Capital Asset announces investment by MBIA.WEST PALM BEACH, Fla.--(BUSINESS WIRE)--June 10, 1996-- Capital Asset Research Corp. Ltd., the largest purchaser and servicer of municipal real estate tax lien certificates in the country, announced Monday that a subsidiary of MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Inc. has acquired a 50% equity interest in the company. MBIA Inc., through its subsidiaries, is the nation's leading financial guarantor and a major provider of investment management services to the public sector, with over $7 billion in assets. Richard A. Heitmeyer, chairman of Capital Asset, said, "MBIA's investment increases our reach across the U.S., expanding existing and new markets, while providing innovative solutions to the cash flow of municipalities. This, obviously, strengthens Capital Assets' leadership position in the privatization of delinquent tax obligations." Tax lien certificates represent a secured claim on delinquent property taxes and generally are purchased directly from the taxing authority. Capital Asset Research Corporation, headquartered in West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. , has acquired over $800 million in tax certificates since its formation. The company operates in 12 states nationwide and, in addition to purchasing, servicing and managing delinquent tax certificates, Capital Assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) provides a series of services to assist taxing authorities in the preparation, analysis, packaging and completion of delinquent tax obligation sales. David H. Elliott, chairman and chief executive officer of MBIA Inc., said, "This strategic investment dovetails with MBIA's mission of enhancing the efficiency of public finance because the sale of tax certificates improves the cash flow of municipal governments. We are excited about the future prospects of Capital Asset and its synergy with MBIA's business operations." MBIA Inc., located in Armonk, N.Y. is publicly owned and listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (symbol:MBI MBI Management Buy-In MBI Moody Bible Institute MBI Mathematical Biosciences Institute MBI Modular Building Institute MBI Mechanical Breakdown Insurance MBI Molecular Biology Institute MBI Maslach Burnout Inventory (psychometrics) ). MBIA Inc. is the holding company of MBIA Insurance Corporation, the leading insurer of municipal bonds and structured finance transactions. MBIA Insurance Corporation has a claims-paying rating of Triple-A from Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , Inc., Standard & Poor's Rating Group and Fitch Investors Service Fitch Investors Service A financial services company best known for the bond ratings it provides investors. . CONTACT: B. Joseph Vincent 561/392-2300 MBIA Inc. Michael Ballinger 914/765-3893 |
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