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PR Newswire (Jul 22, 2014)
at CNBC.com (Jul 22, 2014)
Tue, Apr. 8, 9:46 PM
- An agreement between Detroit and bond insurers Assured Guaranty (AGO), Ambac (AMBC), and National Public Finance Guaranty (MBI) would be a critical step as the city winds its way through Chapter 9 bankruptcy. Detroit emergency manager Kevin Orr has deemed about $410M of previously sacrosanct general-obligation debt as unsecured, a decision bond insurers - who would be on the hook for millions if the paper sees just the 15% recovery Orr has proposed - are howling about.
- "Time is growing shorter," said Michigan Governor Rick Snyder in an interview today. "A lot of work is going on in the mediation process, with great urgency ... [the] best case" is for parties to reach a settlement. A deal, says the Journal, could be struck as early as tomorrow.
- Muni ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABZ, BABS, XMPT, PRB, SUB, PZT, SMB, NYF, SHYD, CXA, PWZ, PVI, SMMU, INY, MUAF, MUAE, MUAD, VRD, MUAC, MUAG, MUAH, GMMB, RVNU
- Also watching with interest: Syncora Holdings (SYCRF).
Tue, Mar. 18, 8:51 AM
- Throwing a wrench into Detroit's plan to exit bankruptcy, bond insurer Financial Guaranty Insurance sues, saying the deal illegally discriminates against a major group of creditors - those who poured in $1.4B for worker pensions in 2005.
- Those investors purchased "certificates of participation," which was the first paper Detroit defaulted on ahead of its bankruptcy. The city calls the 2005 deal a "sham transaction" and its exit plan would give those investors one of the lowest recovery rates. Financial Guaranty says Detroit "seeks to turn a crooked eye to history."
- The suit is about more than a higher payout to those investors. It could lead to a fight to claw back that $1.4B from Detroit's pension system. Current and future retirees make up Detroit's largest and second-largest unsecured creditors.
- Watching: MBI, AGO, AMBC, SYCRF.
Tue, Feb. 25, 8:46 AM
- Keep an eye on Syncora Holdings (SYCRF) after Syncora Guarantee last night settled MBS-related claims with JPMorgan for an undisclosed cash amount.
- As a result, "[Syncora] expects, in its 2013 annual statutory financial statements, to remove its disclosure regarding substantial doubt about the Company's ability to continue as a going concern over the next twelve months ... The combined effect of the remediations and settlement is expected to have a materially positive effect on the Company's policyholder surplus that will be reflected in its 2013 annual statutory financial statements, which the Company expects to issue on or about February 28, 2014."
- Press release
- BTIG's Mark Palmer suggests this deal, along with other recent mortgage-related settlements from JPMorgan, has a positive read-through for another monoline - Ambac Financial (AMBC).
Aug. 15, 2012, 5:48 AMBond insurer Syncora (SYCRF.PK) has sued to stop California eliminating its 400 redevelopment agencies, which sell bonds to fund projects and pay off the debt using revenues from property taxes. Syncora argues that the plan would deprive bondholders of money they are owed, although California says it will be required to meet the agencies' obligations. | Comment!
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