MBIA Inc. in securities filings yesterday revealed that deposed chief executive officer Gary Dunton received a severance package of $5.2 million, while incoming CEO Jay Brown, who rejoined the firm last month, will receive a package of more than $27 million, mostly restricted stock options.

The Securities and Exchange Commission filings show that Dunton, replaced by Brown in the middle of February, will receive a total severance of $5.2 million. The total includes a $960,000 bonus for Dunton's efforts in selling $1 billion in surplus notes in January, which contributed to MBIA's capital raising plan and the upgrade of the rating for financial guarantor MBIA Insurance Corp. to triple-A.

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