<SEC-DOCUMENT>0001157523-13-005763.txt : 20131212
<SEC-HEADER>0001157523-13-005763.hdr.sgml : 20131212
<ACCEPTANCE-DATETIME>20131212164115
ACCESSION NUMBER:		0001157523-13-005763
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131212
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131212
DATE AS OF CHANGE:		20131212

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:		131273900

	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>a50768118.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): December 12, 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 cellspacing="0" style="margin-left:auto;margin-right:auto; font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px">
      <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; width: 34%; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-9583</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px; white-space: nowrap; padding-right: 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-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px">
      <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; width: 50%; padding-left: 0.0px; white-space: nowrap; padding-right: 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="text-align: center; width: 100%; height: 1.0 pt; color: #000000">


    <p>

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Item 5.02.&#160;&#160;Departure of Directors or Principal Officers; Election of
      Directors; Appointment of Principal Officers.</b>
    </p>
    <p style="text-align: justify">
      (d) Election of Director.
    </p>
    <p>
      On December 12, 2013, the Board of Directors of MBIA Inc. (&#8220;MBIA&#8221;)
      elected Sean D. Carney as a member of MBIA's Board of Directors.&#160;&#160;In
      connection with Mr. Carney&#8217;s election, the Board of Directors increased
      its size from eight to nine directors.&#160;&#160;
    </p>
    <p>
      MBIA&#8217;s Board of Directors has determined that Mr. Carney is an
      Independent Director under the independence standards set forth in the
      New York Stock Exchange Corporate Governance Listing Standards and in
      the MBIA Inc. Board Corporate Governance Practices.
    </p>
    <p>
      Mr. Carney will participate in the compensation and benefit program for
      independent directors as described under the heading &#8220;Independent
      Directors&#8217; compensation&#8221; in MBIA&#8217;s Proxy Statement for its Annual
      Meeting of Shareholders held on May 2, 2013 (filed with the Securities
      and Exchange Commission on March 18, 2013) (the &#8220;Proxy Statement&#8221;).
    </p>
    <p>
      Mr. Carney was designated and elected to the Board of Directors pursuant
      to the terms of the amended and restated Investment Agreement dated as
      of February 6, 2008 (the &#8220;Investment Agreement&#8221;) between MBIA Inc. and
      Warburg Pincus Private Equity X, L.P. (&#8220;Warburg Pincus&#8221;).&#160;&#160;Under the
      Investment Agreement, following Kewsong Lee&#8217;s resignation from the Board
      on November 11, 2013, David A. Coulter, Warburg Pincus&#8217; remaining member
      of the Board of Directors, had the right to designate Mr. Lee&#8217;s
      replacement on the Board, and the Board was required to use its
      reasonable best efforts to take all action required to fill the vacancy
      resulting from Mr. Lee&#8217;s resignation with Mr. Coulter&#8217;s designee.&#160;&#160;The
      Investment Agreement is described under the heading &#8220;Certain
      relationships and related transactions&#8211;&#8211;Investment agreement&#8221; in the
      Proxy Statement.
    </p>
    <p>

    </p>
    <p>
      <b>Item 7.01. &#160;Regulation FD Disclosure.&#160;</b>&#160;&#160;&#160;&#160;
    </p>
    <p style="text-align: justify">
      A copy of MBIA&#8217;s press release dated December 12, 2013 regarding the
      election of Mr. Carney as a director is furnished as part of this
      Current Report as Exhibit 99.1.
    </p>
    <p>
      The information in the press release is being furnished, not filed,
      pursuant to Item 7.01 of Form 8-K. Accordingly, the information in
      Exhibit 99.1 will not be incorporated by reference into any registration
      statement filed by MBIA under the Securities Act of 1933, as amended,
      unless specifically identified therein as being incorporated by
      reference.
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="text-align: justify">
      (c) Exhibits.
    </p>
    <p style="text-align: justify">
      99.1&#160;&#160;&#160;&#160;&#160;Press Release issued by MBIA Inc. dated December 12, 2013.
    </p>
    <p>

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

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

        </div>
      </div>
    </div>
    <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-family: Times New Roman; font-size: 10pt">
      <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-family: Times New Roman; font-size: 10pt">

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

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

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 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 valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

        </td>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

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

        </td>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">
          &#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">
            December 12, 2013
          </p>
        </td>
        <td style="width: 3%">

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

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

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K<br>Dated <font style="font-family: Times New Roman; font-size: 10pt">December
      12, 2013</font><br><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-left:auto;margin-right:auto; font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Exhibit&#160;99.1
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 90%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release issued by MBIA Inc. dated December 12, 2013.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50768118ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <u><font style="font-family: Times New Roman; font-size: 12pt"><b>Sean
      D. Carney Elected to MBIA&#8217;s Board of Directors</b></font></u>
    </p>
    <p>
      ARMONK, N.Y.--(BUSINESS WIRE)--December 12, 2013--MBIA Inc. (NYSE:MBI)
      today announced that Sean D. Carney (44) was elected to MBIA&#8217;s board of
      directors in accordance with the board&#8217;s power under MBIA Inc.&#8217;s by-laws
      to fill interim vacancies. Mr. Carney was designated and elected to the
      board of directors pursuant to the terms of the amended and restated
      Investment Agreement dated as of February 6, 2008 between MBIA and
      Warburg Pincus. Mr. Carney has been a Member and Managing Director of
      Warburg Pincus LLC and a General Partner of Warburg Pincus &amp; Co. since
      January 2001 and has been employed with Warburg Pincus since 1996. He
      focuses on investments in the financial services sector and has also
      worked on the firm&#8217;s healthcare team.
    </p>
    <p>
      MBIA Chairman Daniel P. Kearney said, &#8220;Sean&#8217;s experience in the
      financial services sector and his board directorship with several
      industry-leading companies will be a tremendous asset as we continue to
      reposition MBIA for future growth. We&#8217;re pleased to welcome him as a new
      board member and appreciate Warburg Pincus&#8217; steadfast support since
      their investment in the company.&#8221;
    </p>
    <p>
      Prior to joining Warburg Pincus, Mr. Carney was a consultant at McKinsey
      &amp; Company, Inc., a management consulting company. He is also Chairman
      and a Director of Tornier N.V., and is a member of the board of
      directors of several other privately held companies. Within the past
      five years, he also served as a Director of Arch Capital Group Ltd. Mr.
      Carney received an A.B. in economics from Harvard College and an M.B.A.
      from Harvard Business School.
    </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 &#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 Annual Report on Form 10-K
      and 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>
    <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>

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

    </p>
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