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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2014
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Commitments and Contingencies | Note 13: Commitments and Contingencies The following commitments and contingencies provide an update of those discussed in “Note 2 1: Commitments and Contingencies” in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and should be read in conjunction with the co mplete descriptions provided in the aforementioned Form 10-K. Litigation MBIA Insurance Corp. v. Credit Suisse Securities (USA) LLC, et al.; Index No. 603751/2009 (N.Y. Sup. Ct., N.Y. County) On March 21, 2014, the court issued an order scheduling fact discovery t o close in August of 2014. On June 24, 2014, the court granted MBIA Corp.'s motion to prove liability and damages through sampling. MBIA Insurance Corp. v. J.P. Morgan Securities LLC (f/k/a Bear, Stearns & Co. Inc.); Index No. 64676/2012 (N.Y. Sup. Ct., County of Westchester) On May 6, 2014, the court granted J.P. Morgan's motion for summary judgment and also granted MBIA Corp. leave to file a motion to submit an amended complaint within twenty days of the court's decision. The briefing on MBIA Corp.'s motion for leave to amend its complaint was completed on July 21, 2014. CQS ABS Master Fund Ltd., CQS Select ABS Master Fund Ltd., and CQS ABS Alpha Master Fund Ltd. v. MBIA Inc. et al.; Civil Action No. 12-cv-6840 (R.S.) (S.D.N.Y.) In May of 2014, the CQS plaintiffs and MBIA filed a Stipulation of Dismissal with prejudice resolving the litigation and the case has been closed on the court's docket. MBIA paid to CQS an immaterial amount to resolve the litigation. Ambac Bond Insurance Coverage Cases, Coordinated Proceeding Case No. JCCP 4555 (Super. Ct. of Cal., County of San Francisco) On March 26, 2014, the court granted in part the Bond Insurer defendants' motions for reimbursement of legal fees incurred in connection with the defendants' motion to strike pursuant to California's Anti-SLAPP statute, which dismissed the plaintiffs' claims under California's Cartwright Act. On July 7, 2014, t he Bond Insu r er defendants filed their opening appellate brief with respect to a portion of the plaintiffs' Unfair Competition Law claim. National Public Finance Guarantee Corp. et al. v City of Detroit, Michigan et al.; Adv. Pro. No 13-05309-swr (Bkcy. E.D. MI) In April of 2014, National reached a settlement with the City of Detroit regarding its enhanced Unlimited Tax General Obligation (“Detroit UTGOs”). Pursuant to the settlement, which remains subject to bankruptcy court approval, the City of Detroit has agreed to “reinstate” $288 million of Detroit UTGOs, of which approximately $69 million will be insured by National. At the time of the bankruptcy filing, there were $369 million of Detroit UTGOs outstanding, of which $88 million were insured by National. If approved, the reinstated Detroit UTGOs will benefit from a court order confirming their secured status. In addition, the Detroit UTGOs will receive additional security in the form of a fourth lien on Distributable State Aid from the State of Michigan. National Public Finance Guarantee Corp. et al. v. Harris County - Houston Sports Authority et al.; Case No. 2013-05824 (Dist. Ct. of Harris County, 215 Judicial Dist.) On April 15, 2014, the Texas First District Court of Appeals reversed the decision of the trial court dismissing the case on grounds of governmental immunity. National's claims against the Sports Authority have been remanded back to the trial court. The Company is defending against the aforementioned actions in which it is a defendant and expects ultimately to prevail on the merits. There is no assurance, however, that the Company will prevail in these actions. Adverse rulings in these actions could have a material adverse effect on the Company's ability to implement its strategy and on its business, results of operations, cash flows and financial condition. At this stage of the litigation, there has not been a determination as to the amount, if any, of damages. Accordingly, the Company is not able to estimate any amount of loss or range of loss. There are no other material lawsuits pending or, to the knowledge of the Company, threatened, to which the Company or any of its subsidiaries is a party. Headquarter s Lease Agreement In March of 2014, the Company entered into a lease agreement for its new headquarters at a property located in Purchase, New York as part of the Company's cost reduction measures that included the plan to sell the Armonk, New York facility classified as held for sale. The initial lease term expires in 2030 with the option to terminate the lease in 2025 upon the payment of a termination amount. At the end of the initial lease term, the Company has the option to extend the term of the lease for two additional terms of five years at a fixed annual rent based on the fair market rent at the time of any extension. The total future minimum lease payments over the initial lease term are $42 million. The Company will receive a lease incentive amount of $6 million from the property owner to fund certain leasehold improvements. The total future minimum lease payments include annual rent escalation amounts and a free rent period and exclude the lease incentive amount. The lease agreement has been classified as an operating lease, and operating rent expense is recognized on a straight-line basis beginning in the second quarter of 2014.

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