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Non-Tech : Conseco Insurance (CNO) -- Ignore unavailable to you. Want to Upgrade?

To: Robert T. Quasius who wrote (1080)	4/7/2000 3:08:00 PM
From: Shepper	Read Replies (1) \| Respond to of 4155

CLASS ACTION LAW SUIT. Class action suit by Millberg LLP. 04/07 13:04 Milberg Weiss Announces Class Action Against Conseco Inc. Milberg Weiss Announces Class Action Against Conseco Inc. NEW YORK--(BUSINESS WIRE)--April 7, 2000-- The following is an announcement by the law firm of Milberg Weiss Bershad Hynes & Lerach LLP: Notice is hereby given that a class action lawsuit was filed on April 7, 2000, in the United States District Court for the Southern District of Indiana, Indianapolis Division, on behalf of all persons who purchased the stock of Conseco Inc. ("Conseco" or the "Company") (NYSE: CNC) between April 28, 1999, and March 31, 2000, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact, at Milberg Weiss Bershad Hynes & Lerach ("Milberg Weiss"), Steven G. Schulman or Samuel H. Rudman at One Pennsylvania Plaza, 49th Floor, New York, New York 10119-0165, by telephone 1-800-320-5081 or via e-mail: endfraudmwbhlny.com or visit our website at www.milberg.com. The complaint charges Conseco and certain of its officers and directors with violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that defendants issued a series of materially false and misleading statements concerning its subsidiary Conseco Finance, which was formerly known as Green Tree Financial Corporation ("Green Tree") and the value of Green Tree's portfolio of interest-only securities. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firms of Milberg Weiss and Cohn & Malad. Milberg Weiss maintains offices in New York City, San Diego, Los Angeles, San Francisco and Boca Raton and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in numerous important actions on behalf of defrauded investors, and is responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion. For more information about Milberg Weiss, please visit our website at www.milberg.com. If you are a member of the class described above you may, not later than sixty days from April 7, 2000, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. --30--jl/ny* CONTACT: Milberg Weiss Bershad Hynes & Lerach LLP Shareholder Relations Dept. E-Mail: endfraudmwbhlny.com 1-800-320-5081 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 1998 Business Wire

To: Robert T. Quasius who wrote (1080)	4/8/2000 10:30:00 AM
From: David T. Groves	Read Replies (3) \| Respond to of 4155

I wouldn't say that if GT was written off for a complete loss that this would be worth alot. Much depends on if they can find a buyer and get a decent price. From the s&p downgrade article at yahoo biz.yahoo.com "The resultant market turmoil has caused uncertainty concerning the level of proceeds Conseco will be able to realize from the sale of Conseco Finance(green tree), or even whether a sale can be successfully executed, as well as Conseco's current financial flexibility." This is not a good sign when Standard & Poor's has doubts. The present shareholder equity is based on that unit being worth $6 billion. Shareholder equity is,from the last 10k is about $5 billion($14 a share). The sale price will have a great effect on that. Sell it for $3.5 billion and equity is cut in half. Share holder equity would be about $7 a share. Even if they get the asking price (doubtful) shareholder equity would be about $9 a share. Add in the $500 million in loans to company officers starnews.com that were backed by CNC and are only worth $200 million now. add the likely credit rating cuts and we can see how this got to $7. Can this go lower? Time will tell. It may bounce, it may go lower. It has been going down on increasingly higher volume. It is reminicient to me of FirstPlus financial which was the darling of Wall street with 125% loans a couple of years ago. The share price was $60 and the company was flying high until the money situation dried up because of the Russian situation. Nothing illegal happened and they weren't cooking the books, but they suddenly found their liquidity gone. The price dropped and people thought it was a deal. It went to $30,$20,$10,$5,$1 with people saying what a deal. Early last year, they filed for chapter 11 in two of their 4 or 5 subsidaries, to protect themselves while they reorganized. There book value at the time was $12, quote.ragingbull.com They stopped filing SEC reports during the proceeding and were delisted from the NYSE and now trade as FPFX. The share price dropped to under $.10 a share. The company is still doing business and has even reported a profit and paid down a lot of debt during the bankrupcy proceedings as reported on the Raging Bull thread by some very dilligent posters that have kept up with the court documents. It has been reported that the Judge and creditors have ok'd the bankrupcy plan last Friday April 7th although there hasn't been a News report yet. The shares were selling at $.54 Friday. Estimates from the thread are that they will still be carrying a $7 book value after selling part of there loan portfolio to Countrywide finance to pay off creditors(a done deal) But after two years they are still going through the proceedures. They have emerged from bankrupcy, but they will have to file to the SEC, which probably won't take long as everything has been scrutinized by the BK proceedings, they will have to be relisted on a good exchange, if their share price after they emerge and the SEC filings warrant it. Two wasted years for investors, most who thought it couldn't go lower, some who bought in the upper teens and above who will have to wait years to recoup if ever! Dave