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Corrections Corporation of America Message Board

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  • poltash poltash Jul 10, 1999 1:40 PM Flag

    Please Post in a perspicacious manner

    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.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • 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.

      • 3 Replies to sundowner998
      • Good posting on PZN. I also heard the a strategic
        partner is being discussed. I bet it's Sodexdo, as they
        are large shareholders of both PZN and OPCO. My guess
        is that they should have stepped up as an OPCO
        shareholder any contributed additional cash. By not doing so,
        they shoot themselves in the foot. I think there
        looking more closely at repairing the problem. If another
        partner comes in, Doc will be on his way out.


        Even though Doc is feeling the pain, he still stands
        to collect $4,000,000 per year in PZN dividends plus
        his salary. His F--up should be more
        painful.

        Regarding lawsuits, AIG Insurance is paying the defense. No
        impact to earnigs. No expected payout. Just a bunch of
        attorneys billing hours. Only in America.

        Any
        comments are welcome. Awaiting PZN recovery.

      • Legg Mason issued a two-page updated report on
        the current status of PZN and its current financial
        state. This report was based on a meeting they held with
        Doc Crants on 6/25/99. Many of the issues and topics
        of speculation discussed on this message board are
        mentioned in this report back up by real numbers. I would
        characterize the tone of the report as "cautiously
        optimistic". I am a PZN stockholder and found the report
        extremely informative. I would highly recommend that all
        PZN stockholders review this report - it is very
        interesting and informative. I think it will ease many fears.
        The two-page report is titled "PZN: The View From
        Nashville" and can be purchased for $10 over the Internet at
        the following website:
        www.multexinvestor.com
        Happy reading everyone !!!!

      • I think of Opco as the spinket that turns on the
        cash flow since al lthe leases of Pzn come through
        Opco. I was under the impression that Opco was to be
        earnings neutral for 5 years. What major investor would
        buy into a company with no earning. If Doc renigs on
        this issue I will be first in line on the law suit.

    • 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?

 
CXW
39.45Jan 26 4:05 PMEST

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