Market participant pushes for MBIA default ruling

An unnamed market participant has asked Isda’s credit derivatives determinations committee to rule that MBIA has triggered a default

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Comment by: Anonymous. Posted 2 months ago [2017-02-03 21:05:01]

Good try, but I don't think this works. MBIA likely does not need to show it "made good" on bond insurance for the portion of Zohar its UK affiliate purchased. My guess is that holding is now unwrapped. It also feels labored to interpret a lack of public announcement as evidence of failure to pay principal.