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Spiegel abandons portfolio sale effort, secures debtor-in-possession: MBIA finds successor servicer for private-label trust

Recent news from bankrupt retailer Spiegel Inc. did not bode well for holders of the issuer's outstanding ABS, as an agreement reached with Dallas-based Alliance Data Systems sealed the fate of the private label and bank card trusts. Reports surfaced that a buyer could not be found, even with...

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