400 Second Avenue South
Minneapolis, Minnesota 55401-2499
(612)-371-1111
1-800-328-4441
(612)-371-1124 FAX
TO: All
Company Locations and Agency Managers
FROM: R. Chipinski
J. Cleaveland
DATE:
December 6, 2002
SUBJECT:
LENDER ALERT
As you may be aware,
Conseco Finance Corp. (“CFC”) has been experiencing financial difficulties.
An article in the St. Paul Pioneer Press on Thursday of this week states
that CFC has “edged closer to a widely anticipated bankruptcy filing as the
struggling company said Wednesday it has defaulted on $44.7 million in
guaranteed loan payments.”
With the apparent further deterioration in
CFC’s financial condition, please be advised that all future closings
involving CFC as the lender must be funded with a wire transfer. No funds are to be disbursed on any these transactions until
CFC’s wire transfer has been received into our escrow account.
Agency managers are also hereby requested to strongly recommend to agents that they also close these transactions only upon the receipt of a CFC wire transfer.
If any questions should arise or if you
experience any difficulties with the settlement of a CFC transaction, please
contact your manager or state counsel immediately.