CONSECO ANNOUNCES AGREEMENT
Blood ( SHORT'S Blood ) to flow heavily in the stareets
of
Carmel and elsewhere in this fair land,
cheers and congrats to all CNC Longs.
Blight, The Pox, Famine and Infestation to
all cowardly CNC shorts.
Here comes your well deserved punishment.
You can pay in US DOLLARS, that's fine,
thank you
cheers,
over and out,
TA
======================================================
biz.yahoo.com
Thursday August 31, 8:13 pm Eastern Time
Press Release
Conseco Announces Agreement
CARMEL, Ind.--(BUSINESS WIRE)--Aug. 31, 2000--Conseco, Inc. (NYSE:CNC - news) announced today an agreement with Chase Manhattan Bank and Bank of America to extend to Sept. 22, 2000, $155 million in loans to Conseco, and $145 million of guarantees by Conseco with respect to loans made to directors and officers of Conseco in connection with a stock purchase program.
``Although formal arrangements on the larger debt package with our banks are not final, we are gratified with the progress of our negotiations and are optimistic that a successful restructuring of our bank debt can be completed prior to Sept. 22, 2000,'' Conseco said. ``Obviously, the action taken by Chase and Bank of America today is a step toward allowing us to achieve the desired restructuring.''
Headquartered in Carmel, Ind., Conseco is one of middle America's leading sources for insurance, investment and lending products. Through its subsidiaries and a nationwide network of distributors, Conseco helps 13 million customers step up to a better, more secure future.
World Wide Web conseco.com
Investor Hotline 800.4.CONSECO
Fax-on-Demand 800.344.6452
Note on forward-looking statements: All statements, trend analyses and other information contained in this release and elsewhere (such as in filings by Conseco with the Securities and Exchange Commission, press releases, presentations by Conseco or its management or oral statements) relative to markets for Conseco's products and trends in Conseco's operations or financial results, as well as other statements including words such as ``anticipate,'' ``believe,'' ``plan,'' ``estimate,'' ``expect,'' ``intend,'' ``should,'' ``could,'' ``goal,'' ``target,'' ``on track,'' ``comfortable with,'' ``optimistic'' and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those contemplated by the forward-looking statements. Such factors include, among other things: (1) general economic conditions and other factors, including prevailing interest rate levels, stock and credit market performance and health care inflation, which may affect (among other things) Conseco's ability to sell its products, its ability to make loans and access capital resources and the costs associated therewith, the market value of Conseco's investments, the lapse rate and profitability of policies, and the level of defaults and prepayments of loans made by Conseco; (2) Conseco's ability to achieve anticipated synergies and levels of operational efficiencies; (3) customer response to new products, distribution channels and marketing initiatives; (4) mortality, morbidity, usage of health care services and other factors which may affect the profitability of Conseco's insurance products; (5) performance of our investments; (6) changes in the Federal income tax laws and regulations which may affect the relative tax advantages of some of Conseco's products; (7) increasing competition in the sale of insurance and annuities and in the finance business; (8) regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) bank sales and underwriting of insurance products, regulation of the sale, underwriting and pricing of products, and health care regulation affecting health insurance products; (9) the outcome of Conseco's efforts to sell assets and reduce, refinance or modify indebtedness and the availability and cost of capital in connection with this process; (10) actions by rating agencies and the effects of past or future actions by these agencies on Conseco's business; and (11) the risk factors or uncertainties listed from time to time in Conseco's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Contact:
Conseco, Inc.
(Media) Jim Rosensteele, 317/817-4418
(Investors) Tammy Hill, 317/817-2893
========================================================
COMMENTS ON ABOVE FROM YHOO
messages.yahoo.com
Reason for extension
by: shorts_eat_caca 9/1/00 12:04 am
Msg: 70121 of 70143
there are obviously other forces at work here. The reason for the extension (when there was sufficient cash to meet the obligation) must be a part of a LARGER PLAN.... say a BUYOUT, OR MERGER, OR COMPLETE WORKOUT OF ALL DEBT.... this is hugh. The reason for the late hour news is because the powers that be are working around the clock to make CNC work. Shorts that bet the farm on this one will soon realize that CNC will mean to them "Caught, No Cash" for the margin call ha ha ha ha ROTFLMAOASMPFTSTLU (rolling on the floor laughing my ass off and shitting my pants for the shorts to lick up) ha ha ha ha ha ha ha ha ha
-----------------------------------------------------
messages.yahoo.com
What happens to shorts in a buyout...
by: shorts_eat_caca 9/1/00 12:16 am
Msg: 70123 of 70142
sadly, the worse that can happen to a short seller in a buyout situation is that they will have to come up with the buyout price, no more. A short seller will never buy back a share of stock for more than the buyout price because whomever purchased the stock from the short seller is expecting no more than the buyout price and abitraguers (sp) will not allow the spread to get out of bounds.
THEREFORE, the strategy is for CNC to cause a short squeeze first to bring liquidity back into the company and then once the stock has settled down (say after a run-up to $30 and then settling down to $22) then they announce a buyout above the settled down price.
There will be blood in the street, beautiful blood of short sellers. The shorts will be drinking thunderbird wine for thanksgiving and eating pigeons that they caught using the old box, stick and string trap. It's a beautiful thing to watch.... and if you've never seen such a short squeeze before, you will remember it like your first B.J.
---------------------------------------------------------
messages.yahoo.com
CHASE&BOAvs.SHORTS&DEVINE
by: billt471 (53/M) 9/1/00 12:29 am
Msg: 70125 of 70142
Let's see........
The longs (including all the institutions holding CNC); Wendt and his GE team of fixers; and now Chase Manhattan and Bank of America are saying (and voting with real dollars)that CNC will survive and not file bankruptcy (and may even prosper), based on their actual knowledge of the audited books of the company..............
and the bashers (including shorts,the outsider, Colin Devine, and the analysts from Gimmie Credit and Nutmeg Securities) are saying that CNC can't make it without protection from the bankruptcy court because it is basically insolvent with declining business prospects, based on their subjective and emotional beliefs concerning what they THINK is going on at the company.....
Now...which one to believe? |
