Alliance Semiconductor Corporation [ ALSC ] - Alliance Semiconductor (ALSC) is a company in liquidation. The Company’s primary asset is a holding of AMBAC preferred securities. AMBAC is in bankruptcy and it is difficult to value the preferred shares. The Company may from time to time sell AMBAC securities if market conditions are favorable. Alliance Semiconductor is also a plaintiff in a lawsuit against AMBAC Assurance Corporation alleging that AMBAC Assurance wrongfully converted the original securities purchased by ALSC into AMBAC preferred shares. The original securities were backed by highly rated and valuable commercial paper. Alliance Semiconductor’s strategy is to create and maximize the value of its holdings of AMBAC securities.