Pershing Square's Ackman Said MBIA (MBI) May Run Out of Cash By The End of the Year
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According to headlines from Bloomberg, Bill Ackman of Pershing Square Capital says MBIA (NYSE: MBI) may need to raise $10 billion, and may be out of cash by the end of 2008. Ackman says MBIA losses on home-equity loans will grow.
Ackman is still short MBIA and owns defaults swaps on the holding company.
Ackman says MBIA's surplus note holders won't get payment. Says regulators will block payment on MBIA's surplus notes.
Pershing Square is also short Ambac (NYSE: ABK).
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