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

To: BWAC who wrote (1965)	7/26/2000 12:46:39 PM
From: donjuan_demarco	Respond to of 4155

I don't need absolute failure. Absolute failure would be if CNC and all its subsidiaries shut their doors, canned their employees, and was left penniless. That's not what Chapter 11 is about. All I need is for the interested parties (senior layers of debt and preferreds plus management) to decide a reorganization is the best way to save the company. If CNC files chapter 11, it gets some nice DIP financing, it gets a breather from debtholders, the senior debt is assured it will get paid at the expense of other interested parties, T. Lee has another shot to get his money back, Wendt is still sitting pretty ... and CNC is a more viable business.