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Article 78 Restructuring Trial (BofA v. NYID, MBIA) - May 8 Hearing Transcript

Article 78 Restructuring Trial (BofA v. NYID, MBIA) - May 8 Hearing Transcript

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Published by Isaac Gradman
Transcript from a last-minute hearing held telephonically by Judge Barbara Kapnick to address the parties' differing views of the Article 78 proceeding beginning May 14, 2012. BofA argues that the Court ruled that there would be a full blown trial, while the New York Insurance Department and bond insurer MBIA argued that the Court intended to hold a "summary proceeding" where only issues of fact identified by the Judge would be heard. Without making a formal ruling, the Judge appeared to side with the NYID and MBIA, but indicated that issues regarding the structure of the "trial" would be taken up when the proceeding began. But not before fireworks ensured between the parties, and the Judge was forced to hang up. Read more at: http://www.subprimeshakeout.com/?p=1060
Transcript from a last-minute hearing held telephonically by Judge Barbara Kapnick to address the parties' differing views of the Article 78 proceeding beginning May 14, 2012. BofA argues that the Court ruled that there would be a full blown trial, while the New York Insurance Department and bond insurer MBIA argued that the Court intended to hold a "summary proceeding" where only issues of fact identified by the Judge would be heard. Without making a formal ruling, the Judge appeared to side with the NYID and MBIA, but indicated that issues regarding the structure of the "trial" would be taken up when the proceeding began. But not before fireworks ensured between the parties, and the Judge was forced to hang up. Read more at: http://www.subprimeshakeout.com/?p=1060

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Published by: Isaac Gradman on May 14, 2012
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1234567891011121314151617181920212223242526Claudette Gumbs1SUPREME COURT OF THE STATE OF NEW YORKNEW YORK COUNTY: CIVIL TERM: PART 39- - - - - - - - - - - - - - - - - - - - - - - -XABN AMRO BANK NV, BARCLAYS BANK PLC, BNP PARIBAS,CALON, CANADIAN IMPERIAL BANK OF COMMERCE,CITIBANK NA, HSBC BANK USA NA, JP MORGAN CHASEBANK NA, KBC INVESTMENTS CAYMAN ISLANDS V LTD,MERRILL LYNCH INTERNATIONAL, BANK OF AMERICA NA,MORGAN STANLEY CAPITAL SERVICES INC, NATIXIS,NATIXIS FINANCIAL PRODUCTS INC, COOPERATIEVECENTRALE RAIFFEISEN BOERENLEENBANK BA NEW YORK BRANCH,Petitioners,Index Number:- against - 601846-09ERIC DINALLO, in his capacity as SuperintendentOf the NEw York State Insurance Department,THE NEW YORK STATE INSURANCE DEPARTMENT, MBIA INC,MBIA INSURANCE CORPORATION, and NATIONAL PUBLICFINANCE GUARANTEE CORPORATION(fka MBIA INSURANCE CORP OF ILLINOIS),Respondents.- - - - - - - - - - - - - - - - - - - - - - - -XSupreme Court60 Centre StreetNew York, New York 10007May 8, 2012BEFORE:HONORABLE BARBARA R. KAPNICK,Justice of the Supreme Court
 
1234567891011121314151617181920212223242526Claudette Gumbs2APPEARANCES(VIA TELEPHONE):SULLIVAN & CORMWELL LLPAttorneys for the Petitioners125 Broad StreetNew York, New YorkBY: ROBERT J. GIUFFRA, ESQ.KASOWITZ BENSON TORRES & FRIEDMAN LLPAttorneys for Respondents1633 BroadwayNew York, New York 10019-6799BY: MARC E. KASOWITZ, ESQ.OFFICE OF THE ATTORNEY GENERALAttorneys for the State Respondents120 BroadwayNew York, New YorkBY: DAVID HOLGADO, ESQ.------------------------------------------------------Claudette Gumbs, Official Court Reporter60 Centre StreetNew York, New York 10007646.386.3693
 
1234567891011121314151617181920212223242526Claudette Gumbs3ProceedingsTHE COURT: I am here and my court attorneyChristine Rodriguez is here and our court reporter Claudetteis here. Just identify yourselves before you start talkingand that will be fine.So, to cut to the chase here, I have a letter thatMr. Giuffra wrote on May 4th and I know we had scheduled aconference call yesterday, but I was in the middle of ahearing involving people from out of the country who hadflown in from Singapore and Brazil, so I thought they wereentitled to have a full day and I didn't have time to speakto you.I did get a response, a short responsive letterfrom Mr. Kasowitz this morning and a short response to thatfrom Mr. Giuffra shortly thereafter.It seems that notwithstanding 60-some pages on thetranscript on April 20th, that we are back to having some ofthe same conversations that we had last time about how thiscase is going to proceed.So I will let Mr. Giuffra start because he was theone that wrote the first article -- I mean the first letter,and of course, he was the only one on the phone, but Mr.Giuffra, why don't you briefly --MR. GIUFFRA: I apologize. We had a problem withcommunication and we thought they were all there inconference.

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