Spiegel, Inc.

Spiegel, Inc. entered Chapter 11 in 2003 due to, among other factors, uncertainty concerning the release of timely financial information. In connection with its historical operations, Spiegel had securitized its private label credit card receivables which resulted from credit card purchases at its Eddie Bauer stores and its Spiegel and Newport News catalogs. The securitizations aggregated approximately $2.0 billion, of which $1.4 billion was insured by MBIA. Gordian had been retained to advise MBIA with regard to the Spiegel bankruptcy and the related securitizations. The matter reached an extremely successful conclusion for MBIA.