Las Vegas Monorail revenue bondholders get $4.96 million distribution

By Caroline Salls

Pittsburgh, Jan. 26 – The Las Vegas Monorail Project’s series 2000 first-tier revenue bonds trustee distributed a $4.96 million December interim payment to holders of a total of $40.86 million of outstanding bonds on Jan. 8, according to a notice from trustee Wells Fargo Bank, NA.

The trustee said payment of principal of and interest on the first-tier bonds are insured by Ambac Assurance Corp., which established a segregated account for insurance policies it issued.

On March 24, 2010, the Commissioner of Insurance of the State of Wisconsin began rehabilitation proceedings in the Circuit Court of Dane County, Wis., for the segregated account.

The segregated account’s plan of rehabilitation took effect on June 12, 2014.

On Oct. 1, Ambac gave notice of its calculation of deferred loss amounts for the first-tier bonds as of July 20, 2014.

On Dec. 22, Ambac made an interim payment for each maturity of the bonds equal to the sum of 26.666667% of the July 2014 deferred loss amount and 26.666667% of the corresponding accretion amount.

The deferred loss amount accounted for $4.66 million of the payment distributed Jan. 8, and the accretion amount for $296,986.

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