SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 19, 2005
MBIA INC.
(Exact name of registrant as specified in its charter)
Connecticut 1-9583 06-1185706
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
113 King Street,
Armonk, New York 10504
(Addresses of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
914-273-4545
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01. OTHER EVENTS.
The following information, including the Exhibit to this Form 8-K, is being
furnished pursuant to Item 8.01 - Other Events of Form 8-K.
On August 19, 2005, MBIA Inc. issued a press release announcing that it received
a "Wells Notice" from the staff (the "Staff") of the U.S. Securities and
Exchange Commission (the "SEC"). The Wells Notice indicates that the Staff is
considering recommending that the SEC bring a civil injunctive action against
the Company alleging violations of federal securities laws "arising from MBIA's
action to retroactively reinsure losses it incurred from the AHERF bonds MBIA
had guaranteed, including, but not limited to, its entering into excess of loss
agreements and quota share agreements with three separate counterparties."
The Company is engaged in discussions with the Staff concerning the possible
resolution of these charges. The Company is also engaged in preliminary
discussions with the staffs of the New York Attorney General's Office and the
New York State Insurance Department regarding the possible resolution of
potential civil charges that the New York Attorney General's Office might bring
in connection with the AHERF reinsurance transactions.
As previously disclosed, MBIA has been cooperating, and is continuing to
cooperate fully with the investigations by the SEC, New York Attorney General's
Office and the U.S. Attorney's Office for the Southern District of New York. The
investigations are, however, ongoing, and the Company is continuing to provide
information. The Company is unable to predict the outcome of the investigations
or whether its current efforts to resolve them on a fair and appropriate basis
will be successful.
A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is
incorporated by reference to this Item 8.01 as if fully set forth herein.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Press Release issued by MBIA Inc. dated August 19, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MBIA INC.
By: /s/ Ram D. Wertheim
-------------------------------
Ram D. Wertheim
General Counsel
Date: August 22, 2005
EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
Dated August 19, 2005
Exhibit 99.1 Press Release issued by MBIA Inc. dated August 19, 2005.