It is fine that there isn't much new business right now. MBI doesn't have much new capital to delploy at the moment.
Anyway, even if you assume that no future business will ever be written, it doesnt' mean the existing policies written are any less valuable or whatever the realistic book value of the company is, is worth any less.
If it isn't bond insurance, they can find another way to deploy their capital in the future. Other lines of business ect.
The analysts are too scared to ask the hard questions. And management is unwilling to give the cold hard facts without all the spin. So what is going to happen is many of the bag holders here will get one haircut after another.
This POS company is in run-off mode for all practical purposes. And that isn't likely to change until their reserves get so low that everybody still holding MBIA wrapped securities screams bloody murder.