Stephen Hilbert, chief executive of Conseco Inc., said Wednesday he is so sure his company's stock is undervalued that he would take his bonus for the rest of 1999 in stock valued at $50 a share or market value, whichever is higher.

The stock was at $32 at midday Wednesday. The company pegged his bonus for the last nine months of this year at $10.1 million. Mr. Hilbert said in a phone interview that he is trying to "let everyone know I'm aligned with the shareholders.

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