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.
PZN 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.
RP's 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?