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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: Mr. Pink who wrote (17124)10/3/2002 4:41:21 PM
From: StockDung  Read Replies (2) of 18998
 
FURTHER VINDICATION!!->Conseco's Wendt Steps Down as CEO, Remains Chairman (Update1)
By Dan Lonkevich

Carmel, Indiana, Oct. 3 (Bloomberg) -- Conseco Inc.'s Gary Wendt will step down as chief executive officer and remain chairman as the insurance and finance company attempts to restructure $6 billion of debt.

Talks with creditors will continue under Chief Operating Officer William Shea, Conseco said in a statement.

``Our day-to-day operations are in the hands of strong, capable leaders,'' Wendt said in the statement. ``Our management team, and in particular our business unit leaders, are doing an exemplary job. We have great confidence in them to keep the ship on course.''

Conseco last month hired investment bank Lazard LLC and Chicago law firm Kirkland & Ellis to advise it on the talks with creditors. An ad-hoc committee of bondholders hired Fried Frank Harris Shriver & Jacobson as legal adviser and Houlihan Lokey Howard & Zukin as their financial adviser.

Mark Lubbers, a Conseco spokesman, didn't immediately return a call for comment.

Shares of Conseco, which have dropped 98 percent this year, traded at 7 cents a share in Over-the-Counter Bulletin Board trading.
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