NU Online News Service, Feb. 17, 5:34 p.m. – Lawyers at Becker & Poliakoff P.A., Fort Lauderdale, Fla., will be representing the unsecured creditors of two consumer finance subsidiaries of Conseco Inc., Carmel, Ind., in Chapter 11 bankruptcy proceedings in Chicago.
The subsidiaries are Conseco Finance Corp. and Conseco Finance Servicing Corp.
The Conseco filings are part of the third largest bankruptcy case in U.S. history, after the Enron and WorldCom bankruptcy cases, Becker & Poliakoff says.
Becker & Poliakoff lawyers working on the case will include Gary Blum, Ivan Reich and Gary Rosen.
Conseco has already hammered out a reorganization plan with its banks and bondholders, but its consumer finance units still have to negotiate agreements with their unsecured creditors, Becker & Poliakoff says.
Unsecured creditors include employees, suppliers, investors who have bought unsecured notes, and other individuals and companies that say Conseco owes them money or other consideration.