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Corrections Corporation of America Message Board

  • buselli45 buselli45 Jul 9, 1999 5:31 PM Flag

    Please Post in a perspicacious manner

    and quit ridiculing my astute friends. As far as Leagalsleeze, "welcome aboard" as far as RJPrisions alias NYcoffeeman etc. " Get a life or at a minimum get some pchycriatic help"

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • What do you mean NYcoffeema etc.?
      I think
      maybe you too are like the others who think I am the
      guy with all the diferent Ids.
      Again in my
      defence, you have the wrong person.
      I dont know what
      this guy done to everone on this board,but I wish
      someone would give me an ideal on how far to go back and
      start reading.
      That may be a good week-end project.

    • 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.

      • 2 Replies to realtimequote
      • 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.

      • 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.

    • Thanks for the clarification

    • It follows that the spec .05 extra div that has
      been paid out ea qtr would reduce the Special One-time
      4thQ Div, but it seems an insignificant reduction, if
      we are to beleive their PROMISE (see CCA Story
      #90785,dated 4/20/98:CCA/PZN Merger Benefits, & the Merger
      Proposal/Shareholder Meeting Notice dated 10/30/98,pg 14)of a
      "one-time div expected to exceed $2.00 per share". The open
      questions are:
      1.Exactly how much will the one-time div
      now be?
      2.Shareholders as of what date, are
      entittled to this spec div?
      Does anybody have any
      further insight(answers) to the above?

    • Consider this. CPV is a captive prison REIT with
      WHC dictating the terms of every lease. CPV has no
      independance. CPV trades at a yield of 9.6%. This yield would
      out PZN at about $23, not including the SD. PZN
      should trade at a lower yield given its market
      dominance, stronger balance sheet, signicantly greater
      liquidity and potential access to better
      financing.

      Visibility is only part of the problem and PZN was forced to
      begin full disclosure beginning in Q2. I believe they
      will be forced to make additional changes in order to
      secure an increase in their LOC. Conflict of interest
      and concern over long-term solvency of Opco are the
      main issues. I can't tell you what percent of
      investors are worried about this but I have spoken to quite
      a few of the analysts who all see it as major
      concerns. Full disclose won't eliminate these issues.
      Removing the potential for further abuse will.

    • It has been my experience that with lawsuits
      aplenty, companies go quiet. It has also been my
      experience that some companies go quiet for totally
      uncomprehendable reasons. My guess is that your supposition is
      correct, the lawyers have told them to bite their
      tongue.

      Astro

    • Oklahoma: Sale of Bond-Financed Prison Skirted
      Lease
      Agreement
      By Lisa Sanders

      07/13/1999

      The Bond Buyer
      Page 3
      Copyright (c)
      1999 American Banker, Inc. All Rights Reserved.


      DALLAS -- The Oklahoma Department of Corrections
      was kept in
      the dark about a private company's
      plan to buy a bond-financed prison
      in Holdenville,
      an agency administrator said yesterday.


      Under the 1996 lease agreement between the department
      and the
      Holdenville Industrial Authority - which
      issued the bonds to build the
      prison - the state had
      the right of first refusal on whether to buy the

      facility, according to Dennis Cunningham, the DOC's private
      prison
      administrator. The department's lease payments
      were being used to
      retire the debt.


      However, despite the clause in the lease outlining that
      right, the town in
      1997 reached an agreement to sell
      the prison to its operator, the
      Corrections
      Corporation of America.

      William McGrail, a former
      investment banker who worked on the
      prison's financing,
      claims in a letter sent to the Internal Revenue
      Service
      that the bonds should lose their tax-exempt
      status and be declared
      taxable because CCA purchased
      the prison for less than fair-market
      value before
      the debt was retired.

      Under federal tax law
      governing private use, tax-exempt debt can
      become
      taxable if a for-profit buyer pays less than fair-market
      value to
      acquire bond-financed facilities.


      McGrail worked on the prison project for Donaldson Lufkin
      Jenrette
      and as a consultant to Alex. Brown & Sons. He
      claims that CCA owes
      him money for his services and
      is suing the company in federal court.

      CCA's
      ultimate purchase of the property "took place outside of
      our
      knowledge, and we weren't given much information
      about it,"
      Cunningham said. "The way the contract
      was structured, we'd have to
      approve the change
      of owner, and we didn't have the opportunity do

      it."

      Since the Holdenville deal, the department has
      not entered into a lease
      agreement to house
      prisoners, according to Cunningham, who added
      that the
      situation there played a large part in the Department
      of
      Corrections' decision.

      Now, the DOC signs
      five-year contracts for services, and the payments
      do
      not go to retire bonds or satisfy lease payments. And
      although the
      state did not get the chance to exercise
      its right to buy the prison,
      Cunningham said the
      department might have passed on Holdenville's

      offer.

      The deal "was our first in-state attempt at
      leasing a private prison, and
      we learned a lot from
      it," Cunningham said. "And there hasn't been a
      big
      interest since for the state to own these
      prisons."

      Two years ago, former state Rep. Jim Hamilton,
      D-Poteau, questioned
      the state's lack of oversight of
      the Holdenville prison and argued that
      such deals
      should go before the Executive and Legislative Bond

      Oversight Commissions. McGrail says that he and Alex.
      Brown
      recommended that the financing go before the
      commissions because of
      the high fees involved.


      According to the lawsuit, the commissions routinely reduce
      fees paid to
      interested parties. CCA did not want
      to take the chance that its fees
      would decrease,
      the suit claims.

      Not long after, CCA hired
      Stephens Inc. to underwrite the bonds after
      the firm
      agreed to forgo the commissions' scrutiny, McGrail
      says.

      Stephens has said it would not make any statement
      in connection with
      McGrail's suit. CCA did not
      return calls seeking comment.

    • thanks for your help. Does this thing just absolutely have no cash value or is there a bottom to this stock?

    • Looks like short covering. Since all the news of
      class action periods closing out, seems like maybe some
      shorts are closing out also. I look at pzn this way: if
      it doesn't go belly up, and I don't think it will,
      with the yield and potential upside in equity price,
      man, this is an attractive gamble.

      Good luck
      all,

    • That is a different horse in the race
      altogeather, It seems he has really pissed off some people who
      has a lot to do if this stock succeeds or
      not.

      I know he has been a very successful business man,
      I'm having a hard time understanding this guy,It
      seems he wanted to stock to fall. I also noticed when
      it did fall he bought a lot of stock.

    • View More Messages
 
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