I'm not missing the point. In fact, you restated my point.
If the accusation you make is true, the lawsuit fixed it. Right? Why would the wronged parties settle for less than they were allegedly screwed out of? You said at the time the settlement was announced that it involved substantial concessions by CCA/PZN (I, of course disagreed, but who am I to argue at this point?)And the court agrees with you that the suit wasn't frivolous - that's why they gave the attorneys so much for their considerable effort (I'm trying hard not to lose my lunch).
Long story made short - you (or those of your ilk)had your day in court, so quit bitching.
The IRS does NOT have to rule on this. They can challenge it at any time via audit, but their best chance to sustain a challenge (substance over form) is lost. Assuming PZN continually meets the mechanical requirements of being a REIT, they can prove the form reflected the substance because of this lawsuit. Like I say - cheap insurance.
And a reminder - more than the merger drove this stock down. I've gone over those facts with you before.
Fundamentals DO count. With a REIT structure your paid out your profits and you can choose what you wish with them. If you own a "regular stock" you need a buyer for you to make your profit. If your seller then the situation obviously is not good.
Wall Street is a moody place. We like privates corrections...now we hate it...why? Well the growth rates are not 1000% any more and Internet Selling Sites are. Whey love REIT's they hate them. It's the nature of the beast I guess, always has been....into Auto stocks..out of auto stocks. When you make money moving money around, it better keep moving.
If your a trader then PZN is probably not a good choice. I've always felt as a trader you buy high and sell higher..you know momentum stuff. It's why internet stocks are trading so well, they are moving up well. Of course everyone knows they are overpriced..but there going up. And everyone always thinks they can get the top tick or will get out when they want too.
IMO, as an investor you buy low and sell high...in theory anyway. This is disturbing to see the stock act this way at a market high...because we know it will go down further if the market declines. How it will go? If the market is bad you'll probably be shocked by the yield. IF you can't deal with that then you should plan a strategy what your going to do.
My advice..focus on the fundamentals..not the stock price. This company is very cheap as a take-over candidate(I'm NOT implying it is though) and that's a very important measure I use to decide if I want a stock.