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Conseco: Filing
built 635 days ago
The executives at Conseco must be very big film or pop literature fans to have followed the Grisham script so closely. It almost makes one wonder if they can be sued not only for benefits, breech of contract and bad faith, but on intellectual property grounds.
CARMEL, Ind., April 11 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO), announced today that its board has nominated Donna A. James and Doreen A. Wright to stand for election as directors at Conseco's annual meeting of shareholders on May 22. The board would expand to 10 members; the eight current directors have been nominated for re-election at the meeting.
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"Conseco has a tremendous future," Bardin said. "It is well positioned in its marketplace, with exceptional opportunities for growth and value creation, and I am truly excited about working with Jim Prieur and his leadership team to fulfill those opportunities."
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Once a high-flying company that caught Wall Street's fancy, Conseco rose to Fortune 500 status through numerous insurance acquisitions engineered by co-founder and former CEO Stephen Hilbert. But that strategy proved unsustainable and one buyout too many sent the company into a tailspin so severe that Hilbert was forced to resign.
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Despite Hilbert's insistence that Conseco's success reflected a commitment to sound business practices, skepticism continued. Conseco endured a string of disparaging articles in major business journals in the early 1990s that questioned its integrity. Shortsellers--investors that had bet on Conseco's downfall--were enraged when its earnings continued to multiply. 'This (criticism) goes back to instinct and gut feeling, and no hard facts,' said money manager Martin Lizt in a January 1993 issue of Financial World. 'You have to ask the question, `Have they found a new way to make white bread?'
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Wall Street analysts and many Conseco stockholders felt Hilbert vastly overpaid for Green Tree. Conseco's stock fell 15 percent the day the companies announced the deal and went into a long and steady decline through all of 1999 and into 2000.
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