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Non-Tech : Conseco Insurance (CNO)

CNO 40.33

-2.3%

Nov 5 3:59 PM EST

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To: Tunica Albuginea who wrote (3804)	12/11/2000 2:59:38 PM
From: AustinPowersIII	Read Replies (1) of 4155

NEWS SUPREME COURT RULES "FOR" CONSECO!!! MORE NEWS CONSECO SELLS TO WELLS FARGO! Conseco sells assets to Wells Fargo Leasing for $160 million INDIANAPOLIS, Dec 11 (Reuters) - Insurance company Conseco Inc. (NYSE: CNC) said on Monday it signed an agreement to sell most of the assets of Conseco Finance's Vendor Services unit to Wells Fargo Financial Leasing Inc. (NYSE: WFC) for about $160 million in cash. Vendor Services is one of Conseco's non-core assets being sold to fund the retirement of $2 billion in debt. The deal is expected to close in the first quarter of 2001. With the sale of the Vendor Services assets, total cash proceeds from asset monetization already completed or agreed to are $1.3 billion. The non-core assets remaining to be sold or monetized have an estimated value of more than $1 billion, Conseco said. In November, the insurer announced plans to retire $132 million in public debt in December and said it repaid $650 million in bank debt in September. Shares of Conseco rose 1/2 to $9-1/8 in morning trade on the New York Stock Exchange. Shares have a 52-week low of $4-1/2 and a year-high of $19-1/2.

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