Policyholders contesting bond insurer MBIA Inc.’s February 2009 restructuring will soon have their chance in court to try and overturn the decision that allowed the transformation to take place.

The New York Supreme Court on Tuesday set a tentative start date of Jan. 19, 2011, for a two-week trial in the Article 78 proceeding, one of four cases in which MBIA is defending the division of its subsidiary MBIA Insurance Corp. into two entities.

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