CONSECO V. HILBERT SETTLED

Several local media sources are reporting that Carmel, Indiana-based Conseco and its founder and former CEO Steve Hilbert reached a confidential settlement early this morning.  Indianapolis Star story link.  This appears to resolve the proceedings supplemental phase of the litigation about which I wrote in my December 1 post “Not Your Typical Order To Appear.”  I doubt that this will impact the December 28 sheriff’s sale of Hilbert’s former mansion, however.  (See my November 17 post “Not Your Typical Sheriff’s Sale”).  I suspect Hilbert essentially has surrendered that asset to Conseco as part of the collection efforts.   

Naturally, judgment debtors don’t enjoy being grilled in Court about the nature and extent of their assets.  Hilbert avoided such uncomfortable and public questioning by settling this morning just before he and his wife were set to appear.  Because the settlement is confidential, we’ll never know who got the better deal.  Did Hilbert string along Conseco and wait to settle until virtually the last possible minute?  Or, did Conseco push Hilbert to the brink of an awkward hearing to squeeze more money out of him?  My guess is, it was a combination of the two.  Regardless, this is an example of how Court intervention, or more specifically the threat of it, ultimately causes parties to settle.

Here is The Indianapolis Star’s full story in Thursday’s paper:  ‘It’s all over now’