Evidence Dooms MBIA's $5B Breakup, Banks Say

Law360, New York (June 7, 2012, 6:48 PM EDT) -- The two banks challenging state regulators' approval of MBIA Inc.'s $5 billion restructuring told a New York state judge Thursday as they wrapped up a four-week bench trial that their case would be a "slam dunk" if it weren't being brought by unpopular banks.

"If this were a case involving something else besides banks, it'd be a slam dunk," said Robert J. Giuffra Jr. of Sullivan & Cromwell LLP, who represents the banks challenging the deal, Bank of America Corp. and Societe Generale SA. There is...
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