IS CONSECO RIPPING OFF THE ELDERLY, THE SENIOR CITIZENS?
Conseco "acquired" lots of companies some time back, and then, in 2002, filed for bankruptcy.
http://www.cbsnews.com/stories/2002/08/07/national/main517820.shtml
(AP) Insurance and finance company Conseco Inc., facing $6.5 billion in debt and a federal investigation of its accounting practices, filed for Chapter 11 protection in the third-largest bankruptcy in U.S. history.
Terms were negotiated before Tuesday night's filing in U.S. Bankruptcy Court in Chicago, said Conseco spokesman Mark Lubbers. Conseco, the nation's seventh-largest insurance provider, was seeking a judge's approval of an agreement with several of the company's stakeholders.
Banks and bondholders who took part in the talks reached terms with Conseco, but holders of preferred securities did not, Lubbers said. Talks will continue with those investors, Lubbers said.
Although the filing was not surprising given Conseco's recent woes, it marked a dramatic downfall for a company whose stock was once a Wall Street darling.
From 1988 to 1998, the company's stock averaged a total return of 47 percent per year and Conseco shares traded as high as $58. Today, the stock trades at less than a nickel per share.
Under the most commonly used measure to rank bankruptcies, Conseco's ranks third in the United States based on the $52.3 billion in assets the company and its subsidiaries reported as of Sept. 30. "
Well, it says that, SIX YEARS AGO, the feds were doing an investigation into Conseco's accounting practices. Now, it appears they are holding onto almost TWELVE THOUSAND dollars belonging to me and my late husband.
If my bank had not changed / upgraded their computer systems, I might never have discovered the dirty little secret of them continuing to take premiums out of my account on a man that they were informed by me, died in 1996. I sent them a copy of the death certificate in the mail, and asked they close the policy and discontinue taking money out.
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keywords: conseco, conseco incorporated, conseco insurance, transport life, cancer policy,
twelve, 12, years of being ripped off, complaint, insurance fraud perhaps
http://www.cbsnews.com/stories/2002/08/07/national/main517820.shtml
"Another Monster-Sized Bankruptcy
Conseco - Facing Debt And Federal Investigation - Files Chapter 11
(AP) Insurance and finance company Conseco Inc., facing $6.5 billion in debt and a federal investigation of its accounting practices, filed for Chapter 11 protection in the third-largest bankruptcy in U.S. history.
Terms were negotiated before Tuesday night's filing in U.S. Bankruptcy Court in Chicago, said Conseco spokesman Mark Lubbers. Conseco, the nation's seventh-largest insurance provider, was seeking a judge's approval of an agreement with several of the company's stakeholders.
Banks and bondholders who took part in the talks reached terms with Conseco, but holders of preferred securities did not, Lubbers said. Talks will continue with those investors, Lubbers said.
Although the filing was not surprising given Conseco's recent woes, it marked a dramatic downfall for a company whose stock was once a Wall Street darling.
From 1988 to 1998, the company's stock averaged a total return of 47 percent per year and Conseco shares traded as high as $58. Today, the stock trades at less than a nickel per share.
Under the most commonly used measure to rank bankruptcies, Conseco's ranks third in the United States based on the $52.3 billion in assets the company and its subsidiaries reported as of Sept. 30. "
Well, it says that, SIX YEARS AGO, the feds were doing an investigation into Conseco's accounting practices. Now, it appears they are holding onto almost TWELVE THOUSAND dollars belonging to me and my late husband.
If my bank had not changed / upgraded their computer systems, I might never have discovered the dirty little secret of them continuing to take premiums out of my account on a man that they were informed by me, died in 1996. I sent them a copy of the death certificate in the mail, and asked they close the policy and discontinue taking money out.
<====================%============================>
keywords: conseco, conseco incorporated, conseco insurance, transport life, cancer policy,
twelve, 12, years of being ripped off, complaint, insurance fraud perhaps
Labels: cancer policy, conseco, conseco incorporated, conseco insurance, transport life
posted by MRS LAVERTY at
4:15 PM
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