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

To: M.A. Miller who wrote (453)	12/4/1997 11:37:00 PM
From: jeffbas	Respond to of 4155

On the last few posts - I stick with what I said - as a practical matter the execs would not be sued so it is a riskless transaction - The Board could not have the Company throwing all of its execs into personal bankruptcy - the effect on the conduct of the company's business of so distracting mgmt could be much worse than forgiving the obligations. For this reason, I am suspicious of this transaction. Dirks does not look like a disinterested party. I was around when the Equity Funding situation was discovered. He appeared credible then. How he is now, I have no idea. Although I am trained as an actuary and could properly assess his comments, the above paragraph alone is enough "smoke" for me not to bother. I would note that a stock which goes down in the face of buy recos can hardly be considered strong. The stock is not down materially from the year's high, whereas many other stocks have been cut to ribbons. If I owned it, which I do not, I would consider selling it to look at something that has gotten a lot cheaper lately or another less controversial financial services company.