I understand what was said during conference call but like management states an extra ordinary dividend is possible look at capital ratios and also when Puerto Rico resolved there will be an rate increase from S&P to A rating MBI will be on the same playing field as AGO let see how the events play out.
No I didn't get to that yet. They will buyback heavy anything under 7.60. I'm thinking more good news is on the horizon as puerto rico is resolved which will put the brakes on buybacks as the price moves up significantly. Thats probably why they expect the buyback to be less aggressive. At these prices they still will be heavy buyers. Not worried about Zohar II that is MBI Corp so it is separate from MBI inc. Remember it is fear that has allowed mbi management to keep buying back at extreme discounts to book value.
The new $100 million is in place as i stated on January 23rd. This $100 million will be bought back in a much more aggressive manner compared to the last 100 mil. imo There is $296 million in the tax escrow account that can be moved up to the holding company in the way of an extraordinary dividend. Look to see another $100 million buyback not to far out in the future.
No news but the 50 day moving average is closing in on the 200 day moving average with a large short interest out there and the fact that the stock is trading at extreme discount to book value things could get ugly for shorts that are holding out for what I am seeing is loses are not going to be bad for insurers it looks like Puerto Rico is shielding some insurers because of there need to gain market access to credit markets after restructuring Non insured debt could take massive losses lesson learned across municipal market insure your bonds