GE Consumer Finance Reaches Deal to Acquire Conseco Finance Corp.'s Auto. The purchase included Massachusetts General Life, Philadelphia Life, Lamar Life, and Wabash Life. Mill Creek is based in Salt Lake. Here the damage award is further supported by the remaining tortious interference claim. Similarly, an investment in a restaurant chain that featured buckets of spaghetti fizzled. This handbook states that "non-public information about customers, dealers, and others is strictly confidential.". Learn more. Having concluded that these lead sheets and loan files constitute trade secrets, we must next consider whether Conseco produced evidence of actual or threatened misappropriation of these trade secrets. P. 50(a) (2). GE Capital was sold for parts in 2013, and your mortgage was probably bought by GM Credit (now Ally Bank) or Wells Fargo. HOwever, DiTech said that they only acquired ACTIVE accoutns from Conseco and since it was closed prior to DiTech acquiring them, that they can't do anything about it. Forget Conseco - now it's CNO Financial - InvestmentNews The only way to change mortgage servicers is to refinance your loan and move to a lender that services the loans they originate. Id. And, one of North American's senior managers, Carrie Hiatt, knowingly authorized Rick Lasek to work in North American's Des Moines office while Lasek was still employed by Conseco, There was evidence of wrongdoing in several North American locations including: St. Louis, Missouri; Collinsville, Illinois; Springfield, Illinois; Wichita, Kansas; Davenport, Iowa; Colorado Springs, Colorado; and Overland Park, Kansas, North American's senior manager in charge of the company's expansion into the subprime market, Ken Keeler, received compensation based on loan production. In support of this motion, Conseco identified three former employees that it alleged had misappropriated its trade secrets. Wendt is celebrated for his business acumen and for his bitter and very public divorce from his first wife, Lorna, several years ago. Conseco Files for Bankruptcy Protection - The New York Times However, he speculated that as many as ten of these former Conseco customers could have switched their business to North American. individuals with low credit scores. It collected $5.6 billion in. 1994)). During this experience he conceived the idea for a new kind of enterprise--a life insurance company that would combine the flexibility and innovation of a small firm with the marketing savvy, financial strength, and computer systems of a big financial institution. Observers now say Green Tree's problems should have been obvious when Conseco, under the leadership of its co-founder Stephen Hilbert, bought it. The proceeds from the sale of its finance unit are expected to be used to satisfy the creditors of Conseco Finance Corp., the company says. Indeed, as the insurance industry weathered record insolvencies, Conseco expanded its headquarters and opened an entirely new hub, the Conseco Annuity Center, in Dallas. As stated so eloquently-and simply-by Judge Posner of our sister circuit, "punitive damages should be proportional to the wrongfulness of the defendant's actions." Conseco Finance Corp. will be split up and sold for a total of about $1 billion. It moved the balance of the operations from its largest purchase, Bankers National, to its ballooning Carmel headquarters. The Court, however, went on to note that " [w]hile these ratios are not binding, they are instructive. Conseco's 1989 annual report boasted that it had eliminated 83 percent of the employees from one of its acquisitions. Removing a Lien on a Bankrupt Financial Institution, Re: Removing a Lien on a Bankrupt Financial Institution, Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002. 1998). In Vigoro, the court noted that if the contacts had been located throughout the country the information would have been considered to be a trade secret. What is BenefitNOW account? In response, Conseco sent a copy of Mambretti's letter to North American with a request that North American "cease and desist" from taking and using information contained in Conseco's loan files. From an encyclopedia salesman in eastern Indiana, Hilbert had successfully boosted his status to that of corporate multimillionaire. It purchased Lincoln Income Life Insurance Co. and Bankers National Life Insurance Co. for $32 million and $118 million, respectively. Our office is located on 7360 S Kyrene Rd, Tempe, AZ, 2003). To complement that holding company's subsidiaries, Security National of Indiana was established to develop and market new life insurance products and services. Who owns Wilco life insurance? Conseco acquired the remaining 63 percent interest in American Life in September 1996. Galdieri-Ambrosini, 136 F.3d at 287. Later, at trial, he admitted they were working for both companies at the same time. Cooper Indus., Inc. v. Leatherman Tool Group, Inc., 532 U.S. 424, 435, 121 S. Ct. 1678, 149 L. Ed. In early August 2000, Conseco sent a letter notifying North American's legal department of the misconduct by Scott Bristol and his loan originators and asking that it stop. Conseco Finance (Financial Services) is a financial advisory firm in Tempe, Arizona. However, the rules are such that "`technical precision is not necessary in stating grounds for the motion so long as the trial court is aware of the movant's position.'" Conseco also filed a motion seeking a preliminary injunction and a permanent injunction to prevent the "raiding" of its employees. We use cookies. Privacy Policy. SYDNEY (Reuters) - A consortium of private equity firm KKR & Co LP KKR. In December of that year Hilbert's two holding companies were merged under the name Conseco, Inc. With about 25 employees and assets worth $3 million, Conseco substantially improved the performance of its two acquisitions during 1983 and 1984. It also agreed to commit $5 million in 1993 to Rick Galles Racing, an Indy Car racing team in which Conseco owned a 33 percent share. Companies displayed may pay us to be Authorized or when you click a link, call a number or fill a form on our site. The partnership, CFN Investments, and GE Consumer Finance emerged as winning bidders in a 21-hour auction that ended about 5 a.m. CST Wednesday at the Chicago offices of Conseco's bankruptcy lawyers. The company's stock decline also led to a deficit of collateral on company-guaranteed loans used by Conseco executives to purchase Conseco stock. In September the company entered into a $344 million partnership with American Life Holdings, Inc., which included subsidiaries American Life and Casualty and Vulcan Life. After such consideration, we find that the $18 million punitive award does not comport with the requirements of the Due Process Clause. Therefore, Conseco established a second misappropriation claim in regard to those specific loan files copied by Podner just prior to his resignation from Conseco. After the December bankruptcy filing, CFN tentatively agreed to buy all of Conseco Finance for about $850 million to $950 million. State Farm Mut. The company's stock had returned an average of 39 percent a year since becoming a public company in 1985. Conseco, Inc. Conseco Finance Servicing Corp., Formerly Known As Green Tree Financial Shortsellers--investors that had bet on Conseco's downfall--were enraged when its earnings continued to multiply. Because the evidence is susceptible to a reasonable inference supporting the verdict, we affirm the district court's decision to submit this claim to the jury and its subsequent denial of judgment as a matter of law. For example, PNC charges a $25 fee if you close an account within 180 days of opening. Mambretti learned this fact through a phone call from a North American loan originator. 2d 585 (2003) (quoting Gore, 517 U.S. at 575, 116 S. Ct. 1589). Green Tree was Conseco's first acquisition not related to insurance, and it was also the largest of Conseco's acquisitions--Conseco reportedly paid about $6 billion in stock for Green Tree. Share & Print. Now, you think another third party would be a title company? (formerly Conseco, Inc. (from Consolidated National Security Corporation)) is a financial services holding company based in Carmel, Indiana. The purpose of requiring the moving party to articulate the ground on which the Rule 50 judgment is sought "is to give the other party an opportunity to cure the defects in proof that might otherwise preclude him from taking the case to the jury." I bought a 1995 boat trailer. Finally, we can read about how these great companies came about with Company Histories.. But other parties were allowed to submit competing bids. Conseco Inc., a major provider of life and health insurance, agreed to acquire Green Tree Financial Corp., a subprime-market lender best known for financing mobile-home purchases, in a stock. Terrence J. O'Toole of St. Louis appeared on the brief. So, we purchased a mobile home in 1997 and it was financed through Greentree Financial. So, both Greentree and Conseco are bankrupt, noone to talk to, Conseco new company says all they do is Insurance stuff now, nothing with mortgage or anything..so, how am I supposed to be able to get this lein released from companies that are bankrupt now? Id. The bank should mail you a check for the remaining balance in your account. There are several ways to get a Release of Lien if you originally financed your home with Conseco. At both the close of Conseco's case and the close of all of the evidence, North American filed motions for directed verdict, which were argued before the court. Review the required documents based on the type of loan: 3. Upon arriving at North American, Bristol gave these names and numbers to loan originators as leads, who contacted these former Conseco customers. How would you describe an honorable person? Many homeowners are, survey shows. The companies were Consolidated Marketing Group, Inter-State Service, Inc., and TLC National Marketing Company, which sold products door-to-door. More details on software and accessibility are available at WebAIM.org. In May 1994, CCP II made the first in a series of expected acquisitions when it agreed to purchase Statesman Group, Inc. for $350 million. The company was intended to serve as the primary vehicle for new life insurance acquisitions. Additionally, Conseco produced evidence that Podner made copies of an unspecified number of customer loan files shortly before his resignation.