MBIA INC. (NYSE:MBI) Files An 8-K Other EventsItem 8.01.
MBIA Inc. (the “Company”) was advised by its Chief Executive Officer, Jay Brown, that Mr. Brown sold 248,433 shares of the Company’s stock in open market transactions on Monday, November 28, 2016. The stock was sold to a trading plan adopted by Mr. Brown on March 9, 2016 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
Mr. Brown advised the Company that the shares were sold for tax planning purposes for 2016 to offset capital gains realized by Mr. Brown in connection with the sale in 2016 of non-Company securities as well as to reimburse Mr. Brown for taxes paid by Mr. Brown in cash, in lieu of by means of net settlement, in connection with the vesting of 750,000 shares of restricted stock on December 31, 2015. The transaction will be reported through Form 144 and Form 4 filings made with the Securities and Exchange Commission, as appropriate.
The Company undertakes no obligation to make any future disclosures in a Form 8-K in connection with any sales or purchases of Company stock by Mr. Brown or by any other executive officer. In addition, except as may be required by law, the Company does not undertake to report on specific Rule 10b5-1 plans of the Company’s officers or directors, nor to report modifications or terminations of such plans.
About MBIA INC. (NYSE:MBI)
MBIA Inc. (MBIA) is a holding company. The Company, through its subsidiary, National Public Finance Guarantee Corporation (National), is engaged in providing financial guarantee insurance to the United States public finance markets. MBIA’s segments include United States (U.S.) public finance insurance, international and structured finance insurance, and corporate. The U.S. public finance insurance segment is operated through National, and is engaged in generating new insurance business in National, consistent with its portfolio management and return requirements, and to maximize the economics of its existing insured portfolio through surveillance and remediation. The international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries (MBIA Corp.). The corporate segment is operated through the Company and its subsidiaries, including its service company, MBIA Services Corporation (MBIA Services). MBIA INC. (NYSE:MBI) Recent Trading Information
MBIA INC. (NYSE:MBI) closed its last trading session up +0.02 at 10.29 with 1,651,877 shares trading hands.