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Examples
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Rodriguez wound up on Conseco's bankruptcy committee after the company filed for Chapter 11 protection in August 2002.
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Meanwhile, Conseco is dealing with the request of Steel Partners II L. -- an 8% shareholder -- for the company to consider its nomination of its co-founders, Warren G. L.chtenstein and Jack L. Howard, to Conseco's board.
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In May, Steel Partners tried once again to have more of a say in Conseco's operations, as it sought to boost its 9.8% stake in Conseco to 22% and push its board to ramp up the strategic review.
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In April, the ratings agency warned that it was placing ratings of Conseco's insurance subsidiaries under review for possible downgrade, while noting "concerns over the number of continuing one-time charges that have impacted the company's earnings and capital position."
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The efforts by Steel Partners come as Howard has complained that Conseco's review "has been slow to implement."
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The release of Conseco's results had been postponed several weeks amid accounting issues that delayed finalization of its annual financial statements.
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Tuesday (September 30, 2008) will be a determinative day for Conseco's 149,000 long-term care insurance (LTC) policyholders, and virtually none of them know anything about it.
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Conseco's Colonial Penn segment -- which distributes direct to customers via television, Internet and direct mail -- saw a 25% revenue increase as the business continues to benefit from increased marketing.
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The insurance company said the results are subject to change due to a continuing evaluation of its financial statements following the recent decision by regulators that Conseco's accounting methods aren't consistent with standards of the Securities and Exchange Commission.
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Conseco's insurance group, which works through independent insurance agents, posted a 9% slide in sales as earnings fell 31%.
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