It's been a good-news, bad-news week for MBIA Inc.
On Monday, the New York State Supreme Court upheld the insurance department's decision to split the company in two. But yesterday, one of MBIA's subsidiaries revealed it has more than $100 million in general-obligation-debt exposure to the city of Detroit.
The Armonk, N.Y.-based bond insurer won a long-fought battle over the 2009 decision by then Insurance Superintendent Eric Dinallo to allow the separation of the healthy municipal bond guarantee insurance business into a newly formed subsidiary, National Public Finance Guarantee Corp.
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