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Bankruptcy Court Limits Big Conseco Stock Transfers

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NU Online News Service, Dec. 19, 6:37 p.m. – Conseco Inc., Carmel, Ind., says the U.S. Bankruptcy Court in Chicago has set guidelines for reporting requirements for substantial holders of Conseco stock and stock equivalents.

The court entered an order Wednesday restricting some holders’ ability to transfer their equity interests without Conseco’s consent.

The order, which will remain in effect until the court holds a hearing Jan. 14, 2003, applies to any person or entity that either directly or indirectly beneficially owns, or would own following a transfer, at least 5% of the common stock of the company on an as-converted basis, Conseco says.

Any purchase, sale or other transfer of equity interests in the company in violation of the order will be null and void, Conseco says.


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