I think, at this point in time, the stock's price is more reflective of the bet that someone is going to end up with MBIA as it's pretty apparent that it can't survive in its current form.

The core business is worth something. The entire business not so much. But in an acquisition, what does one have to pay? That's the bet here I think. I don't think it will ever BK, but someone (perhaps already known to some) will step up to acquire it.

That leaves the current book of business, which I do believe is worth zero.

No the current book of business is contracted and has cash flow, so it isn't worth nothing, even in run-off mode. Although I do agree that, going forward, why would anyone do business with them unless the price were a distinct advantage? Actually, being acquired would probably boost the probability of new business. About the only thing that will.

Re: The loss equated to $13.03 per share during the quarter ending March 31, compared with year-ago profits of $198.6 million, or $1.46 per share.

And still up 92 cents....retarded

Re: ""The Company believes that the “mark-to-market” loss does not reflect material credit impairment.".... "

And last week, with AIG:

(sorry to repost, but the trend to re-value and distort, offer false and misleading data or to go beyond the need for accounting, FASB, SEC, FTC, reality.....

During the conference call, Steven Bensinger...noted that the $19.3 billion unrealized loss estimate in one of its pools of [CDOs] doesn't jibe with their analysis, which should suggest a loss of $1.2 billion to $2.4 billion...Naturally, the estimate to be ignored is the one based on accounting principles, as the company says that 'during the first quarter of 2008 AIG developed a new methodology to estimate more precisely its potential realized losses from this portfolio.' Naturally, this new methodology 'lowers' the 'potential realized losses.'For financial institutions, it seems lower housing valuations (as determined by a market) are enough to alter lines of credit, raise certain interest rates or change insurance and loan terms. But market-based analyses of their own portfolios? Obviously hogwash. "

Re: Berkshire

Berkshire has just done a "better" job of manipulating goodwill intangibles and relying on speculators to place a premium on the unobservable debt they have offshore, but in this case, where accounting has no frame of reference, where time and space are not bound as one in the fabric of reality, anything goes and we can thus imagine anything as being either real or possible and thus not be accountable for any dreams that turn out to be psychotic:

Psychosis - Wikipedia, the free encyclopedia

Psychosis is a generic psychiatric term for a mental state often described as involving a "loss of contact with reality." People suffering from it are said to be psychotic.

People experiencing psychosis may report hallucinations or delusional beliefs, and may exhibit personality changes and disorganized thinking. This may be accompanied by unusual or bizarre behaviour, as well as difficulty with social interaction and impairment in carrying out the activities of daily living.