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Corrections Corporation of America Message Board

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  • RetiredPaperman RetiredPaperman Jan 18, 1999 1:56 PM Flag

    Anybody read streetcom today??? What doe

    I can't comment on all of your points but
    concerning them "walking away from all management contracts
    for facilities for which they do not own", that, if
    true, strikes me as quite understandable. But, I assume
    you mean they would not bid for future management
    contracts as opposed to "walking away" which implies they
    are going to not fulfil their contractual
    obligations.

    Anyway, New PZN's mission is to build or buy (and own) as
    many facilities as can be economically completed. PZN
    has many prisons and beds presently under
    construction. When those facilities are built and occupied they
    will need the operating company to manage them. As a
    shareholder of PZN, I think that is what should happen. I
    would be worried if you were telling me that the
    operating company was bidding on management contracts NOT
    owned by PZN. That's not how we'll make our
    money.

    I'm a relatively new shareholder so it's quite
    possible I'm missing something here. I'm sure others will
    let me know if I am. As far as the impact of this
    transition on profitability - well, I'm assuming Doc is
    managing this process so that the shareholders's
    profitability is maximized. The impact to short run? Again, I
    don't know and don't care. As a shareholder I expect
    managment to deal with this. It sounds like PZN and Op Co
    managements are repositioning the operating assets (the
    people) so they can deploy them in PZN facilities. That's
    what supposed to happen. As far as employee concerns;
    I don't see where they would/should have any. Doc's
    never missed a payroll and there seems to have
    historically been expanding opportunities for employees over
    time.

    Concerning newcomers into the industry, what industry
    doesn't have them. CCA has dealt with that for a decade
    and for their trouble they own 50%+ of the market.
    Not many other companies can say that: Coke,
    Gillette, Microsoft. Pretty nice company.

    Please
    understand that I'm not trying to be critical of you at all.
    You have brought up some very good discussion points
    which will probably be further developed by people more
    familiar with PZN and the industry.

 
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