administration and licensed to conduct financial guaranty insurance business in all 50 states of the United States, the District of Columbia and Puerto Rico. AGC commenced operations in 1988. AGC is a wholly owned, indirect subsidiary of Assured Guaranty Ltd. (“AGL“), a Bermuda-based holding company whose shares are publicly traded and are listed on the New York Stock Exchange under the symbol “AGO.” AGL, through its operating subsidiaries, provides credit enhancement products to the U.S. and international public finance, infrastructure finance and structured finance markets. Neither AGL nor any of its shareholders is obligated to pay any debts of AGC or any claims under any insurance policy issued by AGC.

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Source: FULL ARTICLE at DailyFinance

News, Politics, Government

Man charged with slapping toddler now out of a job

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A man charged with slapping a toddler on a Minneapolis-to-Atlanta flight is out of a job, his former employer said Sunday.

Joe Rickey Hundley, 60, of Hayden, Idaho, is no longer an employee of AGC Aerospace and Defense, Composites Group, Daniel Keeney of DPK Public Relations confirmed Sunday night.

Al Haase, president and CEO of AGC, issued a statement early Sunday that, while not referring to Hundley by name, called reports of behavior by one of its executives on recent personal travel “offensive and disturbing” and said he “is no longer employed with the company.” Keeney would not say whether Hundley was fired or resigned. Hundley was president of AGC‘s Unitech Composites and Structures unit.

Hundley was charged last week in federal court in Atlanta with simple assault for allegedly slapping the 2-year-old boy during the Feb. 8 flight. His attorney, Marcia Shein, of Decatur, Ga., said Saturday that Hundley will plead not guilty. The charge carries a maximum penalty of a year in jail.

Shein did not immediately returned messages seeking comment left Sunday evening by The Associated Press. Hundley does not have a listed phone number.

The boy’s mother, Jessica Bennett, 33, told the FBI their flight was on final descent into Atlanta when her 19-month-old son started to cry due to the altitude change. Hundley “told her to shut that (N-word) baby up,” FBI special agent Daron Cheney said in a sworn statement. She said Hundley then slapped him in the face, scratching the boy below his right eye and causing him to scream even louder.

Bennett told Twin Cities television stations on Saturday that the incident has caused her family a great deal of trauma and that her son, Jonah, had been outgoing but had turned apprehensive of strangers.

Hundley became increasingly obnoxious and appeared intoxicated during the flight and complained that her son was too big to sit on her lap, she said.

“He reeked of alcohol,” Bennett told KARE-TV. “He was belligerent, and I was uncomfortable.”

Bennett said she was shocked by the racial slur she says Hundley used when Jonah started crying.

“And I said, ‘What did you say?’ because I couldn’t believe that he would say that,” she told WCCO-TV. “He …read more
Source: FULL ARTICLE at Fox US News

News, Politics, Government

Man charged with hitting toddler on plane could be out of a job

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A man charged with slapping a toddler on a Minneapolis-to-Atlanta flight appears to be out of a job.

The Atlanta Journal-Constitution reported Saturday that AGC Aerospace and Defense had suspended 60-year-old Joe Rickey Hundley, of Hayden, Idaho, as president of its Unitech Composites and Structures.

On Sunday, AGC issued a statement saying that, while not referring to Hundley by name, calls reports of an executive’s behavior on personal travel “offensive and disturbing” and says he “is no longer employed with the company.” The statement does not say whether the executive quit or was fired.

Hundley was charged with assault last week after he was accused of slapping a 2-year-old boy and called him a racial slur during the Feb. 8 flight. His attorney has said he will plead not guilty.

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Source: FULL ARTICLE at Fox US News