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MBIA Debt-Guarantee Split Sparks Hedge Fund Lawsuit

Bloomberg – MBIA’s split of its bond- insurance business was challenged by hedge funds alleging the move hurts owners of about $240 billion of debt while benefiting stock investors, executives and some policyholders.

The reorganization, in which MBIA stripped $5.4 billion of assets and its U.S. municipal business from a unit that now mainly insures only structured-finance bonds, “represents the height of insidious greed,” the Aurelius Capital Management and Fir Tree Partners funds said in a lawsuit filed today.

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