SLC Leasing sues MBIA

Article Abstract:

SLC Leasing Co., a Thai auto-leasing firm headquartered in New York, has filed a lawsuit against the New York-based MBIA Insurance Corp. and other firms over securitization rights in the collection of auto-loan payments. The suit, filed with a Thai civil court, is seeking 1.03-billion baht in damage from defendants that include Bankers Trust Co., BT Trustees Ltd., Thai Investment & Securities PCL, Sitca Investment & Securities PCL and the latter's two former executives. SLC Leasing is willing to discuss and resolve the issue but the MBIA representatives do not cooperate, said SLC Leasing managing director George Kazantsis.

Comment:

Is charged in a lawsuit by SLC Leasing Co over securitization rights in the collection of auto payments

Legal issues & crime, Direct Property and Casualty Insurance Carriers, Fidelity Bonds, Article

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Reform pressure builds on Finance Minister Tarrin: cabinet squabble, through smoothed over, reflects frustration over lethargy of economy

Article Abstract:

Thailand's cabinet ministers have expressed dissatisfaction with Finance Minister Tarrin Nimmanahaeminda and his economic policies. They instituted a no-confidence motion against Tarrin which failed in Jan 1999 while Deputy Prime Minister Supachai Panitchpakdi recently proposed his own measures for the country's ailing economy. Aggravating the situation is the perception of officials that Tarrin is not open to suggestions about managing the economy.

Government regulation, Economic Programs, Administration of Economic Programs, Public affairs, Economic policy, Political aspects, Nimmanahaeminda, Tarrin

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SLC leasing sues MBIA: company seeks redress in securitization dispute

Article Abstract:

Auto-leasing firm SLC Leasing Co of Thailand filed a lawsuit demanding $25 mil in damages from defendants which include financial guarantor MBIA Insurance Corp of Armonk, NY. The foreign investors, including Bankers Trust Co, BT Trustees (Hong Kong) Ltd, who acquired SLC Leasing are also included in the case over who has the legal claim to receive the auto-loan payments that guaranteed the borrowings.

Automotive Rentals, No Drivers, Insurance carriers, not elsewhere classified, Insurance NEC, Other Direct Insurance (except Life, Health, and Medical) Carriers, Cases, Insurance industry, Insurance, Automobile lease and rental industry, Car leasing, Car rental, MBI

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