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Non-Tech : Conseco Insurance (CNO)
CNO 40.84+0.9%3:59 PM EST
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To: david siple who wrote (451)12/4/1997 9:59:00 PM
From: M.A. Miller  Read Replies (1) of 4155
 
CNC can't sue because its opinion, not slander. A company can't sue for someone saying to sell a stock. If he flat out alleges fraud, which he hasn't yet, then that's grounds for a lawsuit.

CNC has responded to Dirks, just not to all the detail. I read his report. There is alot of crap in there.

For example, he claims that Gongaware has no experience in marketing. Bull crap. He states that salary incentive plan is too lucrative, yet he didn't raise that issue until now? It's generous but fair considering his performance. He faults them for buying back stock, and faults them for using up their cash for stock buybacks which leaves little room for future acquisitions. Doesn't make sense.

Everyone at the analysts conference laughs at him. Their accountants pass on their accounting techniques. Dirks isn't claiming their being fradulent, just using improper accounting. That's a big difference, and the SEC won't permit proxy's with improper gaap accounting. That's why PennCorp couldn't close the WNT deal and CNC could.

Just think about how much Dirks has lost his clients with his recommendation to sell short at $40. What else do you expect him to do but keep issuing these reports.

I agree with your decision to get out of CNC. If you can't stomach this guy, then get out.
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