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

To: Pancho Villa who wrote (644)	3/3/1998 11:45:00 AM
From: Wabash Cannonball	Read Replies (2) \| Respond to of 4155

Does anyone have specific details regarding the loan that was made to finance the insider's purchase of stock? Pancho, it was my understanding (from a post made long ago) that this was a loan from BankAmerica.

To: Pancho Villa who wrote (644)	3/3/1998 2:35:00 PM
From: Gerald Walls	Respond to of 4155

Not sure, but I believe they are using the annuity and life insurance proceeds that belong to the policy holders as loans to buy stock. So they are going Italian style, not risking their own money Bzzzt! Wrong. They are personal bank loans in which Conseco guarantees to the bank that they'll be paid back and Conseco then has full recourse to collect the debt from the director. This makes the loan attractive to the director because Conseco's guarantee should significantly reduce the interest rate. This is from a news release a year ago. I assume that the current plan is an extension of this one. conseco.com "Director/officer stock purchase program. Consecos board also expanded a program originally implemented in April 1996 which is designed to encourage long-term shareholdings by directors and officers of the company. The board approved the purchase of 4 million additional shares in the program. As reported, under the program directors and officers purchased a total of 4 million shares in the open market between April and September 1996. Purchases under the program are financed with personal bank loans. Conseco guarantees the loans, but is indemnified by the participants. Under the program, shares may be purchased in the open market or in negotiated transactions with independent parties."