The company's stock had returned an average of 39 percent a year since becoming a public company in 1985. Despite Hilbert's insistence that Conseco's success reflected a commitment to sound business practices, skepticism continued. 2003)). We agree. Conseco withdrew from the deal after deciding that the asking price would cause too much accumulation of debt. It is clear to us that Conseco derives economic benefit from this information. *UPDATE Employee: Conseco Financial no longer exists, Green Tree is owned by someone else Another route you can take is to reach out to the county recorder-clerk's office and ask how they deal with reconveyances for trust deeds from companies that are no longer in business. KKR, Varde and Deutsche buy GE Capital consumer finance arm for $6.3 billion. The company also made loans of nearly $550 million to its executives and directors. Who bought out Conseco Finance Servicing Corp? Throughout the 1980s Wall Street perceived Conseco as young and inexperienced. As the company approached its 21st year of operations, Conseco remained confident that it could successfully attain its goals&mdash provide middle America with a wide array of financial and insurance products and services. Importantly, though, Hilbert also searched for insurers that were inefficient and bloated with excess personnel. Principal Subsidiaries: Bankers Life and Casualty Company; Conseco Annuity Assurance Company; Conseco Direct Life Insurance Company; Conseco Health Insurance Company; Conseco Life Insurance Company; Conseco Life Insurance Company of New York; Conseco Medical Insurance Company; Conseco Risk Management, Inc.; Conseco Senior Health Insurance Company; Manhattan National Life Insurance Company; Pioneer Life Insurance Company; United Presidential Life Insurance Company; Washington National Insurance Company; Conseco Capital Management, Inc.; Conseco Variable Insurance Company; Conseco Fund Group; Conseco Finance Corp. GE Consumer Finance, a unit of General Electric Co., will buy the assets of Mill Creek Bank, a wholly owned subsidiary of Conseco Finance, for $310 million. In the year 2000 his salary increased to $400,000. P. 50(b); Martin H. Redish, 9 Moore's Federal Practice 50.41 (3d ed.2003). This is the case for many customers of Conseco Finance Servicing Corporation. 2004) (quoting Sanchez v. Puerto Rico Oil Co., 37 F.3d 712, 716 (1st Cir. Podner testified that the number was substantial. Conseco also presented evidence that in its Davenport, Iowa, office-after the filing of the lawsuit-the area manager, Rick Lasek, worked for both companies, copied thousands of Conseco lead sheets, sent them to North American, copied all of the HUD settlement statements from his office, and stated that his goal was to "put the mother [* * * *]ers [Conseco] out of business." CCM provided a variety of financial and investment advisory services on a fee basis to both affiliated and nonaffiliated insurers. For example, PNC charges a $25 fee if you close an account within 180 days of opening. To meet these goals, Conseco in March agreed to acquire Green Tree Financial Corporation, a diversified financial services company that offered home equity and home improvement loans, financing packages for the purchases of recreational vehicles and equipment, and credit cards. Conseco's Employee Handbook specifically states that "non-public information about customers, dealers, and others is strictly confidential." Next, North American claims that because the Missouri Uniform Trade Secrets Act has replaced all common-law remedies, no tort claim is maintainable unless the information qualifies as a "trade secret" under the statute. Conseco, based in the Indianapolis suburb of Carmel, employs about 10,000 people and listed $52.3 billion in assets and $51.2 billion in debts in its bankruptcy filing. Such challenges must be sufficiently specific so as to apprise the district court of the grounds relied on in support of the motion. I understand you cannot get a hold of the previous mortgage company, obviously that cannot be done. Zachar v. Lee, 363 F.3d 70, 72 (1st. Furthermore, these customer loan files eventually made their way to his office at North American. Conseco is a leading provider of financial security for life, health and retirement needs. Phone: 800-643-0202 Web: Category: Mortgage Companies Conseco Finance / GreenTree Deceptive practice / stole my home St. Paul Minnesota *Consumer Comment: Sold your house to Conseco? [citation needed], From its opening in 1999 until 2011, the company (when it was known as Conseco) held the naming rights to the home arena of the NBA's Indiana Pacers; the naming rights were transferred to Bankers Life in 2011. who bought out conseco finance servicing corp - YourNextU Member Proceeds from the sales will help satisfy creditors owed $6.5 billion in parent company debt. [7] for $31 per share in cash but the merger could not be consummated as the Kentucky Department of Insurance raised objections to certain expenses which Lincoln would have incurred in the merger. Although many insurers suffered severe setbacks during the U.S. recession and experienced staggering declines in the value of their portfolios, Conseco swelled its asset base to $11.8 billion and doubled its workforce to almost 1,100. However, North American also introduced several new legal theories-related to damages-not distinctly articulated in its "Directed Verdict Motion." R. Civ. During the same period, the value of Conseco's assets ballooned from $11.8 billion to $16.6 billion--a gain of about 30 percent. Accordingly, we find no error in the submission, This figure is based on the net worth of North American Mortgage, a division of Dime Savings Bank of New York. Newsletters: Get local news delivered directly to you, Chemic alum among NU's top hitters, outfielders. Most persuasively, North American contends that the "exacting" nature and quality of proof needed for recovery of lost profits in Missouri required Conseco to prove net profits by introducing evidence "of the cost and expense of operating the business during these periods." Continuing on its acquisition splurge, Conseco entered into agreements to merge with Kemper Corporation, an insurance company much larger than Conseco, for about $2.6 billion. The problems started in 1998 when the company bought Greentree Financial, a mobile and manufactured housing lender, in 1998. In recent years, Conseco has been one of the most successful insurance companies in the United States. This handbook states that "non-public information about customers, dealers, and others is strictly confidential.". Conseco Loan Numbers Undercut Turnaround Talk - TheStreet During this experience he conceived the idea for a new kind of enterprise--a life insurance company that would combine the flexibility and innovation of a small firm with the marketing savvy, financial strength, and computer systems of a big financial institution. Targeting 'middle America,' or U.S. households with annual incomes between $25,000 and $75,000, Conseco's insurance products range from medical to life. Hilbert's strategy seemed relatively simple to most observers: purchase troubled insurance companies with potential and increase their value by turning them around. It purchased Lincoln Income Life Insurance Co. and Bankers National Life Insurance Co. for $32 million and $118 million, respectively. Author: Mariposa, California. The court rejected this argument noting that this was a geographic area where everyone knows everyone else, "and you simply need to `see and ask'" to identify customers. 1994)). St. James Press, 2000. Additionally, Conseco produced evidence that Podner made copies of an unspecified number of customer loan files shortly before his resignation. R. Civ. R. Civ. Id. In our review of the punitive damages award, the Supreme Court instructs us to consider three guideposts: (1) the degree of reprehensibility of the defendant's misconduct; (2) the disparity between the actual or potential harm suffered by the plaintiff and the punitive damages award; and (3) the difference between the punitive damages awarded by the jury and the civil penalties authorized or imposed in comparable cases.11 Gore, 517 U.S. at 575, 116 S. Ct. 1589 (1996). However, because of the significant variance between the large actual damage award and the resulting punitive award, we must consider the nature of North American's conduct and the harm suffered solely by Conseco. Im going TO SAY THIS IN BIG BIG LETTERS.. __________________________________________________. It's not a permanent solution but it solves it for that specific transaction. The ultimate product of the lead sheets-the loan file-contained financial statements, loan applications, appraisals, income calculation worksheets, W2 forms, payroll information of Conseco customers, tax returns, and bank statements of Conseco customers. It began insurance operations in 1982 and became a public company in 1985. The company also acquired additional shares of Bankers Life Holding Corp., a holding company for Bankers Life and Casualty, upping its stake to 81 percent in 1995. It's the third-largest corporate bankruptcy filing in history. A potential obstacle to approval emerged this week when the Securities and Exchange Commission filed an objection to Conseco's disclosure statement and reorganization plan. Conseco Finance CompanyC onseco Finance Corporation ripoff - not removing reporting after bankruptcy filed St Paul Minnesota. Shearson Lehman Brothers advised Lincoln Income Life Insurance. But when the company servicing the mortgage has been sold several times, it's hard to know where to go to demand the lien release. In addition, Hilbert sought firms that had developed unique insurance and annuity products or had devised innovative distribution systems for their offerings. He received $8.8 million in pay and exercised stock options worth almost $30 million. In July 1996 Conseco bought Life Partners Group, Inc. for about $840 million. Importantly, the company had eliminated much of its debt burden by 1994. The parties proceeded to a trial on the merits for these issues. 1994)). Corp., 136 F.3d 276, 286 (2d Cir. When Dwight Eisenhower gave the Atoms for Peace speech what constructive use of nuclear energy was he introducing? We value your privacy. Co., 866 F. Supp. [5], CNO Financial was incorporated in 1979 as Security National of Indiana Corp. by Stephen Hilbert. Other ventures included outdoor and indoor theaters in Indiana and Ohio. In addition, Conseco typically achieved significant efficiency gains by implementing advanced information and data processing systems. Kientzy v. McDonnell Douglas Corp., 990 F.2d 1051, 1061 (8th Cir. During this same period, Conseco's mortgage service division downsized. ', As detractors waited for Conseco's money machine to disintegrate in the early 1990s, Hilbert clung to his original guiding principles. Shortly after this employee exodus began, Conseco received a letter from one of its St. Louis branch customers, Michael Mambretti, complaining that his confidential loan information had been taken by a Conseco loan originator, from Conseco to North American.