Hilarious reading the decisions. She actually spent some time reading the agreements which to be honest is pretty unusual for her.
They weren't incoherent but as I said, they were hilarious. They decided virtually nothing but the truth is that most litigation, and life for that matter, is mostly noise leading up to an ultimate decision so I guess that is no big deal. MBIA's litigation strategy sure looks like it has been a colossal failure but I've seen things turn too quickly at other times to say I'm definitely right there.
One important tidbit that isn't getting coverage, and I will have to go back and double check, is that she said that MBIA wasn't going to get reimbursed for their legal fees if they win. I think that is hilarious because I thought it was in the bag for MBIA based on Rakhoff's decision. The language in the agreements sure looked the same to me and she said no! Well anyway, maybe I got that wrong but MBIA is probably sitting at $150-$250 million (WAG) in legal fees so assuming I got it right after glancing through it, MBIA took a pretty big hit. Not to mention the fact that Bransten wasn't totally scorched earth ridiculous as she normally is. She has delivered the goods for MBIA in the past but not today and that has to make the folks at Countrywide and BAC feel good.