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Article: MBIA Says Ackman Proposal For Restructuring Guarantors No More Credible Than Flawed Open Source Model.
- Article from:
- Business Wire
- Article date:
- February 20, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ARMONK, N.Y. -- MBIA Inc. (NYSE:MBI) said today that an initial review of the recommendations for a restructuring of the financial guarantors as prepared by Mr. William A. Ackman of Pershing Square Capital Management, L.P. and presented to the New York State Insurance Department (NYSID) is no more credible than his flawed open source model. (The text of a letter MBIA sent to New York Superintendent of Insurance, Eric Dinallo, and other regulators addressing concerns raised by the Open Source Model is posted on its Web site at www.mbia.com.)
"Like Mr. Ackman's open source model, his statements in the media and the barrage of letters he has sent to regulators and ...