h_azarm was busy preparing his report that he promised to present to us on January 4th. I can't wait to see who he's counting on to ride to the rescue this time. Last week it was Congress investigating Moody's, Fitch, and S&P. Prior to that, he was adamant that the SEC would reinstitute the uptick rule. His previous research show that the Article 78 hearing will rule that the conveyance of assets to National will be upheld. I'm thinking he put out a call for Spiderman this time.
There are too many powerhouses lined up against MBIA on this and their reliance on the NYSID approval is meritless (and the basis of their entire defense). LOL...the guy who granted the approval isn't even in office any longer. If their case is so strong for the asset stripping, why have they gone to court to block NYSID from releasing the application to the public? This was all done in secret between MBIA and NYSID. Any judge worth his robes is going to let some "disinfectant" in and we'll see if MBIA Insurance is really solvent and if the conveyance was an attempt to defraud the note holders.
MBIA's litigation against the banks/lenders is an entirely different matter. First things first though.