Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (95822)	4/18/2001 2:27:33 PM
From: JRI	Read Replies (1) \| Respond to of 436258

Patron, Heinz....could this be the reason? Friday April 6, 3:17 pm Eastern Time Press Release MBIA Is Monitoring Pacific Gas and Electric's Bankruptcy ARMONK, N.Y.--(BUSINESS WIRE)--April 6, 2001--MBIA Inc. (NYSE: MBI - news) announced today that it is closely monitoring the bankruptcy filing by Pacific Gas & Electric (PG&E) and has been in discussions with company officials at PG&E. ``We are disappointed that a legislative solution could not be reached to solve the energy crisis in California. In accordance with our policies, MBIA-insured bondholders will receive all their principal and interest payments as scheduled,'' said Neil Budnick, Chief Financial Officer of MBIA. MBIA has direct net par exposure to Pacific Gas & Electric of approximately $590 million of which about 61 percent are secured by first mortgage bonds with the remainder being senior unsecured bonds. MBIA has posted on its web site the company's net debt service schedule by maturity date for the MBIA Pacific Gas & Electric exposure. MBIA Inc., through its subsidiaries, is the world's preeminent financial guarantor and a leading provider of specialized financial services. MBIA provides innovative and cost-effective products and services that meet the credit enhancement, financial and investment needs of its public- and private-sector clients, domestically and internationally. MBIA Insurance Corporation has a financial strength rating of Triple-A from Moody's Investors Service, Standard & Poor's Ratings Services, Fitch and Rating & Investment Information Service. Please visit MBIA's web site at