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

To: M.A. Miller who wrote (434)	12/3/1997 4:41:00 PM
From: Gerald Walls	Read Replies (2) \| Respond to of 4155

It looks like that jackass Dirks is at it again. biz.yahoo.com As you remember, Dirks has been slamming Conseco claiming fraudulent accounting and predicting single-digit share price for quite a while (over a year, I think). Somewhere on this thread someone posted that Dirks claims Conseco stiffed him on a "finder's fee" for a deal he claims he set up and Conseco claims he didn't. Dirks previously stated that the "finder's fee" dispute had nothing to do with his negative view on the company. Anyone who took his previous advice and shorted the company is in a world of hurt.

To: M.A. Miller who wrote (434)	12/3/1997 4:43:00 PM
From: Jolie Renee	Respond to of 4155

Looks like Dirks is at it again. Big time. NEW YORK, Dec. 3 /PRNewswire/ -- Dirks & Co., in a 38-page report dated December 2, lowered its earnings per share estimate for 1997 to $1.75 as compared with street estimates of $2.70, and projects sharply lower earnings per share of $1.00 in 1998 followed by no earnings in 1999. Dirks & Co. recommends sale of Conseco (CNC-48) with a price target of 8 within the next few months. According to Ray Dirks, the insurance stock analyst who exposed the Equity Funding fraud in 1973, the largest securities fraud ever, Conseco, which is an insurance holding company, overstated earnings in its 3rd quarter report to shareholders due to purchase accounting techniques and also because Conseco incorrectly labeled an insurance operating loss as ''non-recurring.'' Dirks points out in his report that on September 30, Conseco's tangible book value was less than $1.50 per share. Debt, other company obligations, and insurance liabilities exceeded invested assets by $4.85 billion. Goodwill alone at $3.3 billion exceeds that of all 32 other life insurance companies combined, that are listed in A.M. Best's Insurance Holding Company Guide. In the 3rd quarter, sales and revenues declined sharply in its important insurance lines of business, particularly in its most profitable line traditionally, single-premium fixed annuities, which plunged 44% from last year's 3rd quarter. Conseco's free cash flow is negative by an annual rate of $500 million. Reported profit margins are represented by management to be 4 times as high as Conseco's direct competitors, including a 25% pretax margin on Medicare Supplement, which is insurance for policyholders 65 years and older. Competitors include AFLAC, General Electric, UNUM, Torchmark, Sun America, Provident Companies, AON, AIG, American Express, Hartford Life, Aegon, and American General. Ray Dirks will answer questions about his Conseco report at a luncheon tomorrow, December 4, in New York City. Reservations are necessary. The press is invited. For reservations call Vickie or Kathryn at 800-774-0778. Another luncheon regarding Conseco will be held in Boston Friday, December 5. The Conseco report is available on the Ray Dirks Research web site, www.RayDirks.com. A free report will be mailed, faxed, E-mailed, or hand delivered upon request.

To: M.A. Miller who wrote (434)	12/3/1997 10:43:00 PM
From: The Pri	Read Replies (1) \| Respond to of 4155

Mark, do you have any idea as to when the financial services deregulation is expected to be approved? Two years from today seems like it will be a favorable time to sell the Company. Consensus earnings from Zacks are $ 2.71 in 1997: $3.34 in 1998 and if we assume 20% growth, 1999 EPS could reach $4.00 . If we do reach $4.00 in 1999 we could be looking at close to $5.00 in the year 2000. Late in 1999 will be the time to act. How else will the insiders be able to cash in on their 24% ownership stake?? Regards, The Pri