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Stock Market & Financial Investment News

News Breaks
November 20, 2012
11:30 EDTBAC, MBIMBIA says Bank of America tender offer not in best interest of note holders
MBIA Inc. (MBI), the parent of MBIA Insurance Corporation, announced that it recommends rejection of the unsolicited tender offer by Bank of America Corporation (BAC) on November 13 to purchase all of MBIA’s outstanding 5.70% Senior Notes due 2034. MBIA said it believes that BOA’s tender offer is not in the best interest of the holders of the Notes because, "as reflected in BOA’s own public statements, we believe the purpose of BOA’s tender offer is not to make an economic investment in MBIA Inc.'s debt securities, but rather to affect the outcome of MBIA Corp.'s RMBS-related put-back claims against BOA and obtain a preferential settlement of those claims and its other MBIA Corp. exposure. Such an outcome would be detrimental to all policyholders other than BOA; and, in combination with BOA’s stated intention that the consent solicitation amending the bond indentures fail, detrimental to all MBIA Inc. bondholders." MBIA also stated, "BOA has retained a right to terminate the tender offer under a number of specified circumstances, significantly reducing the likelihood that the transaction will be completed." MBIA said it is evaluating its legal options with respect to BOA’s tender offer, including whether it violates any applicable laws, and may take such actions as it believes are available to it and necessary to protect the interests of its insurance subsidiaries' policyholders and its security holders.
News For MBI;BAC From The Last 14 Days
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November 25, 2014
06:04 EDTBACBank of America implied volatility of 15 at lower end of index mean range
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November 24, 2014
07:01 EDTBACFed could further restrict banks' commodities businesses, NY Times says
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06:26 EDTBACFaith-based investors ask BofA to split chairman, CEO roles, WSJ reports
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November 21, 2014
07:24 EDTBACBB&T CEO says 'banks lending recklessly' again, Reuters reports
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November 20, 2014
07:23 EDTBACBoston Security Analysts Society to hold a conference
Sustainable Investing: Taking the Long View is being held in Boston on November 20.
07:11 EDTBACBofA/Merrill to hold a conference
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November 19, 2014
07:51 EDTBACClearing House Payments Company to hold a conference
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November 17, 2014
10:15 EDTBACBank of America reports October default rate 2.81% vs. 2.93% last month
Reports October delinquency rate 1.94% vs. 1.92% last month.

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