MBIA INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-06.
0000950170-24-091862
Item 1A. Risk FactorsUnregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity SecuritiesCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0000950170-24-123396
Item 1A. Risk FactorsUnregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity SecuritiesThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 11 previous paragraphs and 13 current paragraphs.
7 unchanged; 4 reworded; 2 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Item 2. Unre gistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Reworded paragraphs (4)
Previous wording
As of June 30, 2024, National had $792 million of insured debt service outstanding related to PREPA. On January 1, 2024 and July 1, 2024, PREPA defaulted on scheduled debt service for certain National insured bonds and National paid gross claims in the aggregate of $16 million and $122 million, respectively.
Current wording
As of September 30, 2024, National had $670 million of insured debt service outstanding related to PREPA. On January 1, 2024 and July 1, 2024, PREPA defaulted on scheduled debt service for certain National insured bonds and National paid gross claims in the aggregate of $16 million and $122 million, respectively.
Previous wording
On January 29, 2024, the First Circuit Court of Appeals heard argument on the appeal of Judge Swain's ruling on the scope of the bondholder liens and the allowed amount of the under-secured portion of the bondholders' unsecured claim. On June 12, 2024, the First Circuit reversed Judge Swain's prior rulings on bondholder liens and claim amounts. Following a status conference held on July 10, 2024, the Court imposed a 60-day stay of all litigation and other filings related to the amended Plan, and ordered the parties into mediation. The Oversight Board unilaterally altered the consideration provided in the amended RSA and, as a result, National provided notice to the Oversight Board that National did not support the board's actions and that such actions constituted a breach and termination of the PREPA RSA, as amended. There is no assurance that a plan that is substantially similar in the treatment of National's claims and rights will ultimately be confirmed and become effective.
Current wording
On January 29, 2024, the First Circuit Court of Appeals heard argument on the appeal of Judge Swain's ruling on the scope of the bondholder liens and the allowed amount of the under-secured portion of the bondholders' unsecured claim. On June 12, 2024, the First Circuit reversed Judge Swain's prior rulings on bondholder liens and claim amounts. On June 26, 2024, the Oversight Board filed a petition for a First Circuit panel rehearing, and the Unsecured Creditors Committee filed anen banc appeal. Both are currently pending. Following a status conference held on July 10, 2024, the Court imposed a 60-day stay of all litigation and other filings related to the amended Plan, and ordered the parties into mediation. The stay was subsequently extended until January 31, 2025. The Oversight Board unilaterally altered the consideration provided in the amended PREPA RSA and, as a result, National provided notice to the Oversight Board that National did not support the board's actions and that such actions constituted a breach and termination of the PREPA RSA, as amended. There is no assurance that a plan that is substantially similar in the treatment of National's claims and rights will ultimately be confirmed and become effective.
Previous wording
The table below presents purchases or repurchases made by the Company or National in each month during the second quarter of 2024:
Current wording
The table below presents purchases or repurchases made by the Company or National in each month during the third quarter of 2024:
Previous wording
Includes 331,325 in May that were withheld from participants for income tax purposes whose shares of restricted stock vested during the period. Such restricted stock was originally issued to participants under the Company’s long-term incentive plan. 143 shares in April, 49 shares in May, and 504 shares in June were repurchased in open market transactions as investments in the Company’s non-qualified deferred compensation plan.
Current wording
113 shares in July, 152 shares in August, and 155 shares in September were repurchased in open market transactions as investments in the Company’s non-qualified deferred compensation plan.