MBIA Inc. (NYSE:MBI) Q3 2023 Earnings Call Transcript

Bill Fallon: Yes. So first of all, Giuliano, the March date that you mentioned, we think is sort of the catalyst of the trigger for moving things forward. We’ll see exactly how things play out in Judge [Wayne’s] court for the confirmation hearing in March. With regard to then the strategic alternatives, as we’ve suggested in the past, we think the optimal transaction would be a sale of a company as opposed to some of the other things that you suggested or other things that have been mentioned, but we’ll wait and see how things play out. But that’s how we’re thinking about it at this point in time. And I think we feel pretty good about how this moves forward.

Giuliano Bologna: That’s great. Thank you very much. And I’ll jump back in queue.

Operator: [Operator Instructions] Our next question comes from Geoffrey Dunn with Dowling & Partners.

Geoffrey Dunn: Thanks. Good morning. As you continue to see the Oversight Board come back with these revised plans and continue to chop away at recovery, how does management and the Board evaluate signing on to a plan versus pursuing the right for litigation? Is it purely a DCF quantitative approach? Or is there more subjectivity qualitative assessments that go into that as well?

Bill Fallon: Yes. I think it’s a combination of things. It’s a pretty detailed analysis. It may be able to be summarized in pretty quick fashion, but there’s a tremendous amount of work that goes into it, both on the litigation analysis and the likelihood is and the strength of the different arguments that have been put forth as well as the recovery. So I think everything you suggested in your question is part of the calculation that we do as we make decisions around this.

Geoffrey Dunn: Okay. Thank you.

Operator: [Operator Instructions] We have no further questions at this time. I would now like to turn the call back over to Greg Diamond for any additional or closing remarks.

Greg Diamond: Thanks again, Todd, and thanks to all of you for listening to our call today. Please contact us directly if you have any additional questions. We also recommend that you visit our website at mbia.com, for additional information on our company. Thank you for your interest in MBIA. Good day, and goodbye.

Operator: Thank you, ladies and gentlemen. This does conclude today’s MBIA third quarter 2023 financial results conference call. You may now disconnect.