Tom Armistead

Earnings: MBIA Completes the Bond-Insurer Trifecta

I see Ackman's email reponse in the same light I see his release of the Open Source document, as after the fact cover to support his claim that he actually believed his own exaggerated estimates of ABK's and MBI's difficulties.

He is too intelligent to believe that nonsense. After Gotham went down he would have done better to accept his own part in that fiasco rather than develop a personal vendetta against MBI.

I wrote to Dinallo early in this whole debacle, complaining of Ackman's conduct and reminding him of his duty to enforce the law. Recently he published a warning to rumour mongers, noting the illegality of their actions. If it develops that Ackman has broken the law, MBI shareholders who were injured by his actions will be entitled to recovery.

I also wrote to the SEC, suggesting that Ackman's actions be investigated for possible breach of the securities laws. Again, if is shown that Ackman broke the law, those injured will be entitled to recommpense.

When I have reason to believe that the law has been broken, I complain in writing to the authorities having jurisdiction.