This was on a previous thread, but I am making a new topic for it since there are plenty of lies being spread. To all longs who are holding on to this POS hoping for a quick Article 78 ruling, heres the info straight from the horses mouth. or in MBIAs case, straight from the horses a$$.
If you want info, go directly to the source. here is MBIA's response to questions about your favorite subject:
From: Diamond, Greg
Sent: Wednesday, August 18, 2010 1:00 PM
Subject: FW: Article 78 Hearing
There have been several hearings held on the Article 78 procedure and there will likely be several more hearings before the matter is ultimately resolved by the NYS Supreme Court. It’s possible that judgment could be provided on the Article 78 before year-end 2010.
Thank you for your inquiry and your interest in MBIA.
Gregory R. Diamond | Managing Director – Head of Investor Relations | MBIA Inc. | Phone: (914) 765-3190 | Fax: (914) 765-3410 | greg.diamond@OptinuityAR.com
in april 2010, mbia zoomed past 10. at that point, folks like hazarm were cheering the fact that 10 would be mbia's new bottom.
hazarm would also continuously state how the evil shorts would be punished as the stock would zoom higher due to article 78.
the fact is, the market could give a crap about article 78 since it wont even be ruled on til 2011.
so what did mr market do to MBIA after it 10? it slammed it down over 40% 40%!! but what about article 78 all the people who foolishly believed hazarm would ask?
lol. the only difference from now and then is MBIAs ceo's good friend for over 30 years, Bruce Berkowitz, disclosed a stake in MBIA. let me rephrase. Bruce Berkowitz has been friends with MBIAs ceo for over 30 years. and people still blindly follow that kind of news? amazing.
ill take the sound of crickets chirping to mean that theres no catalyst to move the market up.
oh well, i guess yall can keep spewing about article 78 right? too bad mbia will be at 4 by the time its ruled on, and when mbia loses that case, it'll head to ABK territory.
the price action speaks for itself. by the time article 78 has been taken care of, MBIA will have fallen below 5.
if the ruling is in its favor, then it might pop to 5.50.
if the ruling goes against MBIA, as my research suggests, and as lawyers who have dealt in other securities litigation similar to this have told me, then MBIA will most likely crash down to 3.
who should people believe.
a schmuch whos been long MBIA since 07 (hazarm) who claims to have knowledge from not only Senior Traders at large investment banks, but also information from MBIAs legal counsel? for a guy with so many ocntacts, he sure spends alotta time pumping this POS on message boards.
or, would people rather believe the Director of Invesstor Relations at the company in question?
hmm. a stock pumper or someone who actually works for the company.
its your call. lol.