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Corrections Corporation of America Message Board

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  • newMK newMK May 15, 1999 6:34 PM Flag

    You can hear it now. 2

    In 1310 you state, with regard to the PZN/OPCO
    relationship: "The problem is there is no independence here."
    The problem is that many, like you, don't seem to see
    why the lack of independence is advantageous to the
    PZN shareholders.

    It is so very simple. What
    other tenant would pay 20-24% (OK, less 2%, but same
    cash) of cost for 11 years? What other prison
    management company is assured of losing $100,000,000 in the
    next 5 years? Why do you think that is? Answer:
    because OPCO has just barely enough separate existence to
    allow PZN to qualify as a REIT.

    It's a shame
    that the market that loved PZN when it WAS independent
    of CCA (and getting 11% rentals), now barfs every
    time Doc makes a miscue. More on Doc later.

 
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