<SEC-DOCUMENT>0001157523-15-003623.txt : 20151102
<SEC-HEADER>0001157523-15-003623.hdr.sgml : 20151102
<ACCEPTANCE-DATETIME>20151102171414
ACCESSION NUMBER:		0001157523-15-003623
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151102
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:		20151102
DATE AS OF CHANGE:		20151102

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:		151191445

	BUSINESS ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		1 MANHATTANVILLE ROAD
		STREET 2:		SUITE 301
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51215145.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 18pt"><b>UNITED STATES</b></font><br><font style="font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 14pt"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>CURRENT REPORT</b></font>
    </p>
    <p style="text-align: center">
      Pursuant to Section 13 or 15(d) of<br>the Securities Exchange Act of 1934
    </p>
    <p style="text-align: center">
      Date of Report (Date of earliest event reported): <font style="font-family: Times New Roman; font-size: 10pt">November
      2, 2015</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>MBIA INC.</b></font><br>(Exact name of
      registrant as specified in its charter)
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; width: 31%; padding-left: 0.0px">
          <b>Connecticut</b>
        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; width: 30%; padding-left: 0.0px; white-space: nowrap">
          <b>1-9583</b>
        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; width: 31%; padding-left: 0.0px; white-space: nowrap">
          <b>06-1185706</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 31%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of<br>incorporation)
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; width: 30%; padding-left: 0.0px">
          (Commission File Number)
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; width: 31%; padding-left: 0.0px">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b><br>
      </b>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; width: 35%; padding-left: 0.0px">
          <b>1 Manhattanville Road, Suite 301 </b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Purchase, New York</b>
          </p>
        </td>
        <td style="width: 30%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; width: 35%; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>10577</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; width: 35%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of principal executive offices)
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td valign="bottom" style="text-align: center; width: 35%; padding-left: 0.0px">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant's telephone number, including area code:<br><b>914-273-4545</b>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>Not Applicable<br></b>(Former name or former address, if changed
      since last report)
    </p>
    <p>

    </p>
    <p>
      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:
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
    </p>
    <p>

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

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

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <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">
      Departure of Director; Election of Director.
    </p>
    <p>
      On November 2, 2015, Mr. Sean D. Carney resigned from the Board of
      Directors of MBIA Inc. (&#8220;MBIA&#8221; or the &#8220;Company&#8221;) and the Board of
      Directors elected Lois A. Scott as a member of MBIA's Board of Directors
      to fill the interim vacancy created by the resignation of Mr. Carney.
      Effective as of the date of her election, Ms. Scott was appointed to
      serve as a member of the Audit Committee.
    </p>
    <p>
      MBIA&#8217;s Board of Directors has determined that Ms. Scott 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>
      Ms. Scott 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 6, 2015 (filed with the Securities
      and Exchange Commission on March 24, 2015).&#160;&#160;
    </p>
    <p style="white-space: nowrap">
      <b>Item 7.01 Regulation FD Disclosure.&#160;&#160;&#160;&#160;&#160; </b>
    </p>
    <p style="text-align: justify">
      The Company issued a press release on November 2, 2015 and the Chairman
      of the Company received a resignation via e-mail from Sean D. Carney
      dated November 2, 2015.&#160;&#160;Copies of the press release and the e-mail are
      attached hereto as Exhibits 99.1 and 99.2, respectively.
    </p>
    <p>
      The information in the press release and the e-mail is being furnished,
      not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the
      information in Item 7.01 of this Current Report, including Exhibits 99.1
      and 99.2, 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 style="text-align: justify; white-space: nowrap">
      <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; white-space: nowrap">
      99.1&#160;&#160;&#160;&#160;&#160;Press Release issued by MBIA Inc. dated November 2, 2015.<br>99.2&#160;&#160;&#160;&#160;&#160;E-mail
      from Sean D. Carney dated November 2, 2015.
    </p>
    <p style="text-align: justify; white-space: nowrap">

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

        </div>
      </div>
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        <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">

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      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.
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 57%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            MBIA INC.
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

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

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 57%">

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

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 57%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 3%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-color: black; text-align: left; width: 30%; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Ram D. Wertheim
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 10%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 57%">

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

        </td>
        <td valign="top" style="text-align: left; width: 30%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Ram D. Wertheim
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 57%">

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

        </td>
        <td valign="top" style="text-align: left; width: 30%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Legal Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
    <p>
      Date: November 2, 2015
    </p>
    <p>

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

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

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

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K<br><font style="font-family: Times New Roman; font-size: 10pt">November
      2, 2015</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="white-space: nowrap">
      Exhibit 99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release issued by MBIA Inc. dated
      November 2, 2015.<br>Exhibit 99.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;E-mail from Sean D.
      Carney dated November 2, 2015.
    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51215145ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Lois A.
      Scott Elected to MBIA Inc.'s Board of Directors</b></font>
    </p>
    <p>
      PURCHASE, N.Y.--(BUSINESS WIRE)--November 2, 2015--MBIA Inc. (NYSE:MBI)
      (the Company) today announced that Lois A. Scott (54) was elected to the
      Company&#8217;s Board of Directors, where she will serve as a member of the
      Audit Committee. At the same time, Sean Carney, a General Partner of
      Warburg Pincus &amp; Co., has retired from the MBIA Inc. Board.
    </p>
    <p>
      Ms. Scott is President of Epoch Advisors LLC, a private financial
      services company that advises clients on strategic business issues. From
      May 2011 to May 2015, Ms. Scott served as the Chief Financial Officer
      for the City of Chicago, Illinois. As CFO, she had financial oversight
      of essential City services as well as O&#8217;Hare Airport, Midway Airport,
      the City&#8217;s public-private partnership contracts, water and wastewater
      systems serving over 5 million people, and City-issued debt. She also
      served as a Trustee for two pension plans covering City employees. From
      January 2003 to May 2011, Ms. Scott was Co-founder and President of
      Scott Balice Strategies, LLC, a financial advisory firm that assisted
      public sector, nonprofit and corporate clients with financial strategy,
      restructuring and bankruptcy services, capital market transactions,
      ratings management, cash flow forecasting and public-private
      partnerships.
    </p>
    <p>
      MBIA Chairman of the Board Charles Rinehart said, &#8220;Sean&#8217;s commitment and
      contributions to the Board have been significant and well-valued. We are
      grateful for his support in helping MBIA to navigate through some very
      challenging times and circumstances.&#8221; Mr. Rinehart continued, &#8220;Lois&#8217; 30
      years of public finance experience as an issuer, underwriter and
      financial advisor is an ideal combination of experience for MBIA Inc.&#8217;s
      Board as we move forward. We are excited to be working with her and
      gaining insights from her perspective and experience.&#8221;
    </p>
    <p>
      From 1997 to 1998, Ms. Scott served as a White House Fellow during
      President Clinton&#8217;s administration, where she advised on the financial
      crisis in Southeast Asia and export finance. She was also named
      Counselor to the Chairman and Chaired the management committee of the
      Export-Import Bank of the United States.
    </p>
    <p>
      Prior to that, Ms. Scott was Manager of the Chicago Public Finance
      Office and Managing Director of BancAmerica Securities, Inc. She also
      held various financial positions at Donaldson, Lufkin &amp; Jenrette
      Securities Corporation, including Principal; L.F. Rothschild &amp; Company,
      Inc.; and First National Bank of Chicago. In 1997, she was co-founder of
      Women in Public Finance and in 2011, she co-founded the Municipal CFO
      Forum with the Harris School of Public Policy, University of Chicago.
    </p>
    <p>
      Forward-Looking Statements
    </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;estimate,&#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 increased credit losses or impairments on public finance
      obligations we insure issued by state, local and territorial governments
      and finance authorities that are experiencing fiscal stress, the
      possibility that MBIA Corp. will have inadequate liquidity to pay
      expected claims as a result of increased losses on certain structured
      finance transactions, in particular residential mortgage-backed
      securities transactions that include a substantial number of ineligible
      mortgage loans, or a delay or failure in collecting expected recoveries,
      the possibility that loss reserve estimates are not adequate to cover
      potential claims, a disruption in the cash flow from our subsidiaries or
      an inability to access capital and our exposure to significant
      fluctuations in liquidity and asset values within the global credit
      markets as a result of collateral posting requirements, our ability to
      fully implement our strategic plan, including our ability to maintain
      high stable ratings for National and generate investor demand for our
      financial guarantees, deterioration in the economic environment and
      financial markets in the United States or abroad, and adverse
      developments in European sovereign credit performance, real estate
      market performance, credit spreads, interest rates and foreign currency
      levels, the effects of governmental regulation, including insurance
      laws, securities laws, tax laws, legal precedents and accounting rules;
      and uncertainties that have not been identified at this time. 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 Purchase, New York is a holding company
      whose subsidiaries provide financial guarantee insurance for the public
      and structured finance markets. Please visit MBIA's website at <u>www.mbia.com</u>.
    </p>
    <p>
      CONTACT:<br>MBIA Inc.<br>Investor and Media Relations:<br>Greg Diamond,
      +1-914-765-3190
    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a51215145ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.2</b>
    </p>
    <p>

    </p>
    <p>
      Via E-mail to Mr. Charles R. Rinehart, Chairman
    </p>
    <p>
      November 2, 2015
    </p>
    <p>
      Dear Mr. Rinehart,
    </p>
    <p>
      As we discussed, I hereby resign from the MBIA Board of Directors,
      effective immediately.&#160; It has been a pleasure to serve on the Board
      with you, the other Board members, and management, and I wish MBIA great
      success in the future.&#160; Thank you for your leadership and I look forward
      to remaining in touch.
    </p>
    <p>
      Regards,
    </p>
    <p>
      Sean Carney
    </p>
    <p>

    </p>
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