<SEC-DOCUMENT>0001157523-13-004982.txt : 20131028
<SEC-HEADER>0001157523-13-004982.hdr.sgml : 20131028
<ACCEPTANCE-DATETIME>20131028123627
ACCESSION NUMBER:		0001157523-13-004982
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20131028
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20131028
DATE AS OF CHANGE:		20131028

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:		131172525

	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>a50738066.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): October 28, 2013</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 style="font-family: Times New Roman; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Connecticut</b>
          </p>
        </td>
        <td style="text-align: center; width: 34%; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1-9583</b>
          </p>
        </td>
        <td style="text-align: center; width: 33%; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>06-1185706</b>
          </p>
        </td>
      </tr>
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        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation)
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
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    <p>
      <br>

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

    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 8.01.&#160;&#160;&#160;&#160;&#160;OTHER EVENTS.</b>
    </p>
    <p>
      MBIA Inc. (the &#8220;Company&#8221;) disclosed in its Quarterly Report on Form 10-Q
      for the Quarterly Period ended June 30, 2013 that its wholly owned
      subsidiary National Public Finance Guarantee Corporation (&#8220;National&#8221;)
      had provided the New York State Department of Financial Services with
      notice of its intention to pay a dividend during the fourth quarter of
      2013. The Company announced today that it received a $214 million
      dividend from National on October 2, 2013 (the &#8220;Fourth Quarter
      Dividend&#8221;).
    </p>
    <p>
      On October 23, 2013 the plaintiffs in the case entitled CQS ABS Master
      Fund Ltd., et al, v. MBIA Inc. et al &#160;(Civil Action No. 12-cv-6840 (RJS)
      (S.D.N.Y.)) filed a motion for a preliminary injunction (the &#8220;Motion&#8221;)
      seeking to prospectively enjoin National from issuing dividends during
      the pendency of the litigation. &#160;Although the motion referenced the
      dividend that the Company previously had disclosed National intended to
      pay in the fourth quarter of 2013 as described above, that dividend was
      paid prior to the filing of the Motion, and therefore is not subject to
      the relief requested by the Motion. The Company will shortly respond to
      the Motion and believes it is not meritorious and should be denied.&#160;&#160;The
      Company is making this filing in order to address any questions about
      the Fourth Quarter Dividend in light of the Motion.
    </p>
    <p>
      As a courtesy, the Company posts on its website under the section &#8220;Legal
      Proceedings,&#8221; selected information and documents in reference to
      selected legal proceedings in which the Company is the plaintiff or the
      defendant. The Company will not necessarily post all documents for each
      proceeding and undertakes no obligation to revise or update them to
      reflect changes in events or expectations. The complete official court
      docket can be publicly accessed by contacting the clerk&#8217;s office of the
      respective court where each litigation is pending.
    </p>
    <p style="text-align: center">
      <b>FORWARD-LOOKING STATEMENTS</b>
    </p>
    <p>
      The information contained in this Current Report on Form 8-K 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 &#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, 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 insured credit default swaps that
      are backed by or reference CMBS pools and CRE CDOs, insured RMBS
      transactions, and insured ABS CDOs, uncertainty regarding 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
      failure to implement our risk reduction and liquidity strategies because
      of an inability to draw on expected liquidity sources or obtain
      regulatory approvals, the possibility that loss reserve estimates are
      not adequate to cover potential claims, the Company&#8217;s ability to access
      capital and the Company&#8217;s exposure to significant fluctuations in
      liquidity and asset values within the global credit markets, in
      particular in the ALM business, the Company&#8217;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&#8217;s
      ability to commute certain of its insured exposures, including as a
      result of limited available liquidity, the possibility that severe
      fiscal stress will result in credit losses or impairments on obligations
      of state and local governments that we insure 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&#8217;s
      forward-looking statements are discussed under the &#8220;Risk Factors&#8221;
      section in MBIA Inc.&#8217;s most recent Quarterly Report on Form 10-Q, which
      may be updated or amended in the Company&#8217;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="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
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        <div style="text-align: left">

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

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          <hr style="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            MBIA INC.
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td colspan="2">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td colspan="2">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 5%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 45%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 3%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>By</b>:
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ 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; width: 37%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Ram D. Wertheim
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

        </td>
        <td style="text-align: left; width: 37%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Legal Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
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        <td style="width: 5%">

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

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

        </td>
        <td style="width: 37%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
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        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            October 28, 2013
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 37%">

        </td>
        <td style="width: 10%">

        </td>
      </tr>
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    <p>

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