In its 10-K filing with the Securities & Exchange Commission (SEC), The Spiegel Group disclosed that it was not in compliance with agreements it had made with MBIA last May, when the two parties struck a settlement to quell the monoline's efforts to enforce a disputed early payout event.

Spiegel did not specifically indicate which of the conditions it is failing to meet, or by how much, though it's clear that Spiegel missed a Dec. 6, 2002 deadline set by MBIA to release its 10-K for fiscal year ending Dec. 31, 2001 (as the said statement was filed Feb. 4, 2003).

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