Brian
Indianapolis,#2UPDATE EX-employee responds
Tue, February 21, 2006
The New Greentree Bought Greenpoint Credit and in November on 2005 from Northfork Bank who had only owned it for one month when they bought Greenpoint Finance on October 1 2005. Greenpoint now has 25 Billion worth of loans. Its too bad they arent a publicly traded company or something would be done.....
Jm
Carmel,#3UPDATE Employee
Sun, February 05, 2006
I am sincerely empathetic with your situation, and wish you the very best of luck in resolving the matter to your benefit. As we all know, there are currently hundreds upon hundreds of complaints against Green Tree, just as there were when Conseco originally purchased that company in 1998. I wanted only to provide a bit of clarification with regard to your comment about Conseco going "belly up" and being "bought out" by GreenTree Servicing, as that is NOT a correct statement. In 1998, Conseco purchased Green Tree Financial Corp., later renamed Conseco Finance, for $6 billion (yes, BILLION!). Obviously, the decision to purchase Green Tree, not to mention the completely insane price Hilbert (former CEO) paid, very nearly destroyed Conseco entirely. It was certainly the catalyst which resulted in Conseco joining the ranks of Enron and MCI, as the nation's third largest bankruptcy. In March of 2000, Conseco made the announcement that they would try to sell Conseco Finance. Conseco officials later acknowledged, at the June/2000 shareholders' meeting, that selling Conseco Finance would be extremely difficult, if even possible. Conseco filed for Chapter 11 bankruptcy on 12/17/2002, and was finally able to sell Conseco Finance (formerly Green Tree) on March 14, 2003, for $1.3 billion --- almost $5 billion LESS than Conseco had originally paid for it! The sale was to CFN Investments LLC and GE Consumer Finance. The Securities and Exchange Commission subpoenaed Conseco Finance records the following September, finally releasing the results of a 19-month investigation on 3/10/2004. The SEC then sued former Conseco executives James Adams, and Rollin d**k, former CFO, the following day, 3/11/2004, for $5.6 million. Conseco officially emerged from Chapter 11 protection on September 10, 2003. In November/2005, Conseco reported tremendous 3Q05 results: - Net operating income: $72.1 million, up 24% over 3Q04 - Net income applicable to common stock: $68.4 million, up 18% over 3Q04 - Eighth consecutive quarter of strong earnings - Total new annualized premium (sales) up 9% over 3Q04. On Friday, 2/3/2006, Conseco stock closed at $23.93/share! Our all-time low was under five cents! We are recovering from our past mistakes. Again, I wish you the best in your stuggle against Green Tree Servicing to "right the wrongs", but I did want to offer some clarification about the two companies. Best wishes.