MBIA Sues Texas Sports Authority To Cover $1B In Bonds

Law360, Houston (January 30, 2013, 5:38 PM EST) -- MBIA Insurance Corp. on Wednesday launched a suit in Texas court, alleging the Harris County – Houston Sports Authority has refused to collect revenue meant to secure $1 billion in bonds issued to finance construction of Houston’s sports venues and instead is making insurance claims to cover debt payments.

The insurer claims the Sports Authority is rapidly depleting a $55 million reserve account securing bond payments and has been relying on an insurance policy issued by MBIA unit National Public Finance Guarantee Corp. to service the bonds...
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