MBIA (MBI) suspends strategic alternatives pursuit

With earnings after the close, MBIA (NYSE: MBI) said it is suspending its pursuit of strategic alternatives, citing prevailing market conditions and feedback it has received.

Bill Fallon, MBIA’s Chief Executive Officer noted, “In light of prevailing market conditions and feedback arising from the Company’s pursuit of strategic alternatives, at this time we are suspending that process. We will continue to finalize our PREPA remediation, reduce costs, runoff the insured portfolio, and pursue regulatory approval of special dividends from National in our mission to deliver value to our shareholders. I would also like to note that our Board Chairman, Charlie Rinehart, has this week resigned from our Board. I would like to thank Charlie deeply for his many years of service to MBIA. Charlie joined the Board in 2008 and served on every Committee of the Board prior to becoming Chairman eight years ago. Charlie has led our Board during a period of significant volatility, and in particular provided firm leadership and wisdom in connection with our recent evaluation of strategic alternatives, which culminated in the Board’s unanimous agreement to pause the process at this time.”

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