Tommy McJoynt: Okay. Thank you.
Operator: Our next question will come from John Staley with Staley Capital Advisers.
John Staley: Bill, obviously, this continues to be a very frustrating experience, but you’ve just tell me in plain English a couple of things. One, are you going to resume the buyback program where you appear to have such as $70 million less. And secondly, you commented on interest rates and rather not the second issue of the Oversight Board, is this last deal now, the revision, which is pushed to end of first quarter of ’24? To your best estimate, do you think that’s it? Are these guys going to squeeze more out of the limit? And how much has this truly impacted the intrinsic value of MBIA to an acquirer. I’m very confused about the status of the buyback. I’m very confused about how the value of MBIA, the intrinsic value, to particularly a strategic acquirer has been impacted by all this.
Bill Fallon: Okay. Good morning, John. Thank you for the questions. First of all, with regard to the buybacks, as you know, we constantly are looking at the liquidity, the capacity, what the stock is trading at. And then as Anthony mentioned, at different points in time, we may have trading plans in place. There may be times where we don’t and because, for example, when it’s the end of a quarter, and we have blackout periods or at other times when we have material nonpublic information, we may be prohibited from buying shares. But as we’ve mentioned consistently, it is one of the levers we believe we can use to enhance shareholder value. And so we will continue to look at that. And if all the conditions sort of aligned, we will look to buy back shares.
And as Anthony mentioned, we do have capacity. With regard to the Oversight Board and PREPA and now this amended plan, I’d love to be able to tell you that the hearing in March will be — will confirm the plan. And that shortly after that, everything will be executed. But given that you’ve been a long-term shareholder, and we’ve been at this now for probably close to seven years, I’d probably be remiss if I asserted that it’s going to be done that quickly in such a straightforward fashion. We hope that is the case, but we continue to monitor the situation. As you can imagine, we spend a tremendous amount of time on it and it has been hard to tell exactly how this will unfold. But we’ll keep at it. And hopefully, this is getting close to the end in terms of restructuring PREPA.
John Staley: It has to be equally frustrating to you that you are major shareholder as well. I mean when do these bureaucrats finally say enough is enough?
Bill Fallon: That is the $64,000 question. I guess, in our case, even more than that, $610 million, I think, is what we have left. So we hope it’s coming to a conclusion and for all sorts of reasons, including the strategic sale that we started last year. We’d like to get that resumed as soon as possible.
John Staley: All right. Thank you.
Operator: Thank you. Our next question comes from Giuliano Bologna with Compass Point. Please go ahead.
Giuliano Bologna: Good morning. One thing I’d be curious about is you obviously have the March time line. And obviously, we’ll have to see how that unfolds for the PREPA exposure. The first part is, I’m assuming that’s kind of the main trigger event to potentially resume a strategic process. But along those lines, would it make sense to pursue reinsurance transactions or other transactions that could release capital to kind of continue to accelerate returning capital to shareholders or buying down debt at the holding company at discounts?
