Conseco, Trump to Sell GM Building

Conseco and real estate tycoon Donald J. Trump have reached an agreement to sell the General Motors Building in New York City.The parties did not disclose how the proceeds from the sale are to be distributed between them. Bill Shea, Conseco's chief executive officer and president, said the building will be put up for sale immediately "to permit Conseco to put the substantial value of this investment to work toward our restructuring program." Last year, Mr. Trump initiated a $1 billion lawsuit against Conseco -- seeking actual damages in excess of $500 million and punitive damages of $500 million -- alleging a breach of agreement to sell Conseco’s interest in the building to Mr. Trump. The building was purchased in July 1998 by Trump and Conseco, as partners, from Corporate Property Investors, according to the Trump Organization.