I just had a chance to read the earnings release in detail and here is my analysis:1. Pre-Tax Income- MBIA Public Finance: $132 Million;2. Pre-Tax Income- Structured Fin. & Inte'l: -$88 Million (a);3. Pre-tax Income- Cutwater: $3 Million;4. Corp. Expenses: $-42 Million;5. Wind Downs: $-66 Million.This results in a net Loss of -$61 Million or 30 cents a Share.a) this is the net of $2.2 Billion of non-cash writedown on Derivatives.We need to reconcile the 30 cents per Share Loss against -$1.02 avg analysts' estimate (only the analysts know what they have included in their P&L estimates and hopefully they will comment soon).
Will we still close in the green Daddy?
Still sticking by your $20 by May 21st 2010?Your $10 bottom worked out real well.
I agree, figures look less worse than the GAAP number suggests. However, I found the first time reservations for commercial real estate a disapointment.