Conseco Inc.'s Conseco Finance Corp. will be sold under a preliminary agreement to CFN Investment Holdings LLC, a joint venture of $1.2 billion Fortress Investment Group LLC, Cerberus Capital Management L.P., and J.C. Flowers & Co., for an undisclosed price, Conseco Inc. announced today in its bankruptcy filing. Conseco Finance is a St. Paul, MN-based private-label card issuer with $2.8 billion in receivables and three million accounts. Clients include the home- improvement chains Menard Inc. Sutherlands Lumber and Home Improvement Centers, 84 Lumber Co., McCoy's Building and Supply Centers, and the motor sports division of Honda Motor Co. On Aug. 30, Salt Lake City, UT-based Conseco Bank, Conseco's card-issuing bank, changed its name to Mill Creek Bank. With $52.3 billion in assets, Conseco Inc.'s bankruptcy is the third-largest ever.
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