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Corrections Corporation of America Message Board

  • olddaddygram olddaddygram Mar 2, 1999 4:13 PM Flag

    I guess I don't understand PZN

    What is creating all of the buyer resistance ? I
    realize REITs are out of favor, but PZN is different than
    a hotel, shopping center, or other private real
    estate investments. It's only leasees are taxing
    bodies.The full faith and credit of the state that signs the
    lease is our collateral. Right or wrong ? If these

    folks can't pay their rent, they raise taxes to pay it.
    Our prison population doesn't fluxuate that much does
    it ? Just continues to go up. In the old "CCA" days,
    investors loved the stock. What has chilled the investors
    on PZN ?

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • This thread, if you can access it since the
      merger, is a compelling case-study, through the eyes of
      both longs & shorts, a full spectrum of Doc Crants
      opinions, from cult-like believers to those who view him
      and his son as the anti-Christ and Satan.
      In the
      main, the posts from April 20-the end are cogent,
      articulate, and honest.
      And of course, there are those
      that aren't...mostly from those who are on one or the
      other extreme, and whose emotions outweighed their
      common sense. Certainly an exercise worth conducting, if
      you really want a history lesson on this stock.
      Without meaning to be 'flip'
      about your question, no
      one--whether gifted with 20/20 hindsight or not--can summarize
      the 9 months of rollercoaster
      ride those of us
      who've hung in have been
      on. It has truly been

      I have my own theories, as did most who posted on
      CCA, about why the centers of influence in the market
      crapped all over
      the 'merger' from day one, and
      haven't let up since. No matter whose ideas you find most
      acceptable, the endgame was simply one gigantic foulup, with
      a $35 stock and
      a $40 stock becoming a $20
      stock, with shareholders having 87.5% of the shares they
      started out with. It's sort of like the old TV program
      Remember how it would open, with all the sub-plots being that by the time the show actually started, you
      were already laughing? Same here, 'cept you want to
      cry, not laugh....but the soap opera nature of the
      last 9 mos. still as unbelievable.

      Whether a
      visionary idea that we'll all have to see played out so we
      can share in Doc's genius, OR a naked money-grab by
      the guru of an industry who sold out a lifetime of
      respect for the bucks, only time will tell. That's the
      range of opinion. Unfortunately, way too many of the
      'centers of influence' saw the latter than the former.

      That's my best attempt to answer your
      question. I
      think it would be healthy for others who've been here
      for that period
      to add to this, shoot it down, or
      go in a totally different direction.

      There is
      only one bottom line, however.
      On April 20, 1998,
      for every 100 shares of CCA you owned, @ or around
      $35, your CCA asset totalled about
      $3,500. Today,
      if you kept it, you have 87.5 shares of PZN, which
      closed today at about $20, totalling about

      Good luck.

    • The government is not the tenant for PZN, except,
      I beleive, in one small jail acquired in the USCC
      merger. Private "CCA" is the primary tenant. Not exactly
      the same. CCA can't really raise taxes to cover its
      lease payments if government pulls out of management

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