Long teetering on the brink, insurance and finance giant Conseco has filed for Chapter 11 bankruptcy protection. Address: 11825 North Pennsylvania Street Carmel, Indiana 46032 U.S.A. Telephone: (317) 817-6100 Fax: (317) 817-2847 http://www.conseco.com Statistics: Public Company Incorporated: 1979 as Security National of Indiana Corp. Employees: 17,187 Total Assets: $98.4 billion (1999) Stock Exchanges: New York Ticker Symbol: CNC Wendt is throwing ballast overboard as fast as possible. In short, we see sufficient evidence that North American misused Conseco's trade secrets to justify the submission of the unfair competition claim and the tortious interference claim to the jury. Corp. v. KCBS, Inc., 910 S.W.2d 329, 331-332 (Mo.App.1995). 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. Consequently, we agree with the district court that the lead sheets and the information contained in Conseco's customer loan files constitute trade secrets within the meaning of the Missouri Uniform Trade Secrets Act.6. At the time of trial, Dime Savings had been acquired by Washington Mutual, a company with a net worth of several times this amount, North American argues that the punitive damages were an improper remedy for its discovery abuses. The $1 billion bid pales in comparison to the $6 billion Conseco paid in 1998 for Green Tree Financial Corp., which became Conseco Finance. Also, in order to be considered a trade secret, the information must be the subject of efforts that are reasonable under the circumstances to maintain its secrecy. In some instances, the former Conseco office managers also took their staffs of loan originators with them to North American. Missouri law places no limit on punitive awards, but requires that "when punitive damages are awarded by a jury, both the trial court and the appellate court review the award to ensure that it is not an abuse of discretion." After the jury returned a verdict against North American on each of the claims, North American filed several post-trial motions, primarily relating to the damage awards. Finally, we can read about how these great companies came about with Company Histories.. Well start sending you the news you need delivered straight to you. In 1982, Hilbert acquired his first life insurance company, Executive Income Life Insurance Co., for $1.3 million. Meridian Enters. In 1998, Conseco purchased the former Greentree Financial, one of the largest financiers of mobile homes, in an attempt to diversify into consumer financial services. Conseco President and Chief Executive Officer William J. Shea said that following approval of the disclosure statement by the court, Conseco will commence the solicitation of votes of its creditors for the approval of its Plan of Reorganization. See Fed. Once a lead sheet is received in a branch office, the office manager then forwards it to a loan originator, who calls these potential customers to offer Conseco's financial services. Indeed, Conseco had closed thirty of its 150 branch offices within the previous year. Go to the courthouse and find the trustee listed on the trust deed. 33. State Farm Mut. Unsubscribe easily. Continued gains in the value of Conseco holdings combined with the success of CCP investments resulted in dynamic growth during 1990 and 1991. How to reverse Diabetes Belly fat: The removal of Diabetes Michigan AG sues Bay Co. contractor who allegedly drained wetland, Mancino's GM accused of embezzling over $100,000, Larkin Township greenhouse to reopen as Rooted by Keits on Friday, Thousands gather for 37th Freeland Walleye Festival despite rain, clouds, MHS alum Krawczak 'oozing confidence' for T'wolves, Loons win 5 of 6 at Fort Wayne behind dominant pitching. The company said it would divest of non-core assets, and it sold seven percent of its stock to private investment firm Thomas H. Lee Company for $478 million. GE Consumer Finance would pay $310 million for Mill Creek Bank, a Salt Lake City-based subsidiary offering consumer and small business loans. Cooper Indus., Inc. v. Leatherman Tool Group, Inc., 532 U.S. 424, 435, 121 S. Ct. 1678, 149 L. Ed. Not only did the company's stock fall about 15 percent upon announcement of the acquisition agreement, but it continued to drop; from a high of $58.12 a share in April 1998, Conseco stock dropped to about $20 a share in late 1999. For visitors with visual disabilities, access to this website, including our FICO Data Privacy Policy, is available through assistive technologies, such as BrowseAloud, JAWS, VoiceOver, Narrator, ChromeVox, and Window-Eyes. So, both Greentree and Conseco are bankrupt, noone to talk to, Conseco new company says all they do is Insurance stuff now, nothing with mortgage or anything..so, how am I supposed to be able to get this lein released from companies that are bankrupt now? BMW of North America, Inc. v. Gore, 517 U.S. 559, 575, 116 S. Ct. 1589, 134 L. Ed. This is the case for many customers of Conseco Finance Servicing Corporation. Look through your paperwork to find out who that title company was and reach out to them to explain the issue and what you are looking to accomplish. What is BenefitNOW account? In contrast to CCP, the new partnership was designed to focus on the acquisition and improvement of larger companies valued at $350 million to $1.5 billion. Podner further testified that in his line of work, it was very common to help new loan originators in this manner, as it is much easier to generate new business with customers who have previously conducted business with Conseco. Ark. [4] Its insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than four million customers in the United States. Conseco renamed Green Tree Conseco Finance Corp. in 1999 and moved toward the next century intent on strengthening operations. Hilbert had an unusual background for a chairman of a major financial institution. Conseco also filed a motion for a temporary restraining order prohibiting certain North American employees from taking, using, or disclosing documents from Conseco's loan files, and to return any information taken from Conseco's files. Green Tree was the nation's largest lender in the mobile home market, which turned out to be much riskier than Conseco had realized. Further, we are satisfied with the sufficiency of the evidence supporting the jury's award of punitive damages. Conseco asserts that Kevin Kattleman, Kevin Podner, and Scott Bristol all removed customer loan files-or copies of the files-from Conseco's offices. CFN would pay $700 million for most of the operations of Conseco Finance, which employs 5,400 people. Conseco generates potential customer leads through a computerized database, which Conseco developed, that analyzes financial information from over forty million individuals.2 Conseco's computer program identifies individuals who might "benefit" from its debt-consolidation services and compiles a list of the potential customers, which is sent to Conseco's branch offices throughout the country in the form of "customer lead sheets. Do you have the closing paperwork (Final HUD-1 settlement statement) from that refinance? Review the required documents based on the type of loan: 3. DoNotpay will ensure the Conseco Finance Servicing lien on your property is rightfully removed in no time. Workers, 34 F.3d 1148, 1155 (2d Cir. As Conseco increased its value and expanded its asset base, suspicions about its performance began to wane in 1993 and 1994. Later, at trial, he admitted they were working for both companies at the same time. Webb Agency, Inc. v. Commercial Standard Ins. Federal law allows you to withdraw as much cash as you want from your bank accounts. In Conseco's case, a bunch of once-rich executives and big creditors took the hit. Sys. In 2003 we refinanced this home through US Bank, however, whenever that was done apparently US Bank never got a CLEAR title on our mobile home.So, we are trying to refinance this now with US Bank, however, they said they can't do it because the title isn't clear and still shows Greentree Financial as a Lein Holder even though US Bank paid this off in 2003. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. Conseco Inc.'s money-losing consumer finance unit would be split into two pieces and sold for $1 billion under the winning bid in an all-night bankruptcy auction that concluded Wednesday. The case involves employees leaving an agriculture supply business to join a competitor. 1993). Floyd Norris article discusses financial problems of Stephen C Hilbert, former head of Conseco Inc until his ouster last month; notes Hilbert was paid $119 million, not counting his stock options . Just as he had done to sell encyclopedias in the mid-1960s, Hilbert started knocking on doors in the late 1970s. The Court, however, went on to note that " [w]hile these ratios are not binding, they are instructive. 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. Kattleman testified that he was uncertain as to exactly how the customer loan files came to be located in his office at North American. But other parties were allowed to submit competing bids. [14], In 2015 February, CNO Financial sold its Hyderabad-based India operations to Cognizant.[15][16]. 2004) (quoting Sanchez v. Puerto Rico Oil Co., 37 F.3d 712, 716 (1st Cir. Conseco Inc. became the third-largest U.S. company to file for bankruptcy in a joint Chapter 11 filing with Conseco Finance in December. Id. 2d 1 (1991)). The auction for former Green Tree Financial in St. Paul, held Tuesday in Chicago, resulted in a Wednesday morning deal, according to news reports. Removing a Lien on a Bankrupt Financial Institution, Re: Removing a Lien on a Bankrupt Financial Institution, Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002. Throughout the 1980s Wall Street perceived Conseco as young and inexperienced. To house its expanding staff and operations in Carmel, Conseco built a 40,000-square-foot data processing center in 1990. In the auction, CFN _ a joint venture of J.C. You can close the account by going to the bank yourself, by phone, online on their platform even by sending them a mail. Indeed, as the insurance industry weathered record insolvencies, Conseco expanded its headquarters and opened an entirely new hub, the Conseco Annuity Center, in Dallas. 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. From an encyclopedia salesman in eastern Indiana, Hilbert had successfully boosted his status to that of corporate multimillionaire. Flowers & Co. LLC, Fortress Investment Group LLC and Cerberus Capital Management _ offered to buy all of Conseco Finance. In July 1996 Conseco bought Life Partners Group, Inc. for about $840 million. You basically need to say the following to US Bank "You did our refinance back in 2003 and it was based on the existing trust deed with Greentree being paid in full and satisfied at closing, which it was paid in full and satisfied, but the company failed to record a reconveyance and that is why their trust deed still appears on our title. Having concluded that these lead sheets and loan files constitute trade secrets, we must next consider whether Conseco produced evidence of actual or threatened misappropriation of these trade secrets. State Farm, 538 U.S. at 425, 123 S. Ct. 1513 (citing Pacific Mutual Life Ins. Id. How would you describe an honorable person? Many homeowners are, survey shows. Thank you, you have successfully subscribed to our newsletter! One of the most important aspects of this world is the emergence of man as a creator. If specificity is lacking, judgment as a matter of law may neither be granted by the district court nor upheld on appeal unless such a result is "`required to prevent manifest injustice.'" 1971) (stating that it is "generally held that an agent's malice is imputable to the corporation making the latter liable for malicious, willful or criminal torts of its agents or employees within the scope of their employment"). Wilton Re's U.S. operating company, Wilton Reassurance Company, has acquired 100% of the common stock of CLIC, a wholly owned subsidiary of CNO consisting of traditional and interest sensitive life insurance policies and deferred annuities in runoff.
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