Word: conseco
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...crisis is the Green Tree Financial Corp. debacle. The firm made trailer-home ownership more accessible to low- and middle-income consumers. At its pinnacle, the company financed more than 40% of trailer homes, many with mortgages for people with bad credit. In 1998, Green Tree was bought by Conseco for a hefty $7.6 billion; by 2002, Conseco had declared bankruptcy. "Green Tree was a house of cards, built on financial engineering that could not withstand the test of time," write the authors. It was the third largest bankruptcy in U.S. history at the time--one that now looks puny...
Shares of Conseco, an Indiana-based finance and insurance company, once traded as high as $58, but they were worth less than $1 when the conglomerate declared bankruptcy. The company had racked up massive debt from multiple acquisitions and loans to officers to buy company stock. Conseco emerged from bankruptcy...
Green Tree's Bad Gifts Conseco, the U.S. insurance and financial giant, filed for bankruptcy protection, citing some $51.2 billion in debts - the third-largest bankruptcy in American history. One of the firm's biggest woes: Green Tree Financial Corp., a unit that specialized in mobile-home loans...
...SERIAL ACQUIRERS" Great companies grow mainly from within, while those that gobble up lots of other companies almost always end up with a nasty bout of nausea. Tyco is only the latest case; earlier came Conseco and others all the way back to the notorious LTV in the 1960s. Cisco, which has eaten dozens of other tech firms in recent years, hasn't quite gagged yet, but I'll be surprised if it doesn...
While some 120 insurance companies offer LTC, the top 10 to 12 companies, which include John Hancock, Conseco and GE Capital, write 80% of the policies. "The policies have moved away from the dreaded nursing home toward community-based care," says Timothy Otto, president of M and O Marketing, an insurance brokerage in Dearborn, Mich. "What most people want is to stay at home...