Item 1.
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(a)
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Name of Issuer: Ambac Financial Group
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(b)
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Address of Issuer's Principal Executive: One State Street Plaza, New York, NY
10004
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Item 2.
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(a)
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Name of Person Filing: Third Avenue Management LLC ("TAM").
(TAM is sometimes referred to hereinafter as Filer)
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(b)
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Address of Principal Business Office or, if none, Residence:
622 Third Avenue, 32nd Floor, New York, NY 10017.
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(c)
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Citizenship: United States of America.
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(d)
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Title of Class of Securities: Common Stock $0.01 Par Value
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(e)
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CUSIP Number: 023139108
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Item 3.
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If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
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(a)
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[ ]
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Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
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(b)
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[ ]
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Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
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(c)
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[ ]
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Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
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(d)
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[ ]
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Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).
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(e)
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[X]
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An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
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(f)
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[ ]
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An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
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(g)
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[ ]
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A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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(h)
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A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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(i)
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[ ]
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A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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(j)
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[ ]
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Group, in accordance with §240.13d-1(b)(1)(ii)(J).
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Item 4.
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Ownership.
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Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
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(a)
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Amount beneficially owned: 28,778,859
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(b)
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Percent of class: 10.03%
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(c)
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Number of shares as to which the person has:
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(i)
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Sole power to vote or to direct the vote: 28,778,859
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(ii)
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Shared power to vote or to direct the vote: 0
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(iii)
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Sole power to dispose or to direct the disposition of: 28,778,859
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(iv)
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Shared power to dispose or to direct the disposition of: 0
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Item 5.
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Ownership of Five Percent or Less of a Class
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If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].
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Item 6.
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Ownership of More than Five Percent on Behalf of Another Person.
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Touchstone Variable Series Trust-Touchstone Third Avenue
Value Fund, an investment company registered under the Investment Company Act of
1940, has the right to receive dividends from, and the proceeds from the sale
of, 15,000 of the shares reported by TAM, AEGON/ TransAmerica Series-Third Avenue Value Portfolio, an
investment company registered under the Investment Company Act of 1940, has the
right to receive dividends from, and the proceeds from the sale of, 165,151 of
the shares reported by TAM, TA IDEX Third Avenue Value Fund, an
investment company registered under the Investment Company Act of 1940, has the
right to receive dividends from, and the proceeds from the sale of, 328,252 of
the shares reported by TAM,
Third Avenue Value Fund, an investment
company registered under the Investment Company Act of 1940, has the right to
receive dividends from, and the proceeds from the sale of, 27,707,362 of the
shares reported by TAM, OFI Select-Third Avenue US Equity Fund (SICAV), an offshore fund for which TAM
acts as investment advisor, has the right to receive dividends from, and the
proceeds from the sale of, 63,094 of
the shares reported by TAM, Third Avenue Value Portfolio of the Third Avenue
Variable Series Trust, an investment company registered under the Investment
Company Act of 1940, has the right to receive dividends from, and the proceeds
from the sale of, 500,000 of the shares reported by TAM,
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Item 7.
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Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company
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Not applicable.
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Item 8.
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Identification and Classification of Members of the Group
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Not applicable.
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Item 9.
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Notice of Dissolution of Group
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Not applicable.
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Item 10.
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Certification
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By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
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