Syncora Holdings Ltd (fka SYCRF)

[jboy71]

If you go back and read the RMBS litigation info in the last consolidated (starting at the bottom of page 56), it's pretty clear Syncora had already written off the GreenPoint suit as a lost cause. Both GreenPoint and EMC were formerly part of Bear Sterns (which was absorbed by JPM). I think Syncora tried to go after Bear from every possible angle, and the GreenPoint suit, which was filed in NY State Court, was basically found to be duplicating part of the efforts already in play in Federal Court via the EMC suit (the EMC suit having been filed first). In addition to that, Syncora also has 3 lawsuits still moving forward in NY State Court against EMC/Bear/JPM, and unlike the GreenPoint lawsuit, JPM is the one who keeps losing the appeals in those cases. We're still coming at JPM from 4 angles.