Conseco Inc. issued a statement Wednesday regarding its stock’s recent decline and rumors that may be contributing to that decline.
“We are disappointed that the market has misunderstood our announcement of March 31, 2000 in which we said that we would seek to sell Conseco Finance Corp. and adjust the value of its interest-only security,” the announcement explained. “We announced this process because we believe, when completed, we will have eliminated the primary issue of concern for investors over this past year, namely our involvement in the finance industry.”
Company directors and management are confident Conseco has adequate liquidity to fund the loan originations and meet other cash needs during the process. They report having substantial liquid assets on the balance sheet, as well as warehouse lines and other facilities to fund the company’s inventory of loans that have not been securitized.
The company is nearing completion of its audited Form 10-K for 1999 and expects to have it on file by April 14.
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