Conseco, whats to come?

Feb 25, 2008

  1. InsuranceJosh
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    InsuranceJosh Super Genius

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    Last edited: Feb 25, 2008
  2. Mr. Bill
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    Mr. Bill Guru

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    More than likely they are already looking for suitors. At this point, if there are any financial shenanigans, no one will trust them ever again. The first time around you can spread the blame vastly, the second time, no way. Broken up or sold, that's how I see it...
     
    Mr. Bill, Feb 25, 2008
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  3. HomeService
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    they are trying like crazy to become a supplemental benefits co
     
  4. InsuranceJosh
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    One more I found..


    "NEW YORK (Reuters) - Conseco Inc (CNO.N: Quote, Profile, Research) said on Monday it will restate nearly three years of financial results to fix a variety of reporting errors, as it addresses a material weakness in its financial controls.
    The insurer said it will restate results for 2005, 2006 and the first three quarters of 2007, and that investors should no longer rely on its financial statements for those periods. It said the changes will also affect some 2003 and 2004 financial data. Conseco will delay filing its 2007 annual report with securities regulators.
    Conseco said the most significant errors relate to insurance policy benefits and liabilities for insurance products in its disease and life operations, and in long-term care operations of a business that Conseco is running off.
    The company expects the errors caused it to overstate shareholder equity by $15 million to $35 million as of Sept 30, 2007. It said fixing the errors may cause earnings to rise or fall by no more than $15 million for any prior annual period.
    Carmel, Indiana-based Conseco said it doesn't expect to fix the material weakness until its improved internal controls run effectively for a "sufficient" period of time.
    The company expects to report fourth-quarter results after U.S. markets close on March 11, and file its annual report with the U.S. Securities and Exchange Commission around March 17.
    Shares of Conseco closed Friday at $12.10 on the New York Stock Exchange."
    (Reporting by Jonathan Stempel; Editing by Derek Caney)

    Conseco to restate results, has material weakness | Markets | Hot Stocks | Reuters
     
  5. Ahnuld
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    I read the articles, thank you. The USS Conseco has sprung a few leaks and is taking on water. Is there any inside skinny other than rumors that they are going to raise premiums or lower commissions or as Mr. Bill said going on the block?
     
    Ahnuld, Feb 26, 2008
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  6. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Canseco? Jose Canseco? I thought he was retired for good, but had another book coming out this Spring...
     
  7. bluemarlin08
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    bluemarlin08 Guru

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    CON seco, how do they survive? I have a friend that is going on their convention soon, some exotic port of call, last year the Med. Where is CON seco a good fit?
     
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