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Date Posted: 22:46:19 03/24/09 Tue
Author: Bobby N. Harmon
Subject:

CONSECO SEEKS RELIEF

CV05-00030 - David C. Farmer vs Harmon - Exhibit: "Conseco Seeks Relief"

From: Bobby N. Harmon

Sent: Wed 3/25/09 12:47 AM

To: Barack H. Obama (info@barackobama.com); Eric Holder (AskDOJ@usdoj.gov); David Farmer (farmerd001@hawaii.rr.com); Steven Guttman (sguttman@kdubm.com); Carol K. Muranaka (ustp.region15@usdoj.gov); David A. Ezra (theresa_lam@hid.uscourts.gov); Judith Neustadter (Judy@tiki.net); Kevin S.C. Chang (shari_afuso@hid.uscourts.gov); Barry M. Kurren (tammy_kimura@hid.uscourts.gov); Securities & Exchange Commission Enforcement Division (enforcement@sec.gov); U.S. Treasury Dept. Office of Inspector General (hotline@oig.treas.gov); Office of Inspector General US Dept of Justice (oig.hotline@usdoj.gov); Executive Office for U.S. Trustees (ustrustee.program@usdoj.gov); Bunny Greenhouse (Imw@whistleblowers.org); Robert Faris (hib@hib.uscourts.gov); Anthony Romero (Executive_director@aclu.org); ACLU of Kentucky (info@aclu-ky.org); Electronic Freedom Foundation (information@eff.org); Public Citizen (publiccitizen@mail.democracyinaction.org); Thomas Fitton (info@judicialwatch.org); SEC Office of The Inspector General (oig@sec.gov)

Cc: ACLU Hawaii (office@acluhawaii.org); All Representatives (reps@Capitol.hawaii.gov); All Senators (sens@Capitol.hawaii.gov); Andrew Walden (hfpeditor@email.com); Aon Insurance Managers (mike_coulter@agl.aon.com); Arthur Rath (imua@spamarrest.com); Benjamin Kudo (bkudo@imanakakudo.com); Bradley Tamm (btamm@hawaii.rr.com); Carl Morton (ethics@hawaiiethics.org); Charles Goodwin (HONOLULU@FBI.GOV); Charles Hurd (mcp@mediatehawaii.org); David Shapiro (volcanicash@gmail.com); Dee Jay Mailer (ksinfo@ksbe.edu); Dorothy Sellers (hawaiiag@hawaii.gov); Executive Office for U.S. Trustees (ustrustee.program@usdoj.gov); Hugh Jones (hugh.r.jones@hawaii.gov); Insurance Division Fraud Branch (insfraud@dcca.hawaii.gov); J C Shannon (Hapa1234@aol.com); James B Nicholson (jamesbnicholson@aol.com); James B. Farris (Farrisj@adr.org); James Cribley (jcribley@caselombardi.com); James Wriston (jwriston@awlaw.com); Jeffrey Watanabe (jwatanabe@wik.com); Jim Dooley (jdooley@honoluluadvertiser.com); Jo Ann Uchida (rico@dcca.hawaii.gov); Joe Moore (news@khon2.com); John D. Finnegan (info@chubb.com); John Goemans (wip@kamuela.com); Judge Lloyd King (hib@hib.uscourts.gov); Judith Neustadter (Judy@tiki.net); Judson Witham (jurisnot2@yahoo.com); Ken Conklin (ken_conklin@yahoo.com); Kenneth Hipp (khipp@marrhipp.com); Lawrence Reifurth (dcca@dcca.hawaii.gov); Linda Lingle (governor.lingle@hawaii.gov); Lyn Flanigan Anzai (lflanigan@hsba.org); Margery Bronster (info@bchlaw.net); Marsh Affinity Group (prosecure@marshpm.com); Michael N. Tanoue (mtanoue@paclawgroup.com); Michelle Tucker (michelle@sterlingandtucker.com); Nathan Aipa (nathan@pitluck.com); Office of Inspector General Civil Rights Complaints (inspector.general@usdoj.gov); Office of the U.S. Trustee District of Hawaii (ustp.region15@usdoj.goV); Paul Alston (palston@ahfi.com); Randall Roth (rroth@hawaii.edu); Rick Daysog (rdaysog@honoluluadvertiser.com); Robert Bruce Graham (bgraham@awlaw.com); Robin Campaniano (aigh001@aighawaii.com); Samuel P. King (leslie_sai@hid.uscourts.gov); Susan Tius (STius@rmhawaii.com); William K Slate (Websitemail@adr.org); Jim Terrack (tnthawaii@aol.com); Don Michak (dmichak@journalinquirer.com); Rocco Sansone (rocco.c.sansone@marsh.com); Ted Pettit (tpettit@caselombardi.com); Mark Burch (burch@hawaii.edu); Laura Thielen (dlnr@hawaii.gov); Vaughn & Lynda Robinson (ronpaulslcutah@yahoo.com); Rebecca Christie (rchristie4@bloomberg.net); Catbird (the-catbird@hotmail.com); James Duca (jduca@kdubm.com); Ian Lind (diary@ilind.net); Roy F. Hughes (hthughes@hawaii.rr.com); Malia Zimmerman (Malia@hawaiireporter.com); Elisa Yadao (Ka_Hana@notes.k12.hi.us); Ray Fuqua (ray@maui.net); Jack Cashill (JCashill@aol.com); Bo Gritz (bogritz@msn.com); Marshall Chriswell (mc@whistleblowers.org); Tom Flocco (tom2@tomflocco.com); Michael Moore (mike@michaelmoore.com); Eric Shine (civilrights911@socal.rr.com); Laser Haas (laserhaas@msn.com); Lucy Komisar (lkomisar@msn.com); Democrats.com (activist@democrats.com); Debra Sweet (debrasweet@worldcantwait.org); Jane Kirtley (kirt001@umn.edu); V K Durham (vkdtdht@pionet.net)

Conseco Seeks Relief

Peter C. Beller, 03.24.09, 07:25 PM EDT
Shares of battered insurer rise 40% after it says it wants to bargain with its lenders.

Any news is good news when you're a penny stock.

Shares of Conseco (nyse: CNO - news - people ) jumped 40% on Tuesday after the deeply troubled insurance company said it wants to renegotiate loans to avoid default. In a statement, the life and casualty insurer said it would seek to amend a senior secured credit agreement totaling $911.8 million to change or void financial covenants in return for an increase in the interest rate. At the same time one of the firm's directors announced he will not seek re-election in May.

Investors evidently liked what they read. Conseco's shares gained 22 cents, or 44.0%, to close at 72 cents, and continued upward in after-hours trading. That may be a big one-day lift, but Conseco has still lost 93% of its market value in the last year and now trades at just 5% of the company's book value, which is the value of its assets minus its liabilities as recorded in the company's financial filings.

A spokesman for the Indiana-based company said he had no comment on either announcement or on the terms of the debt the firm wants to renegotiate. The written statement cautioned that "there can be no assurance that such amendments or waivers will be obtained" in the negotiations.

The past year has been unkind to Conseco, which entered the financial crisis lugging baggage that includes a $52 billion bankruptcy in 2002, accounting screw-ups in 2007 and, last year, the dumping of its obligations to long-term care policyholders into a state-run trust. Earlier this month Conseco said it would default on its debt if its auditor, PricewaterhouseCoopers, carried through on a threat to append a going-concern warning to its annual report. The company has still not filed the annual report.

Conseco lost $675 million in the first nine months of 2008 on $3.1 billion in sales, with most of the losses coming from a $550 million hit to its investment portfolio, according to its last regulatory filings in November.

http://www.forbes.com/2009/03/24/conseco-insurance-amend-markets-equity-default.html

# # #

<<< FLASHBACK <<<

September 11, 2001

Conseco Sues Six D&O Insurers Over Litigation Coverage

Conseco Inc. is suing six of its own insurers, claiming they are attempting to dodge legitimate potential claims on directors and officers policies bought by the Indianapolis-based insurer.

In its annual 10-Q filing with the U.S. Securities and Exchange Commission, Conseco said it "maintained certain directors' and officers' liability insurance that was in force at the time the Indiana securities and derivative litigation was commenced and, in our view, applies to the claims asserted in that litigation," according to BestWire.

The Indiana litigation involves 45 lawsuits filed against Conseco in U.S. District Court for the Southern District of Indiana. Conseco said 19 of those cases were putative class actions on behalf of people or entities that purchased the company's common stock during alleged class periods that generally run from April 1999 through April 2000.

In those cases, plaintiffs allege that the company and individual directors and officers violated federal securities laws by, among other things, making false and misleading statements about the then-current state and future prospects of Conseco Finance - particularly with respect to performance of certain loan portfolios of Conseco Finance - which allegedly rendered the company's financial statements false and misleading.

Because it had directors and officers coverage, Conseco didn't establish any reserves for possible losses with respect to those claims, the company said in its 10-Q. "The insurers have denied coverage for those claims, so we commenced a lawsuit against them on June 13, 2001, in Marion County Circuit Court in Indianapolis," Conseco said.

Named as defendants are National Union Fire Insurance Company of Pittsburgh, a subsidiary of American International Group Inc., Royal Insurance Company of America, a unit of Royal & Sun Alliance; Westchester Fire Insurance Co., a unit of Ace Ltd.; RLI Insurance; Greenwich Insurance Co., a unit of XL Capital Ltd., and HSBC Insurance Brokers Ltd.

Morgan Stanley analyst Alice Schroeder, in an Aug. 31 property/casualty insurance briefing, wrote that she doesn't believe an unfavorable outcome for the defendants would have a material impact on the earnings of AIG, XL or Ace.

Schroeder said in her report that AIG's National Union Fire "was apparently the primary carrier issuing the policy, which carries limits of $10 million."

"With jury awards rising at a rapid pace, insurers are getting tougher to protect against larger losses--whether they succeed remains to be seen," Schroeder said in her report. "This event also confirms our view that the D&O market remains difficult, and prices must continue to rise."...

Continued at: http://www.kycbs.net/Conseco.htm

# # #

References:
http://www.kycbs.net/ACE.htm
http://www.kycbs.net/AIG.htm
http://www.kycbs.net/Allied-World-Assurance.htm
http://www.kycbs.net/Bankruptcy-Buzzards.htm
http://www.kycbs.net/Claims-Branch-SEC.htm
http://www.kycbs.net/Conseco.htm
http://www.kycbs.net/PriceWaterhouse.htm
http://www.kycbs.net/Royal-SunAlliance.htm
http://www.kycbs.net/XL.htm

March 25, 2009

Dear President Obama, Attorney General Holder, Mr. Farmer; Mr. Guttman; Ms. Muranaka; Judge Ezra, Judge Chang, Judge Kurren, and All Concerned:

This references the subject Exhibit which provides more factual evidence of fraud, tax evasion, money-laundering, racketeering, bad faith, violation of anti-SLAPP statutes, and undisclosed conflicts of interest among various entities involved in this lawsuit.

In view of all the facts that I have presented in this and hundreds of other Exhibits, it is beyond comprehension that Judges Eden Hifo (fka Bambi Weil), Kevin Chang, David Ezra, Barry Kurren, Lloyd King, and Robert Faris, and Trustees Mary Lou Woo, James Nicholson, and David C. Farmer; the American Arbitration Association arbitrator Judith Neustadter Fuqua, and attorney Steven Guttman can still claim that they were non-conflicted, impartial, and unbiased in this case.

In spite of all this factual evidence, however, I am again asking that we attempt to reach a global settlement of this matter through confidential negotiation or mediation rather than continuing these costly and seemingly-endless court proceedings.

If you still are NOT willing to attempt to negotiate or mediate a settlement, then I ask that you do your required review this new Exhibit and advise me if you find it contains any so-called "protected subject matter", and whether or not you intend to OBJECT to my filing a Motion to reopen this case.

Mr. Farmer, I respectfully request your immediate reply. If I do not receive a response from you or your insurance carrier within 15 days, I will assume that you have found no "protected subject matter" in these updated pages, and that you will NOT file any objections to my Motion.

Very truly yours,

Bobby N. Harmon, CPCU, ARM

Related links:
http://www.kycbs.net/Apartheid-Hawaii.htm
http://www.kycbs.net/Bailing-Out-Wall-Street.htm
http://www.kycbs.net/Broken-Trust-Book.htm
http://www.kycbs.net/Confessions.htm
http://www.kycbs.net/Freedom-To-Sing.htm
http://www.kycbs.net/HarmonArbitration.htm
http://www.kycbs.net/JUSTICE.htm
http://www.kycbs.net/Lost-Generations.htm
http://www.kycbs.net/No-Bailout-for-Billionaires.htm
http://www.kycbs.net/PunaConnection.htm
http://www.kycbs.net/SLAPP.htm

Fax cc:
President Barack Obama - Fax: 202-456-2461
David Farmer, Esq., Trustee, U.S. Dept of Justice, c/o Steven Guttman, Esq., Kessner Duca, et al, Fax: 808-529-7177
Carol Muranaka, Assistant U.S. Trustee - Fax: 808-522-8156
Judith Neustadter Fuqua - Fax: 808-242-1972
Judge David Ezra - Fax: 808-541-3575
Judge Robert Faris - Fax: 808-522-8120
Judge Kevin Chang - Fax: 808-541-1181
Judge Barry Kurren - Fax: 808-541-1181
Ed Kubo, U.S. Attorney, Hawaii - Fax: 808-541-2958
Mark Bennett, Hawaii Attorney General - Fax: 808-586-1239
Hugh Jones, Deputy Attorney General - Fax: 808-586-1477
Governor Linda Lingle, State of Hawaii - Fax: 808-586-0006
Lawrence Reifurth, Director, Hawaii DCCA - Fax: 808-586-2640
Robin Campaniano, President & CEO, AIG Hawaii - Fax: 808-524-0768
Jeffrey P. Schmidt, Hawaii Insurance Commissioner - Fax: 808-586-2806
Janet Kamerman, Special Agent in Charge, FBI Honolulu - Fax: 808-566-4470
Dee Jay Mailer, J. Douglas Ing, Robert Kihune, Corbett Kalama, Francis Keala, Nainoa Thompson, Diane Plotts, Constance Lau, Kamehameha Schools - Fax: 808-541-5305
Colleen Wong, Louanne Kam, Legal Affairs Dept, Kamehameha Schools - Fax: 808-541-5305
Dennis Tsuhako, CPA, (formerly of PricewaterhouseCoopers) Fax: 808-531-3433
Warren Price, Esq., Fax: 808-533-0549
Rocco Sansone, CPCU, Sr. VP, Marsh & McLennan - Fax: 808-585-3510
James Cribley, President, P&C Insurance Company - Fax: 808-523-1888
Robert Katz, Esq. & Matt Tsukazaki, Esq., Torkildson, Katz, et al - Fax: 808-523-6001
Barry Marr, Esq., Kenneth Hipp, Esq., Marr, Jones & Wang - Fax: 808-536-6700
Jeffrey Sia, Esq., Ayabe, Chong, et al - Fax: 808-526-3491
Roy Hughes, Esq., Hughes & Taosaka - Fax: 808-521-7489
Colbert Matsumoto, Chairman & CEO, Island Insurance Co. - Fax: 808-275-8132
Representative Mazie Hirono - Fax: 202-225-4987

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