MBIA Suit Over $1B Sports Venue Bonds Tossed

Law360, New York (April 25, 2013, 8:03 PM EDT) -- A Texas state judge on Thursday dismissed a suit brought by MBIA Insurance Corp. accusing the Harris County – Houston Sports Authority of refusing to collect revenue meant to secure $1 billion in bonds issued to finance construction of Houston’s sports venues.

State District Judge Elaine Palmer tossed all claims in the suit in a one-page order, according to Harris County court records. The insurer had claimed the Sports Authority rapidly depleted a $55 million reserve account securing the bond payments and was behind on interest...
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