Corrections Corporation of America Message Board

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  • newMK newMK Aug 7, 1999 5:55 PM Flag

    badly broken

    "could it actually be that fundamental,
    basic,
    cornerstone mistakes were made such that
    the OPCo/PZN
    relationship just simply won't work in its current
    state?"

    Yep. The fundamental mistake is the REIT. Everything
    else wrong with the structure flows from that. Back in
    May or June, I wrote the 8 or 9 REIT myths, which
    were actually strategic errors in Doc's thinking (e.g.
    things that didn't go as planned) - thought it should
    have gotten a "nicster".

    Actually, if PZN is
    going to be a REIT, this is the best structure. Can't
    see how to improve it. Seems to be one of those
    "can't live with it, can't live without it"
    situations.

    Unfortunately, the structure is 100% tax driven. "Elegant" tax
    structures, also unfortunately, have no business being under
    public scrutiny.

 
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