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

To: Tunica Albuginea who wrote (2421)	8/17/2000 7:48:33 AM
From: Rajiv	Read Replies (4) \| Respond to of 4155

In case you are not aware, any market consists of buyers and sellers. If this was a buy (as you put it), there must have been seller(s) too. This can be an individual, institution, trading desk of some firm, specialist, etc. - you take the pick. BTW, if the seller was the specialist, you can be sure that he will make the price go down. Whether it was at the bid or ask is not very relevant. Trading desks often front-run the large orders of their clients. If that is the case, this trade was simply them making it cross the tape. IMO, softechie's "money flow numbers" are useless because of this reason. BTW, short-sellers don't cover 500,000 shares in one block. My guess is that some institution wanted to dump a big block of shares and their brokerage's trading desk has been selling the whole day. And what is this obsession about "how will short-sellers cover 60+ million shares" ? The CNC short-sellers are not trading it based on TA or momentum. Most of them are betting on deteriorating fundamentals. They are in no hurry to cover. I have been short CNC for a few months and I might be short for a long time. Have you ever looked at the short interest in BOST in the final few months? If I recall correctly it was 100+ million shares. If you would have bought it based on the theory "how will short-sellers cover 100+ million shares ?", you would have lost 100% of your money Just to humor you, here are some potential sources of supply - Momentum longs who got in CNC based on the Wendt news. Some of them are clueless about how to evaluate the financials. When will their patience run out ? - Sellers based on TA. - Institutions bailing out - Jacobs losing his patience - All those insiders buys were on margin. At some point of time, they will be sold out. - Removal from the S&P 500 (IMO, it is coming) - tax loss selling BTW, how will longs sell 400 million shares ? Regards, Rajiv

To: Tunica Albuginea who wrote (2421)	8/17/2000 9:31:34 AM
From: BWAC	Read Replies (1) \| Respond to of 4155

TA, Wendt and CNC speak: ---------------------------------------------- CARMEL, Ind., Aug 17, 2000 (BUSINESS WIRE) -- Conseco, Inc. (NYSE:CNC) today issued the following statement: "We believe that short sellers and other persons have been disseminating misleading information about Conseco's upcoming debt maturation. We refer investors to pages 7 and 46 of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, (filed last Monday) in which we indicated that: -- Conseco is currently in discussions with its bank lenders with respect to extension of its debt maturities. Although no agreement has been reached, management is optimistic that appropriate extensions can be negotiated. -- Conseco has embarked on several courses of action with respect to its Conseco Finance Corp. subsidiary (including asset dispositions and restructuring of ongoing businesses), as well as an asset disposition program with respect to certain non-strategic assets at the parent company level. These initiatives are designed to allow Conseco to reduce parent company debt over time. Conseco believes that the sale of non-strategic assets and the actions contemplated at Conseco Finance will generate cash proceeds of approximately $2.0 billion over the next 12 to 15 months. "Please refer to the 10-Q for additional information."