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Expert Analysis

Despite Ch. 9, Monoline Insurer Must Pay Old Bonds

Law360, New York (October 7, 2013, 10:50 AM EDT) -- Earlier this month, Judge Judith J. Gische of the Appellate Division of the Supreme Court of New York, First Judicial Department, found that ACA Financial Guaranty Corporation, as bond insurer, must make future, post-confirmation principal and interest payments on municipal bonds issued pre-bankruptcy. The court required these payments despite the fact that the bonds were exchanged for new bonds and canceled under the municipality's Chapter 9 plan. The court held that "neither the plan of debt adjustment nor the discharge of the bond debt in the bankruptcy proceeding changed the obligations under the parties' contracts of insurance."...

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