Well, that was very fast and I made sure to thank him.
Here was my question:
Subject: Rescap Hearing
Comments: Good morning. I am an investor in MBIA corp and am wondering if the final results of this case are forthcoming. Will you be posting a press release on this site?
Here is Greg's Answer:
The ResCap bankruptcy and related settlements continue to progress. As long as our recoveries remain consistent with the amounts that we've booked on MBIA's financial statements, there is no need for us to issue any disclosure regarding ResCap; we're simply substituting new assets for the receivable that was booked.
My comment to the message board:
So it would seem that the $796 million has already been booked?
i think what he meant is that, since they have set aside reserves for the settlement. They will be releasing the reserves and booking the loss. So there will new Tax loss asset in the balance sheet.
It will be no different from BofA settlement or any other settlement.