<SEC-DOCUMENT>0001157523-12-006132.txt : 20121119
<SEC-HEADER>0001157523-12-006132.hdr.sgml : 20121119
<ACCEPTANCE-DATETIME>20121119135344
ACCESSION NUMBER:		0001157523-12-006132
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20121119
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20121119
DATE AS OF CHANGE:		20121119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MBIA INC
		CENTRAL INDEX KEY:			0000814585
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				061185706
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		121214076

	BUSINESS ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50483980.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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      <br>
      <font style="font-size: 18pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 14pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 14pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Pursuant
      to Section 13 or 15(d) of</font><br><font style="font-size: 10pt; font-family: Times New Roman">
      the Securities Exchange Act of 1934</font><br><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): November 19, 2012</font><br><br><font style="font-size: 18pt"><b>MBIA
      INC.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; font-size: 10pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Connecticut</b>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; width: 34%; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-9583</b>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; width: 33%; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>06-1185706</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>113 King Street,<br>Armonk, New York</b>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; width: 50%; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>10504</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
      telephone number, including area code:</font><br><b>914-273-4545</b><br><br><br><b>Not
      Applicable</b><br><font style="font-size: 10pt; font-family: Times New Roman">(Former
      name or former address, if changed since last report)</font><br><br><br>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <p>

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 8.01.&#160;&#160;&#160;&#160;&#160;OTHER EVENTS.</b>
    </p>
    <p>

    </p>
    <p>
      On November 7, 2012, MBIA Inc. (&#8220;MBIA&#8221;, or the &#8220;Company&#8221;) announced the
      commencement of a consent solicitation (the &#8220;Consent Solicitation&#8221;) to
      amend the Indentures governing its 6.40% Senior Notes due 2022, 7.00%
      Debentures due 2025, 7.15% Debentures due 2027, 6.625% Debentures due
      2028 and 5.70% Senior Notes due 2034.&#160; The announcement and the Consent
      Solicitation Statement are included as Exhibits 99.2 and 99.3,
      respectively, to MBIA&#8217;s Current Report on Form 8-K filed on November 7,
      2012. The Consent Solicitation expires at 5:00 p.m., New York City Time,
      on November 21, 2012, unless extended.&#160;
    </p>
    <p>

    </p>
    <p>
      On November 19, 2012, &#160;Moody&#8217;s Investors Services, Inc. (&#8220;Moody&#8217;s&#8221;)
      issued an &#8220;Issuer Comment&#8221; indicating that the commencement of the
      tender offer (the &#8220;Tender Offer&#8221;) by Bank of America Corporation (&#8220;BOA&#8221;)
      on November 13, 2012 to purchase any and all of the 5.70% Senior Notes
      due 2034 (the &#8220;2004 Notes&#8221;) with the express purpose of inducing holders
      of the 2004 Notes to sell their 2004 Notes to BOA rather than consent to
      the proposed amendments being sought as part of the consent solicitation
      &#8220;is credit negative for MBIA&#8221; because if BOA is successful in blocking
      the Consent Solicitation it will leave MBIA and its subsidiaries exposed
      to the risk of an event of default under the Indentures caused by a
      rehabilitation or liquidation proceeding involving MBIA Insurance
      Corporation (&#8220;MBIA Corp.&#8221;), as described in the Consent Solicitation
      Statement under &#8220;Background and Certain Significant
      Considerations&#8211;&#8211;Benefits to Holders of the Proposed Amendments&#8221;, and
      because the Tender Offer may mean that it is less likely that MBIA will
      reach &#8220;a quick settlement under terms favorable to MBIA&#8221; of its disputes
      and insurance policies with BOA and its subsidiaries described in the
      Consent Solicitation Statement under &#8220;Background and Certain Significant
      Considerations&#8211;&#8211;Risks of an MBIA Corp. Rehabilitation or Liquidation
      Proceeding that would Trigger a Subsidiary Insolvency Default.&#8221;
    </p>
    <p>

    </p>
    <p>
      In connection with the Consent Solicitation, MBIA is hereby disclosing
      that it has been advised by Moody&#8217;s that Moody&#8217;s expects to convene a
      meeting of its ratings committee in the near future to consider the
      ratings of MBIA, MBIA Corp. and National Public Finance Guarantee
      Corporation (&#8220;National&#8221;) in light of recent developments, &#160;including the
      Tender Offer, &#160;and that the Committee may lower the ratings of one or
      more of the these entities.&#160; There can be no assurance that Moody&#8217;s will
      have a meeting of its ratings committee, that Moody&#8217;s will announce the
      results of its meeting, or of the ratings action, if any, that Moody&#8217;s
      will take with respect to the ratings of such entities. &#160;&#160;
    </p>
    <p>

    </p>
    <p>
      MBIA, MBIA Corp. and National are currently rated B2 / Negative outlook,
      B3 /Review for a possible downgrade and Baa2 /Negative outlook,
      respectively, by Moody&#8217;s.
    </p>
    <p>

    </p>
    <p style="text-align: center">
      Forward-Looking Statements
    </p>
    <p>

    </p>
    <p>
      This Current Report on Form 8-K includes statements that are not
      historical or current facts and are &#8220;forward-looking statements&#8221; made
      pursuant to the safe harbor provisions of the Private Securities
      Litigation Reform Act of 1995. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221;
      &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;will likely result,&#8221; &#8220;looking
      forward&#8221; or &#8220;will continue,&#8221; and similar expressions identify
      forward-looking statements. These statements are subject to certain
      risks and uncertainties that could cause actual results to differ
      materially from historical earnings and those presently anticipated or
      projected, including, among other risks and uncertainties, whether the
      Company will realize, or will be delayed in realizing, insurance loss
      recoveries expected in disputes with sellers/servicers of RMBS
      transactions at the levels recorded in its financial statements, the
      possibility that the Company will experience severe losses or liquidity
      needs due to increased deterioration in its insurance portfolios and in
      particular, due to the performance of CDOs including multi-sector, CMBS
      and CRE CDOs and RMBS, the failure to obtain regulatory approval to
      implement our risk reduction and liquidity strategies, the possibility
      that loss reserve estimates are not adequate to cover potential claims,
      the possibility that the Company&#8217;s obligations will be accelerated if
      MBIA Insurance Corporation becomes subject to a rehabilitation or
      liquidation proceeding, the Company's ability to access capital and the
      Company's exposure to significant fluctuations in liquidity and asset
      values within the global credit markets, in particular in the ALM
      business, the Company's ability to fully implement its strategic plan,
      including its ability to achieve high stable ratings for National or any
      other insurance subsidiaries, and the Company's ability to commute
      certain of its insured exposures, including as a result of limited
      available liquidity, the Company's ability to favorably resolve
      litigation claims against the Company, and changes in general economic
      and competitive conditions. These and other factors that could affect
      financial performance or could cause actual results to differ materially
      from estimates contained in or underlying the Company's forward-looking
      statements are discussed under the &#8220;Risk Factors&#8221; section in MBIA Inc.'s
      most recent Annual Report on Form 10-K and Quarterly Report on Form
      10-Q, which may be updated or amended in the Company's subsequent
      filings with the Securities and Exchange Commission. The Company
      cautions readers not to place undue reliance on any such forward-looking
      statements, which speak only to their respective dates. The Company
      undertakes no obligation to publicly correct or update any
      forward-looking statement if it later becomes aware that such result is
      not likely to be achieved.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">

    </p>
<div style="text-align:left">
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      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            MBIA INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>By</b>:
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 47%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Ram D. Wertheim</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 47%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ram D. Wertheim
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 47%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Legal Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            November 19, 2012
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">

        </td>
      </tr>
    </table>
    </div>
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