Indianapolis, Dec 19: Conseco, which filed for US bankruptcy protection early on Wednesday, said the bankruptcy court issued an order that will assist the company in preserving its net operating losses. The insurance and loan company said the US. Bankruptcy Court for the Northern District of Illinois granted a motion that would prohibit certain transfers of equity interests in the Conseco without the company's consent.
The order will remain in effect until the bankruptcy court holds a hearing to reconsider the appropriateness of the interim relief. A hearing has been set for January 14, Conseco said.
The order applies to any person or entity that beneficially owns -- or would own as the result of a proposed transfer -- at least 5 per cent of the common stock of the company on an as-converted basis.

Any purchase, sale or other transfer of equity interests in the company in violation of the order will be null and void, the Conseco release said.
Conseco, which grew from nothing over two decades to become one of the largest US home lenders and personal insurers, collapsed under the weight of more than $51 billion in debt. Bureau Report