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"
What do you mean NYcoffeema etc.?
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
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.
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
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.
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
1.Exactly how much will the one-time div
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
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
Oklahoma: Sale of Bond-Financed Prison Skirted
By Lisa Sanders
The Bond Buyer
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
an agency administrator said yesterday.
Under the 1996 lease agreement between the department
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
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
Corporation of America.
William McGrail, a former
investment banker who worked on the
claims in a letter sent to the Internal Revenue
that the bonds should lose their tax-exempt
status and be declared
taxable because CCA purchased
the prison for less than fair-market
the debt was retired.
Under federal tax law
governing private use, tax-exempt debt can
taxable if a for-profit buyer pays less than fair-market
acquire bond-financed facilities.
McGrail worked on the prison project for Donaldson Lufkin
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.
ultimate purchase of the property "took place outside of
knowledge, and we weren't given much information
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
Since the Holdenville deal, the department has
not entered into a lease
agreement to house
prisoners, according to Cunningham, who added
situation there played a large part in the Department
Now, the DOC signs
five-year contracts for services, and the payments
not go to retire bonds or satisfy lease payments. And
state did not get the chance to exercise
its right to buy the prison,
Cunningham said the
department might have passed on Holdenville's
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
interest since for the state to own these
Two years ago, former state Rep. Jim Hamilton,
the state's lack of oversight of
the Holdenville prison and argued that
should go before the Executive and Legislative Bond
Oversight Commissions. McGrail says that he and Alex.
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
the suit claims.
Not long after, CCA hired
Stephens Inc. to underwrite the bonds after
agreed to forgo the commissions' scrutiny, McGrail
Stephens has said it would not make any statement
in connection with
McGrail's suit. CCA did not
return calls seeking comment.
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.
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
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.