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

To: Tunica Albuginea who wrote (1910)	7/21/2000 2:42:34 PM
From: Kevin Podsiadlik	Read Replies (1) \| Respond to of 4155

Didn't know you were a WNBA fan. BTW, here's another view of the "fat trimming": thestreet.com Big Defection From Conseco's Fund Arm By Peter Eavis Senior Writer 7/21/00 2:01 PM ET A large team of investment professionals has left Conseco's (CNC:NYSE - news) fund-management unit, indicating that the battered insurance and finance firm is having trouble retaining key employees even after the arrival of its new CEO, Gary Wendt. A group of 16 members from Conseco's bond funds, headed by Peter Andersen, are joining Philadelphia-based Delaware Investments, a fund-management arm of Lincoln National (LNC:NYSE - news), an insurance firm and Conseco rival. Problems at Conseco were at least partly to blame for the team's departure, Andersen said in a press release. "Some well-publicized issues at our parent company were distracting," Andersen said. "It's unfortunate, because until recently, we'd had a great experience at Conseco Capital Management." This is a blow for Conseco, since its fund arm is considered one of the few segments of the company that is doing well. Conseco's press office issued this statement: "We are sorry to lose any of our people, but turnover is a fact of life in the investment management business. Given Conseco Capital Management's outstanding track record, it's not surprising that our people are recruited by other investment management firms." Conseco Crunch Insurer's shares still near lows Source: BigCharts Netting an immediate $45 million cash payment, ex-GE Capital head Wendt joined Conseco last month to head up efforts to revive the Carmel, Ind.-based firm. Earnings fell sharply in the first quarter, and analysts expect Conseco to report a large second-quarter loss when it releases results July 28. Due to fears about cash flow in its finance business and weaknesses in its insurance business, Conseco's stock has fallen 75% from its 52-week high, posted July 1999. The company's stock was down 1/8, or 1.5%, to 8 1/16 Friday. But all the news at Conseco hasn't been dire: Wendt was able to announce this week that he had attracted some high-profile former colleagues to Conseco. Ex-GE Capital executives Paul Street, Michael Borom and Peter Keenoy have been "retained to provide special services" to Conseco, the company said in a press release. Senior writer Ian McDonald contributed to this story.