Conseco Ex-Chief Loses Appeal Over $72M Debt

Law360, New York (November 9, 2005, 12:00 AM EST) -- A three-judge panel of the Indiana Court of Appeals on Tuesday unanimously upheld a lower court's ruling ordering Conseco Inc. founder Stephen Hilbert to pay $72 million to his former company.

In the late 1990s, Hilbert borrowed more than $162 million from the company he founded to purchase Conseco stock, which became worthless during its bankruptcy reorganization in 2003. The loan program, now prohibited under federal law, was created in 1996, and more than 150 employees participated in it.

Hilbert has repaid little of the more...
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