<SEC-DOCUMENT>0001157523-12-006157.txt : 20121120
<SEC-HEADER>0001157523-12-006157.hdr.sgml : 20121120
<ACCEPTANCE-DATETIME>20121120122023
ACCESSION NUMBER:		0001157523-12-006157
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121120
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121120
DATE AS OF CHANGE:		20121120

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:		121217159

	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>a50485220.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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      <br>
      <font style="font-size: 18pt"><b>UNITED STATES</b></font><br><font style="font-family: Times New Roman; font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-family: Times New Roman; font-size: 14pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 14pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Pursuant
      to Section 13 or 15(d) of</font><br><font style="font-family: Times New Roman; font-size: 10pt">
      the Securities Exchange Act of 1934</font><br><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported): November 20, 2012</font><br><br><font style="font-size: 18pt"><b>MBIA
      INC.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Connecticut</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 34%; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-9583</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 33%; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>06-1185706</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <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 valign="top" style="text-align: center; width: 34%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <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 cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="text-align: center; width: 50%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>113 King Street,<br>Armonk, New York</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 50%; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>10504</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; width: 50%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 50%; padding-left: 0.0px">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Times New Roman; font-size: 10pt">(Former
      name or former address, if changed since last report)</font><br><br><br>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.0 pt">


    <p>

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

    </p>
    <p style="white-space: nowrap">
      <b>Item 8.01.&#160;&#160;OTHER EVENTS.</b>
    </p>
    <p>
      Pursuant to MBIA Inc.&#8217;s (the &#8220;Company&#8221; or &#8220;MBIA&#8221;) obligations under Rule
      14e-2 under the Securities Exchange Act of 1934, on November 20, 2012,
      MBIA issued a press release announcing that it recommends rejection of
      the unsolicited tender offer by Bank of America Corporation on November
      13, 2012 to purchase all of MBIA&#8217;s outstanding 5.70% Senior Notes due
      2034.
    </p>
    <p>
      A copy of the press release is attached hereto as Exhibit 99.1 to this
      Form 8-K and is incorporated by reference to this Item 8.01 as if fully
      set forth herein.
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.</b>
    </p>
    <p>
      99.1&#160;&#160;Press Release issued by MBIA Inc., dated November 20, 2012
    </p>
    <p>

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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Times New Roman; font-size: 10pt">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="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 5%">

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

        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <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 valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 45%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 3%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>By</b>:
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 47%; padding-left: 0.0px">
          <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 valign="top" style="text-align: left; width: 47%; padding-left: 0.0px">
          <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 valign="top" style="text-align: left; width: 47%; padding-left: 0.0px">
          <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 valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 45%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            November 20, 2012
          </p>
        </td>
        <td style="width: 3%">

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

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

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

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K</b><br>Dated <font style="font-family: Times New Roman; font-size: 10pt">November
      20, 2012</font><br><br><br>
    </p>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 95%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release issued by MBIA Inc., dated November 20, 2012.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50485220ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>MBIA Inc.
      Recommends Rejection of Unsolicited Note Tender Offer by Bank of America
      Corporation</b></font>
    </p>
    <p>
      ARMONK, N.Y.--(BUSINESS WIRE)--November 20, 2012--MBIA Inc. (the
      &#8220;Company&#8221; or &#8220;MBIA&#8221;) (NYSE: MBI) today announced that it recommends
      rejection of the unsolicited tender offer by Bank of America Corporation
      (&#8220;BOA&#8221;) on November 13, 2012 to purchase all of MBIA&#8217;s outstanding 5.70%
      Senior Notes due 2034 (the &#8220;Notes&#8221;). MBIA Inc. is the parent of MBIA
      Insurance Corporation (&#8220;MBIA Corp.&#8221;).
    </p>
    <p>
      MBIA arrived at this position after considering all of the facts and
      circumstances surrounding BOA&#8217;s unsolicited note tender offer. In
      particular, MBIA believes that BOA&#8217;s tender offer is not in the best
      interest of the holders of our Notes because:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        As reflected in BOA&#8217;s own public statements, we believe the purpose of
        BOA&#8217;s tender offer is not to make an economic investment in MBIA
        Inc.'s debt securities, but rather to affect the outcome of MBIA
        Corp.'s RMBS-related put-back claims against BOA and obtain a
        preferential settlement of those claims and its other MBIA Corp.
        exposure. Such an outcome would be detrimental to all policyholders
        other than BOA; and, in combination with BOA&#8217;s stated intention that
        the consent solicitation amending the bond indentures fail,
        detrimental to all MBIA Inc. bondholders. MBIA is evaluating its legal
        options with respect to BOA&#8217;s tender offer, including whether it
        violates any applicable laws, and may take such actions as it believes
        are available to it and necessary to protect the interests of its
        insurance subsidiaries' policyholders and its security holders. There
        can be no assurance that MBIA will prevail in any such action if it
        commences an action or that MBIA will successfully contest BOA&#8217;s
        tender offer on these or other grounds.
      </li>
      <li style="margin-bottom: 10.0px">
        BOA has retained a right to terminate the tender offer under a number
        of specified circumstances, significantly reducing the likelihood that
        the transaction will be completed.
      </li>
    </ul>
    <p>
      The announcements contained in this press release were made pursuant to
      MBIA&#8217;s obligations under Rule 14e-2 under the Securities Exchange Act of
      1934.
    </p>
    <p>
      Holders of our Notes with questions about the Notes, the Consent
      Solicitation, MBIA&#8217;s position with respect to the BOA tender offer or
      other matters should consult his or her financial advisor or MBIA&#8217;s
      Investor Relations Department at 914-765-3190.
    </p>
    <p>
      <b>About MBIA</b>
    </p>
    <p>
      MBIA Inc., headquartered in Armonk, New York is a holding company whose
      subsidiaries provide financial guarantee insurance, as well as related
      reinsurance, advisory and portfolio services, for the public and
      structured finance markets, and asset management advisory services. The
      Company services its clients around the globe with offices in New York,
      Denver, San Francisco, Paris, London, Madrid and Mexico City. Please
      visit MBIA's website at <u>www.mbia.com</u>.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      The information contained in this press release should be read in
      conjunction with our filings made with the Securities and Exchange
      Commission. This release includes statements that are not historical or
      current facts and are &quot;forward-looking statements&quot; made pursuant to the
      safe harbor provisions of the Private Securities Litigation Reform Act
      of 1995. The words &quot;believe,&quot; &quot;anticipate,&quot; &quot;project,&quot; &quot;plan,&quot; &quot;expect,&quot;
      &quot;intend,&quot; &quot;will likely result,&quot; &quot;looking forward&quot; or &quot;will continue,&quot;
      and similar expressions identify forward-looking statements. These
      statements are subject to certain risks and uncertainties that could
      affect BOA&#8217;s tender offer or the Company&#8217;s operations, 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's obligations will be accelerated if MBIA Corp. 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 Public Finance Guarantee Corporation 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
      the Company&#8217;s operations are discussed under the &quot;Risk Factors&quot; 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>
    <p>

    </p>
    <p>
      CONTACT:<br><b>MBIA Inc.</b><br>Media:<br>Kevin Brown, +1-914-765-3648<br>or<br>Investor
      Relations:<br>Greg Diamond, +1-914-765-3190<br><u>www.mbia.com</u>
    </p>
    <p>

    </p>
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