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MBIA Accused of $5 Billion Shenanigans

WILMINGTON, Del. (CN) - MBIA Insurance Corp. stripped itself of $5 billion in cash and unearned premiums and sent it all to co-defendant MBIA Insurance Corp. of Illinois for no consideration, defrauding noteholders and leaving them with only toxic paper, the Third Avenue Trust claims in Chancery Court. The Trust says it holds notes that should be worth $400 million.

The plaintiff is represented by Gregory William with Richards, Layton & Finger.

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