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Non-Tech : Conseco Insurance (CNO)
CNO 39.59-1.0%Nov 3 3:59 PM EST
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To: Softechie who wrote (3098)9/23/2000 12:09:51 AM
From: CAtechTrader  Read Replies (1) of 4155
 
Yes Softechie, the shorts are quite, stunned I believe. One that I converse with had said that a one year extension was the "worst case" scenario for the shorts..he is not answering his phone this afternoon and evening...3 years with a 2 year option for a total of 5 years just blows the short case away, the short case being predicated on CNC having to sell assets at Fire Sale Prices which would perhaps, at best, only cover the debt and preferred issues leaving nothing for the common. Now the shorts are faced with a company that can operate and cash flow in a big way. No sales will be necessary unless strategically warranted. Wendt is a brilliant builder of businesses and now he has the time to show his stuff (I would say that these terms also show a huge vote of confidence in Wendt). Wendt has said that CNC is a great insurance company and a great financial company with a poorly structured parent company. Now the parent company has the chance to become as great as its subsidiaries. I see a lot of greed in the shorts, many over-stayed and over-played their hands. Their silence is no surprise. I am happy for all the employees in Indiana that have stuck with CNC. Their lives will be far less tense now and their futures secure, Wendt should be proud.
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