Conseco targets founder's assets; New board wants Hilbert to repay $218 million in loans from the company

Telegraph - Herald (Dubuque) | December 9, 2003| | Copyright

CARMEL, Ind. (AP) - As Stephen C. Hilbert's venture into the insurance business took off, the college dropout and former encyclopedia salesman amassed wealth's trappings: a Caribbean island estate, race horses, arts and antiques.

Five years ago, the company he founded, Conseco Inc., began a descent into bankruptcy, a slide that forced Hilbert to resign. Now, he could lose his riches in a fight that pits him against a company he led for nearly 20 years - Conseco is making a fresh start with a new board and ownership, and it's seeking $218 million that the company founder took out in loans and ...

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