LYCOS RETRIEVER 
Conseco: Gary Wendt
built 635 days ago
Hearings on Conseco's bankruptcy reorganization plan began in Chicago on June 13, 2003. In late July, a settlement between the company and holders of trust-preferred debt was reached. In mid-August, Wendt settled and the U.S. Trustee's Office, which had threatened to reject the plan because of protections being afforded Conseco officials, dropped its objections.
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Mr Wendt, who remained board chairman, said as recently as May 1 that Conseco's short-term debt problems were behind it, and that he was confident about next year's prospects. Those statements and other reassurances from Conseco executives led to the filing of a string of shareholder lawsuits.
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Despite falling stock prices and losses topping $418 million, Conseco's five highest-paid executives collected nearly $3.5 million in bonuses in 2001, although Wendt was not among them. He received no bonus or salary for 2000 and 2001. And rather than take a promised $1 million in salary for 2002, Wendt agreed to be compensated in company stock. Then in July, on the same day Conseco stock reached a then all time low of $1.20, it was revealed that Wendt had received an $8 million bonus, as designated in his contract.
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One unanswered question is whether Gary Wendt, the chairman and chief executive of Conseco, will tender his $10 million of bonds, which have a rate of 10.75 percent and mature in June 2008. Those bonds are to be extended by one year. Mr. Lubbers declined to comment on Mr. Wendt's plans.
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Many of the call center jobs were exported to an Indian company called Exlservice that Wendt partially owned at the time but later sold back to Conseco. The elimination of Conseco's medical insurance line during the past 14 months ... forced more than 120,000 clients to seek other coverage.
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