Key Developments: MBIA Inc (MBI)

MBI on New York Consolidated

9.53USD
19 Sep 2014
Price Change (% chg)

$-0.29 (-2.95%)
Prev Close
$9.82
Open
$9.84
Day's High
$9.88
Day's Low
$9.53
Volume
2,736,313
Avg. Vol
3,078,335
52-wk High
$15.26
52-wk Low
$9.03

Search Stocks

Latest Key Developments (Source: Significant Developments)

MBIA Inc To Pay $350 Million To Settle Societe Generale Case-DJ
Wednesday, 8 May 2013 02:21pm EDT 

Dow Jones reported that MBIA Inc agreed to pay $350 million to settle a legal dispute with Societe Generale SA (SCGLY, GLE.FR), ending the last of 18 bank lawsuits that have clouded the bond insurer's outlook since the early days of the financial crisis. The agreement will reduce by $4.2 billion the Armonk, N.Y., company's potential legal exposure on guarantees it wrote for certain commercial mortgage-backed securities, said a person familiar with the deal. The Company will draw almost half the funds, about $150 million worth, from its U.K. subsidiary and won't have to draw down its credit line with Bank of America Corp. (BAC), the person said. The settlement follows an agreement Monday by Bank of America to pay MBIA $1.7 billion to end the companies' dispute over similar CMBS guarantees.  Full Article

Bank of America Corp Reaches $1.6 Billion Settlement With MBIA Inc-Reuters
Monday, 6 May 2013 05:21pm EDT 

Reuters reported that Bank of America Corp has agreed to pay $1.6 billion in cash to MBIA Inc and will receive the right to buy a 4.9% stake in the bond insurer to resolve long-running litigation, the companies said. Bank of America will also remit $137 million worth of MBIA senior debt it acquired in December and provide MBIA with a $500 million credit line as part of the deal. The accord will settle all of the two companies' disputes, including liability for MBIA as a counterparty in swap deals with Bank of America. Bank of America will take a charge against previously reported first-quarter earnings and its capital ratios will rise under Basel III as a result of the deal.  Full Article

Bank of America Corp And Societe Generale SA Appeal Dismissal of Challenge To MBIA Inc's Restructuring-DJ
Friday, 29 Mar 2013 08:12am EDT 

Dow Jones reported that Bank of America Corp and Societe Generale SA Thursday appealed a New York Supreme Court judge's dismissal of their challenge of MBIA Inc's restructuring, Bloomberg News reported on Friday. Justice Barbara Kapnick erred in her decision earlier this month to dismiss their challenge of the bond insurer's 2009 restructuring, the banks said, calling it 'arbitrary and capricious and an abuse of discretion'.  Full Article

Bank of America Corp Sues MBIA Inc-Reuters
Saturday, 15 Dec 2012 06:03pm EST 

Reuters reported that Bank of America Corp has sued bond insurer MBIA Inc in a New York state court for allegedly interfering with the bank's offer to buy MBIA's bonds. Bank of America said it had purchased $136 million of senior notes in that tender and issued a default notice over the attempt to change terms. The bank claims in the lawsuit that the consent solicitation was the latest of MBIA’s premeditated and subversive actions since 2008 to benefit executives and stockholders to the detriment of Bank of America and other policyholders. In the lawsuit filed Bank of America alleged that MBIA illegally interfered with its tender offer and asked for the consent solicitation and amendment to be declared invalid. The bank also is seeking punitive and other damages.  Full Article

UPDATE 2-Puerto Rico seeks to reassure markets on $70 bln debt

July 10 - Puerto Rico's willingness and ability to honor its debts "should be unquestioned," high-ranking commonwealth officials said on Thursday, the latest attempt to convince markets that the island is not about to default on $70 billion of debt.

Search Stocks