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Corrections Corporation of America Message Board

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  • newMK newMK Aug 12, 1999 6:49 PM Flag

    badly broken

    How far can you travel in 90 days?

    I took
    Jr.'s comments at face value. It's not the paperwork,
    it's the timing, which he laid out pretty matter of
    factly. Special dividend required no later than 12/31. If
    paid in equity securities, S/H's have to have a choice
    of 2 or more (some discussion of this here a while
    back). S/Hs would have to be given a certain amount of
    time to choose. SEC filings would precede that, with
    attendant prep and review time. Might have to have special
    meeting, too (proxy, notice, etc.) If they started 90 days
    from now, they might not make it, far as I can tell.
    For all I know they're working on it now.

    They
    claim they're determined to pay cash, though, so they
    will try to somehow get someone to come in who adds
    strength and credibility.

    So, now the question,why
    bother??? The noticeable thing here is that the banks
    didn't prevent the special, just put strings on it if
    paid in cash (typical bank type thing). But PZN admits
    it doesn't need the cash from the SI at this time
    (even for the special). So why bother? PZN alone makes
    the choice. Paying in securities seems much less
    dilutive to me. Or pay partially in cash to cover tax
    bite.

 
CXW
32.98Jul 25 4:02 PMEDT

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