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  • newMK newMK May 18, 1999 12:15 AM Flag

    A simple and elegant solution

    a former REIT. I haven't liked 'em for twenty or
    thirty years. A growth company has no business being a
    REIT. Somebody posted that the trouble with CCA began
    when Doc's son arrived. True - again, not because of
    bad intentions, but because the bright guy "grew up"
    in Goldman's REIT dept when REITs were enjoying the
    good wishes of a brilliant market & analysts like you
    & Litt. If you can find it, go back and read about
    HOT's decision to be taxed as a C Corp. And speaking of
    HOT, of which you have NEVER responded to polite
    requests for explanation of elegance, your buddy Barry got
    a pretty lousy review in Forbes recently. And the
    REIT bubble let a guy like him thrive.

    never should have been set up. I said it before and
    will repeat it - Doc's first disingenuity was at last
    year's shareholders meeting when he said PZN raised $400
    million with no dilution for CCA's shareholders. B.S. - I
    calculate 20% dilution post-merger. Anyway, it came into
    being when you and others were in love with REITs. As
    Doc confessed, it was so easy to raise money that
    way, why not go whole hog. Now all you REIT lovers
    have turned on him and he's got his otherwise
    brilliant self tangled up in the complexities.

    got it right. Merge with OPCO, get some mortgages,
    take the hit and get back to a single business with no
    dividends!!! Sorry Flip.

    Oh P.S. Cleo - you didn't
    advise on the VC/VTR REIT deal did you?

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