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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: Kevin Podsiadlik who wrote (15429)5/30/2001 5:50:04 PM
From: RockyBalboa  Read Replies (1) of 18998
 
CNC rehash:

...

The past months' rally has largely been based on what appear to be improved results from Conseco Finance, which Wendt believes will provide the lion's share of profit growth.

However, the run-up in the stock has been greeted with skepticism in some quarters. For example, billionaire investor Carl Icahn has sold Conseco stock short, which means he stands to profit if the company's shares fall. "Every so often I find one or two shorts I think will be absolute winners. The last one was priceline (PCLN:Nasdaq - news - boards) -- and Conseco, in my opinion, is just as good," Icahn said in an interview.

His main beef is Conseco's valuation. Combining the market capitalization of Conseco's common stock with its debt and preferred securities, and then subtracting around a $1 billion of cash, the company has a so-called enterprise value of around $13 billion.

"Ask yourself a simple question: If you were running family money, would you spend $13 billion on Conseco Finance and Conseco's questionable insurance company?" Icahn remarks. "You'd laugh someone out of the office if they tried to sell Conseco to you for that -- and yet that's how the market is valuing this thing."

too funny.... I'm also laughing.
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