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Corrections Corporation of America Message Board

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  • newMK newMK Aug 1, 1999 11:48 AM Flag

    d%&$** unions

    I feel like Rip van Winkle. I wake up after a
    couple weeks and look how the world's changed, vis a vis
    PZN. Then again, even though stock's up 50%, maybe
    nothing has changed (including Cleo's sparkling
    personality).

    PZN at 9 was a nightmare. PZN under 14 is still a
    nightmare. Borrowing money to pay out dividends still is
    stupid. Dilution to pay out dividends is still stupid.
    Triggering the dreaded double tax on $265MM of retained
    earnings is still stupid. All this for "better access to
    capital". I've learned nothing in the past couple years
    (since PZN was originally hatched) to convince me that
    REITs are good.

    If 9 is our new benchmark for
    success, we're in bad shape. CCA was higher than that
    (adjusted) four years ago.

    Sorry to be a grump. I
    just woke up.

 
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