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Corrections Corporation of America Message Board

  • newMK newMK Jan 27, 2002 11:29 PM Flag

    toptalk and vjb

    The math on the cash should be pretty simple - about $10 per share of stock received. There is no reason that the cash and stock portion would be in different proportions among the claimants.

    I don't know the difference between the state and the federal issues. There were two different class actions settled (the smaller one was coded "DAS", and covered a slightly different period). I'm too lazy to go back to all the info sent out by the atorneys and try to figure it out.

    vjb - to get part of the settlement, you had to file a claim by March, 2001. If you didn't, you can still sue on your own, but the cost is likely prohibitive. Worse, the statute of limitations has probably expired, unless you can prove fraud (tough to do, regardless of your feelings).

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    • Thanks Mk for your patience. I'll accept your computations if not for no other reason that even the administrator was unable to give me a formula. In any case they agreed that they will give me the cash (no stock left) based on 6550 shares. That would mean I should receive about $3500. Thanks again for your time. MK you seem to have a good handle on CXW. What is your take on the future of this gem? From what I can see is that if they fill the last 18% of beds we should be in fair shape. Also what is the target price for the coming year?

    • toptalk99 Read your post ,THANK YOU for the thought.......that once again we turn the page and get on with it.

      Very good comment......as the poet would say "let the dead past bury it' dead".


      Well we will see what the future holds.

      BEST WISHES TO ALL genepond

    • gene - thanks for your response.
      We will wait for it to come out in the wash. Let's all hope it is NOT another bath!
      Sorry to hear of your unfortunate allegience to Enron. With a little reflection, I think many (maybe most) of us have gone thru' the big wringer at least once in our investing careers. I know I have (see CCX, CCA.PZN,CXW etc....)!
      It always seems to be so easy to buy, but often very difficult to sell!
      However, once again we turn the page, and get on with it.
      Good luck to all.
      Regards

    • toptalk99 In answer to your post,gene was told only that gene had the 500 damaged shares which amounted to $5000 dollars,and the settlement would be calculated at 5%,or prox $250 dollars.
      7 shares were received,and was informed that a cash check would be forthcoming in prox 3 to 4 weeks.

      The settlement may be determined not on the number of damaged shares one has,but the loss
      one has suffered.Sorry since gene is not to swift in these matters that is the only logical answer that gene can come up with.

      Will have to wait and see the answers.

      Thank you and it will all come out in the wash.
      genepond

    • gene - the calculation is still confusing me. What if you had your 1000 shares prior to the period (ie. before 12/31/98) and held them thru' the period which ended 12/27/99? What price/value was used to calculate your base? From this base the $5k was deducted, thus leaving a value that was used to determine the shares, and the cash, for settlement.
      Any help on this would be greatly appreciated.
      Many thanks.

    • newMK Gene forgot to add that these shares were held through all the change from
      pzn to cxw. They were sold recently to cover my margin account,gene did not believe it possible that enron was going down and held on to the bitter end.Wasn't it Barum when gene was a little boy,who said a sucker is born every minute.??????????????

      THANK YOU newMK for interest gene pond

    • newMK...Have enjoyed your past posts and consider you as a well informed person.
      So will try to tell you what the person at the law office told me, however did not ask for his name.
      gene bought in 1000 shares in 1999 during the period in question, hoping to have an income when pzn was still a reit,and was paid the lastof their dividend that was paid.
      gene was told by the law firm,that his 1000 shares had been bought for $10,000 dollars therefore $5000 dollars had been deducted ,leaving $5000 dollars in damaged shares,and these would receive payment calculated @ 5%.
      Gene received 7 shares of cxw stock and was told a cash check would be sent out in 3 or 4 weeks for the balance.
      THANKS gene

    • read #18986 again.

      The settlement has nothing to do with the shares you currently own, so neither does the $10 per share.

      If you owned the 6500 shares of PZN throughout the claim period (1999), I would calculate that you would have been entitled to 320 shares of CXW, plus cash of $10 for each of those shares. Total value: 320shs x $18 (current value) equals $5,760, plus $3,200 of cahs (10 x 320), for a total of $8,960.

      Ballpark...I don't know all the details of your stock.

      If you filed a valid claim and they screwed it up, maybe you can sue them (Gilardi or Millberg, Weiss). They got about $40,000,000 for this case - maybe they'll feel generous.

    • Going from memory, but the actual calculation was complex and went something like this.

      Each claimant submitted details as to shares held at beginning and end of period, and purchases and sales during the period. The claims administrator then did a calculation of gains or losses, including loss in value of shares held throughout the period. Then they took the lesser (or maybe greater) of the calculated loss per share and a set loss per share. The percentage of this amount to the total calculated losses for all claimants times the total settlement pool then became the percentage of the stock and cash distributed.

      The example I gave was for shares held throughout the period. If your shares were bought and/or sold during the period, the loss calculation would have been different.

      As far as I know, there was no fixed percentage, and no fixed deduction. I don't know the details of your (hypothetical) 10,000 investment, but if it was 500 shares at the beginning and end of the period, you should have received perhaps 21 shares, plus $210 of cash to come in the near future.

      I'm curious if the 5%/5000 calculation came from Gilardi (claims administrator) or someone else.

    • Your right about filing a timely claim which I did but after several Tel calls working my way through the system I was informed that they sent me notice that I didn't qualify which I never got but apparently I do qualify after they reviewed the file. However the stock end of the settlement is "gone" but the cash is still around waiting to be dispersed. They're going to treat me like a late claim which means "nothing" I can't win but I'm still fighting because I did file a claim and I believe they screwed up. No difference the burden is on me. What I want to know am I right in my computation. I owned 6500 shares of old PZN somehow I now have 1600+ shares of common CXW. WOULD I HAVE RECEIVED $16,000 in this settlement? Please anyone can respond. It would take a lot of pain away if say I was only entitled to a few grand. Thanks all.

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