Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of bond insurer Ambac Financial (NYSE: ABK) swooned, losing as much as 60% in intraday trading as the company skipped an interest payment on its debt and said it's trying to arrange a prepackaged bankruptcy with its creditors.

So what: This shouldn't be too surprising to shareholders because Ambac has been talking about a possible bankruptcy for a while now. Today's key development -- the skipped interest payment -- is most likely a ploy to get bondholders to the table to work through what might be a prepackaged bankruptcy.

Now what: In today's Securities and Exchange Commission filing, the company does leave open the option to pay interest on its debt after all. That would take the immediate pressure off, but would likely just forestall the inevitable. For anyone looking at equity shares, it would not matter whether the flavor of a reorganization is prepackaged or Chapter 11; they're still going to end up with bupkes.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his Motley Fool CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.