Posted by Phil on October 25, 2003 at 17:19:42:
Thanks for a good laugh. Sounds like a new TV show…Joe Millionaire Lose-aires. Guy in beat up truck drives around the country buying f/c’s from greedy CEO’s and other high ups busted for stealing and deceiving the public. Still ROTFLMAO.
Phil
Super Sized Foreclosure Deal… - Posted by JT-IN
Posted by JT-IN on October 22, 2003 at 09:24:23:
In todays news… A 19.4 million dollar mortgage foreclosure… What do you think… Short Sale or Discount the Note & Mtg…?
Another point to consider here: This mtg was to the CEO of the company, and it is only part of the $ 217 million that he owes… No wonder corporate America is in the shape it is in… Can you imagine a robbery like this… all w/o a gun. Throw him to the wolves with all the other corporate bandits…
Conseco pursues mansion foreclosure
INDIANAPOLIS - Conseco Inc. is seeking foreclosure of a $19.4 million mortgage on former CEO Stephen Hilbert’s mansion toward recovering $217 million the company says he owes, a lawyer for the insurer said.
Talks to settle the loan and interest debt out of court have bogged down, leading to Conseco’s efforts to collect the money through litigation, attorney Reed Oslan said.
Conseco filed the lawsuit targeting Hilbert’s home on Monday in Superior Court. It seeks $62 million in interest payments from loans Hilbert took out to buy Conseco stock in a company-sponsored program of a type now barred under federal law.
I checked the case. This is messier than ever. - Posted by js-Indianapolis
Posted by js-Indianapolis on October 29, 2003 at 18:23:04:
Here’s what I found while pulling files. Hilbert’s wasn’t hard to spot. Right there in the middle of all these average new cases, that are about 5-10 pages, there’s a file over an inch thick.
Listed as defendants are Hilbert, and his entire family (was the dog named too?) personally, as well as this foundation, and that trust. In total, 16 different defendants, all associated with Hilbert.
The complaint itself is 24 pages long. It alleges a number of things, obviously, but some I was unaware of. Apparently, I was mistaken. Hilbert didn’t sign for Conseco’s loans. Instead, he took out the loans in his name, and Conseco backed him. This was the 162 Million in loans to buy stock. The complaint mentions how the stock shot up, and Hilbert just hung on, while it then sank. So now, he’s in default on the $162 Million, with $62 Million in back interest. Man, I hate it when I rack up double digit millions in fees.
The case is really pretty interesting, referring to “the mansion”, and being less than tactful on stating repeatedly things alluding to Hilbert living large, and not paying for it. It read like more of an editorial piece in places. The big thing that stood out to me is that they are alleging fraudulent transfers to his wife. I wonder how far they’re willing to push on that, to squeeze him.
So, anyhow, the mortgage he obtained was 19.4 mil, payable at 1% per month. Can that be right? I remember the 1%, and then an APY (or something) of 1.67%. Perhaps that’s his rate. You can get 1% on 19.4 mil? Well…if I would have known that…
Here’s what the place looks like on paper:
http://www.co.hamilton.in.us/app/reports/rptpropcard.asp?parcelno=1713030000001001
and
http://www.co.hamilton.in.us/app/reports/rptpropcard.asp?parcelno=1713030000028004
are the two parcels. There?s a couple others I found around there, with his name on them too. Why aren?t they listed in the FC? Wait a second. They’ve got one assessed at 990,000, and the other is $7,293,200. What a piece of crap! 19.7 mil my arse! Man, I was all ready to make an offer. Looks like we’re going to have to shortsale it, pretty good. I’ll see if I can get some pictures of the multiple unkept pools, or tennis courts, or maybe the Health Club. What’s that all about anyhow? Check out all the crap on the property card.
Check out the full legal description. Who’s doing his estate planning anyhow? Conseco?
Legal Description: 11/14/90 SPLIT FROM BROWNING A 11/1/91 B&P ONLY 9129288 2/11/94 FRM HILBERT 9407302 1/23/97 FR HILBERT 9702595 9/1/99 FR HILBERT TRUST 9951956 9/1/99 FR HILBERT 9951957 9/1/99 FR HILBERT 9951958 7/20/00 FR HILBERT TRUST 2000-35111 7/20/00 FR HILBERT 2000-35112 7/20/00 FR HILBERT 2000-35113 9/13/00 AFF/SUCCESSOR TRUSTEE 2000-45781
Great job of hiding it, Steve-O.
Here’s my plan for success. First, become CEO of corporation that is yoyo-ing like crazy. Then, borrow stupid huge amounts of money, when it looks like the company is going to finally sore. Marry a stripper, and transfer most of that money to her. Form a few dozen trusts for the rest of the money. Default on all of it, and tell your former company to get bent. Let’s see what I can do first…I can’t get my resume to any corporations right now…don’t have anyone backing me on a $162 Mil loan…but Brad’s Gold Club is open.
I’m getting started on my plan tonight. If I ever have enough money to be buying a complex of this nature, someone please come smack me, and put me back in a reasonable home. Amazing to what levels greed can be taken, without ending up in jail.
Hey CONSECO! How will YOU pay for… - Posted by js-Indianapolis
Posted by js-Indianapolis on October 22, 2003 at 18:37:40:
…YOUR financial future?
Here’s some background, and good dirt on the situation. Hilbert, and right hand man, Rollin Dick (adolescent giggle), guaranteed Conseco?s loans (the two major ones in default) PERSONALLY. Funny, really, as I just read your post below on Corporate credit.
I’m not sure what they were thinking; maybe they weren’t? Mind you, Hilbert is the one who married the stripper who jumped out of the cake at his son’s bachelor party. Perhaps they should have examined his judgment, as well as his credit.
Then, you’ll recall a few years ago the giant stock flop, and the two clowns getting run out overnight. Then comes GE’s former CEO, who is promised a $12 Million bonus, if he gets the stock over $20 a share. Sells enough crap (Greentree), and reorganized good enough to get it just into the $20 range. THEN, he takes the money and quits. Legal thievery. Maybe he’s the smart thief you never hear about.
Since then, the stock went from the NYSE, to the over the counter board, and finally, it’s now off to the happy place. Perhaps they were thinking. Thinking how they?re going to steal, within the line of the law, and still live a fat and happy lifestyle. His house is up the street here. It?s not small. Not a real hardship for someone who was laid off three years ago. Many of the employess laid off are not so lucky. When stock goes from $50 to $5 to $.05 to gone, it hits their workers a little harder than their CEO.
The commercials that say “How do YOU plan on paying for YOUR financial future?” are really funny now. Especially the one where the lady’s husband has died and she keeps him propped up in the office, to get his paycheck. Seems Conseco took their own advertising literally, and are still planning on collecting after they’re dead. Or perhaps this is more like their other one, where someone is getting money from a monkey?
I?ll try to get up to the courthouse tomorrow to pull this one, just for giggles. Perhaps I can figure an angle to get Conseco to accept a short. Maybe get ole Steve to cough up a deed if I throw him a few bones to move. What?s it cost to move the contents of a $16 Million dollar house? I?ll see if he takes $500 to start. 
Just to have a funny story, this one?s getting a letter for sure.
-Has your white collar crime spree come to an end?
-Facing foreclosure on a stupid huge home?
-Your stripper wife spending all your cash?
We can HELP you!!!
Hahahahaha!!! I kill me. I?ve gotta send something. This is too rich.
Re: Super Sized Foreclosure Deal… - Posted by Ben (NJ)
Posted by Ben (NJ) on October 22, 2003 at 10:14:46:
Years ago (are you getting old when you start every story with that phrase?) I looked at an FDIC defaulted
loan package on a large hotel in NJ. The file read like a novel. The owner initally borrowed a large sum of money, then as business slowed he literally extorted the bank into loaning him more and more, each time saying, “the only way you will recoup your initial loan is by providing me with more loans to get myself out of this mess”. After about FIVE more loans, the S&L finally called it quits.
Funny thing is we were going to bid on the package but discovered the hotel was loaded with asbestos! What a debacle! No wonder the S&L’s crumbled.
Re: Super Sized Foreclosure Deal… - Posted by E.Eka
Posted by E.Eka on October 22, 2003 at 09:35:59:
JT will Conseco’s name have to come off of COnseco Field? he he!
How about you short sale the 19.4mill and lease option it to Peyton Manning?
Re: Hey CONSECO! How will YOU pay for… - Posted by IB (NJ)
Posted by IB (NJ) on October 23, 2003 at 20:10:44:
js, I cried laughing all the way through this!!!
PLEASE post the letter when it’s done
Conseco WILL deal on short sales!! - Posted by BaldRepublican
Posted by BaldRepublican on October 22, 2003 at 22:22:07:
They were very desperate for money this past year and gave huge discounts to par.
Re: Hey CONSECO! How will YOU pay for… - Posted by js-Indianapolis
Posted by js-Indianapolis on October 23, 2003 at 23:12:04:
I got to thinking, I don’t send letters. If I want the house, I’m either knocking, or calling. I don’t really want much in this county, and I’ve got enough short sales going to not want to add some more frustration to my day.
SOOOOO…how funny would it be to drive my old beat up Truck or Subaru to his curb, and go knock on his door? Hey, at least my vehicles are paid for, pal. I’ll post the story if I get enough…nu…uh…guts to do this.
Now that I really think about it, he’s in FC like the rest of them. Why should I treat him different then anyone else? Certainly would cure any fear on future deals, if I get through this one, RIGHT? WHO’S WITH ME??? AAHHHHAAAAAHHHGGG!!!