Conseco may not be able to avoid bancruptcy Moody's Investors Service warned yesterday. The rating agency cut its debt ratings of Conseco Inc. unsecured debt by two notches to "Caa1," its fifth-lowest "junk" grade out of 11, from "B2."

Conseco is the parent company to Conseco Capital Management which manages some $32 billion in assets and has 240 employees. The fixed income specialist was rocked when 16 members of its bond team jumped ship for Delaware Investments in July of 2000. The Carmel, Indiana-based firm responded to those defections, and the resignation of its equity chief, by bringing in a team from Frank Russell.  

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