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Subject: Meet the new Conseco Finance boss

Author:
goldpot

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Date Posted: 17:59:52 12/18/02 Wed

Meet the new Conseco Finance boss

Published Dec. 19, 2002 CONSBX

Under Conseco's proposed bankruptcy plan, St. Paul-based Conseco Finance would be sold to a private partnership called CFN Investment Holdings, barring the emergence of a more generous bidder.

CFN is a joint venture among three New York-based private investment houses, Fortress Investment Group, J.C. Flowers & Co. and Cerberus Capital Management.

Flowers is led by J. Christopher Flowers, a former Goldman Sachs partner who helped the venerable Wall Street house offer shares to the public before leaving to form his own firm. His most notable accomplishment since then has been the restructuring of Japan's giant Long-Term Credit Bank, which was essentially insolvent under the weight of bad debts. In 2001, Flowers announced the formation of a new equity fund to invest in financial companies in the United States and abroad.

Fortress Investment manages more than $1.2 billion for institutional clients and invests primarily in financial assets and real estate. It deals include a stake in Prison Realty Trust Inc., the largest corporate prison owner in the United States.

Cerberus Capital specializes in investments in debt-ridden firms that it views as ripe for a turnaround.

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Replies:

Subject	Author	Date
Re: Meet the new Conseco Finance boss	jonathan ouellette	16:16:17 03/10/03 Mon