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Tuesday, June 18, 3:47 PM MBIA (MBI +2.6%) management needs to reconsider its aversion to separating its municipal finance business (National) and the securitization business (MBIA Insurance), writes Christian Herzeca. Investors in National have developed a "well-deserved antipathy to securitization guaranty insurance," he says, and for that have assigned about a $2 discount National which he believes is worth $16 as a separate entity. 1 Comment [Financials]
Friday, June 14, 3:06 AM Detroit emergency manager Kevyn Orr is due to unveil his restructuring plan for the debt-laden city today to public labor unions, bondholders and bond insurers, including MBIA (MBI) and Assured Guaranty (AGO). Orr will reportedly try to persuade creditors to accept as little as 10 cents on the dollar for the city's debt. He has indicated that creditors would be far better off compromising now than taking their chances with a Chapter 9 bankruptcy filing. 15 Comments [U.S. Economy, Top Stories]
Wednesday, June 12, 11:26 AM Bruce Berkowitz slashed his stake in MBIA (MBI -0.1%) by about 93% at the end of May, unloading 29M shares at an average price of $14.25 each. His Fairholme Fund now holds just 2.25M shares of the company. Previously, Berkowitz unloaded a major block of MBIA in Q1. Berkowitz accumulated the stock in 2010 at an average price of $7.66/share. Comment! [Financials]
Tuesday, June 11, 3:19 PM MBIA (MBI -3.4%) loses a suit against P-E exec Lynn Tilton in which the insurer alleged Titlton's Patriarch Partners breached a contract by failing to win an investment grade rating from a CDO tranche. "It was unfair to blame Patriarch for market forces for which Patriarch had no control," writes the judge. Comment! [Financials]
Tuesday, June 11, 12:09 PM It's no surprise Detroit is set to seek bondholder concessions, but what exactly is the exposure of bond insurers Ambac (AMBC), Assured Guaranty (AGO), and MIBA (MBI)? The raw numbers look imposing for Assured and MBIA, writes Mark Palmer, but much of their exposure is through utility and water and sewer bonds - presumably these would continue to flow even in a bankruptcy, and their revenues along with them. The exposure for Ambac is minimal. Comment! [Financials]
Tuesday, June 11, 11:14 AM MBIA (MBI -2.7%) management is focused on maximizing the value of National Public Finance, but a spinoff is not an option being considered at the moment, CFO Chuck Chaplin tells BTIG's Mark Palmer. At the same time he sees the point of those who say the natural owners of National (muni finance) and MBIA Insurance (structured finance) may be different types of investors. "I'm open to the argument ... I could see it happening." Comment! [Financials]
Thursday, May 23, 9:32 AM Ally Financial takes another step towards an IPO as it agrees to pay $2.1B towards the settlement of the ResCap bankruptcy. The move, says Ally, essentially removes the threat it would have to pay billions more in private claims related to its subprime mortgage arm. It's also a victory for MBIA (MBI), whose share of the proceeds could be $600M, according to hedge funder Manal Mehta (he's long). 6 Comments [Financials]
Friday, May 10, 2:57 PM MBIA's (MBI) National Public Finance unit's credit rating is hiked to A from BBB at S&P which says the end of litigation means MBIA (which is hiked to BBB from B-) is no longer "an anchor" on the division. "We expect National's operating performance to remain a rating strength as it writes new business." Comment! [Financials]
Friday, May 10, 12:10 PM "We expect to be in a position to write business and add to shareholder value in the near future," says MBIA (MBI -3.1%) CFO Chuck Chaplin, talking about National Public Finance on the earnings call (transcript). This week's settlements have a "huge impact" on National capital adequacy, he says, and the unit's marketing, underwriting, and servicing platforms are ready to begin firing again. 1 Comment [Financials, On the Move]
Friday, May 10, 10:55 AM MBIA's (MBI -2.1%) earnings report is a good excuse to take just a few profits after a 50%+ run the past few sessions following the BofA settlement. Analysis of the company has shifted from survival assessment to future prospects, writes BTIG's Mark Palmer. Key, he says, will be management plans for extracting value from MBIA Insurance. Even attaching zero value to the unit, he rates MBIA a Buy with $22 price target. 1 Comment [Financials, On the Move]
Thursday, May 9, 4:43 PM More on MBIA (MBI) Q1 earnings: U.S. public finance pre-tax income of $142M vs. $55M a year ago. Structured finance $136M vs. $102M. Corporate loss of $46M vs. $10M. Wind-down segment loss of $19M vs. $147M. S&P upgrades National Public Finance to BB following the BofA settlement and says an A rating is in the offing once the litigation is complete. Shares back to about flat AH. Conference call tomorrow at 8 ET. (PR) Comment! [Earnings, Financials]
Thursday, May 9, 4:15 PM MBIA (MBI): Q1 EPS of $0.84 vs. $0.05 a year ago. Book value of $30.56/share, down from $30.68 on Dec. 31, $32 a year ago. Shares +2.1% AH. (PR) 1 Comment [Earnings, Financials, Breaking News]
Thursday, May 9, 12:10 AM Notable earnings after Thursday’s close: AGO, AIRM, AL, ALIM, ANAC, ASYS, AUQ, BCEI, BID, BPZ, CALL, CPE, DAR, EGY, ET, FTK, FXEN, GXP, KTOS, LLNW, MBI, MCP, MDRX, MDVN, NGVC, NVDA, OPTR, PANL, PCLN, PDLI, PSA, RNDY, SF, SLXP, SQNM, TNGO, UBNT, ZGNX Comment! [Earnings]
Wednesday, May 8, 5:35 PM Notable earnings after Thursday’s close: AGO, AIRM, AL, ALIM, ANAC, ASYS, AUQ, BCEI, BID, BPZ, CALL, CPE, DAR, EGY, ET, FTK, FXEN, GXP, KTOS, LLNW, MBI, MCP, MDRX, MDVN, NGVC, NVDA, OPTR, PANL, PCLN, PDLI, PSA, RNDY, SF, SLXP, SQNM, TNGO, UBNT, ZGNX Comment! [Earnings]
Wednesday, May 8, 2:58 PM MBIA (MBI +3.8%) is reportedly paying SocGen $350M to settle a restructuring lawsuit. It's the last of 18 bank lawsuits dragging on the insurer and reduces by $4.2B its potential liability on guarantees it wrote for CMBS. The company will draw about $150M of funds from its U.K. subsidiary with no plans to pull on any of its recent $500M credit line with BofA. Comment! [Financials]
Tuesday, May 7, 12:48 PM MBIA (MBI) still has considerable upside, writes Mark Palmer, as the insolvency of MBIA Insurance is off the table following the BofA settlement. Might there still be equity value in the unit? There's also the National Public Finance unit whose value may now be unlocked and the possible return of writing municipal bond insurance. Comment! [Financials]

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MBIA Inc.