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Corrections Corporation of America Message Board

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  • realtimequote realtimequote Jul 10, 1999 12:18 PM Flag

    Please Post in a perspicacious manner

    you are correct. The tone of RJPrisions and his
    writing style is different from nycoffeeman. I think
    maybe we do him an injustice. His tone has changed
    some, but I now believe he is a true investor in PZN
    and not a shill.

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    • Spoke to PZN mgt. this week. I was told that the
      can issue special dividend in form of stock;
      preferred stock; conv. debt Ect. as long as they give
      shareholders two alternatives. Any comments or feedback would
      be appreciated.

      Also the Aug. 10th conference
      call should be lively. I want Doc Crans to submit to
      pay cut for his F--Up. $1.00 per year and NOOOOO
      repricing of ANY stock options. Also heard the OPCO's
      complete financials will be released in 10-Q and Michael
      Quinlin is now in charge in OPCO.

      • 5 Replies to poltash
      • Its good to see that a few people like yourself
        have some useful info to share on this board. I have
        also heard that PZN has the option to make "payment in
        kind" although I think they will only do this as a last
        resort. I have heard from several sources that a
        "strategic partner" is being sought to take a large equity
        stake in Opco. I don't know how far this has progressed
        or who initiated the process, but the strategy
        certainly makes sense. This would help re-establish
        credibility and reduce concerns over conflict of interest.
        After all, these are the main issues. It would also
        provide comfort to their creditors. In order to access
        the capital markets, PZN will have to make some
        fundamental changes to their operating/management structure.
        They have no choice. Change will be forced upon them.
        Given the fundemental strength of PZN's business, I am
        optimistic that a solution to their problems will be found.

      • I don't believe the SD can be paid in common
        stock. It would need to be some combination of Cash,
        Preferred Stock, Debenture or Convertable Bond. Warrants
        could be included I believe. From an accounting
        standpoint, to "pay" it in common stock would be the
        equivalent of issuing a stock split, which effectively does
        nothing to the Balance Sheet. Remember, the Retained
        Earnings that were accumulated through 12/31/98 must be
        paid out. I seem to recall MK addressing this issue in
        an earlier post.

        As far as OPCO transparancy
        goes, I thought that issue was addressed (ie they will
        open the books) successfully concurrent with the $100
        million bond issue?

        Regarding the new loc, I'm
        hearing that it's well on it's way to being fully
        syndicated. On the issue of whether Lehmann is required to
        absorb any remainder in-house, I've heard
        nothing.

        It is my GUESS that either prior to or during the
        August cc Doc will have final information regarding the
        new loc and details of exactly how the SD will be
        paid along with a sweetener - probably some good news
        on CA. Of course, the issues will already have been
        decided prior to the cc and will therefore (good or bad)
        already be factored into the stock price.

      • you didn't SPEAK to anybody. Special will be paid in CASH. Quinlan is now running OPCO -- news a week ago -- where were you? DOC owes nobody an apology. UP UP and AWAY!!!!

      • Have you heard anything about Bobby and Doc's future with the company?

    • From the previous exchanges it appears RJP stumbled into this mess and got caught in a cross fire. I don't see any of the stupid arrogance of the union shill's nonesense in his posts.

 
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