Conseco Insurance (CNO) Message Board

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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 (3719)	11/2/2000 6:01:35 PM
From: 44magnumpower	of 4155

Executive loans......... First, there are only about 20 executives VP and above who took part in the program. All of these people would be classified as "rich" by Al Gore, pulling down a minimum of $250K with, I'd guess, $1M plus in assets. Second, arranging for a way to pay off the loans now is the smart thing to do for all concerned. Any promises Hilbert made will be exposed and the executives will be able to plan the repayment. Third, this won't encourage employees to leave. If they do the loans are payable immediately. Fourth, the loans were used to purchase stock around $25/share. Even at today's unrealistically low price of $7/share there is still some value in the stock. It will likely be double that in the next 6 months. Finally, defaulting on the loans is not an option for most of the executives. If they do CNC will sue them for all of their assets after they pay the banks the guarantee. This will break about half of them, maybe even Hilbert, the other half will be able to pay. Does anyone doubt Wendt would do this if he had to? I don't.ROTFLMAO

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