NU Online News Service, June 13, 2003, 12:16 p.m. EDT – Conseco Inc., Carmel, Ind., says it and Donald Trump have resolved a dispute over the GM Building.
Conseco and Trump, which share ownership of the building, will sell the building and split the proceeds, Conseco says.
The terms of the division of the proceeds are confidential, Conseco says.
The GM Building is on Fifth Avenue in Manhattan.
Conseco also says it will be filing a third version of its reorganization plan that should address most of the remaining unresolved objections to the plan.
In related news, Conseco says that some of its creditors have agreed “in principle” to change their votes and support the reorganization plan.
Once the creditors who have agreed to change their votes do so, Conseco should have enough votes from all creditor classes other than the “TOPrS” class to accept the plan, the company says.
The creditors in the TOPrS class hold Trust-Originated Preferred Securities.