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Corrections Corporation of America Message Board

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  • doctorlaszlo doctorlaszlo Oct 28, 1999 11:55 AM Flag

    NewMK and Abadaba7

    I have spoken to kerry as well, but between the "quiet period" and Doc's bombshells, I have given up expecting to get good info from IR. What have you found out?

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    • Just because other people on this board are
      idiots doesn't mean I have to be one, so I am happy to
      share the little that I learned. Perhaps "valuable" was
      a slight exaggeration, as she probably didn't tell
      me anything she didn't tell you. The one bit of
      info. I got was that she virtually guaranteed me that
      PZN will pay the special dividend by year-end and
      maintain its REIT status - whether the dividend is cash or
      not remains to be seen. There was some speculation on
      this board that PZN might forfeit its REIT status and
      re-merge with CCA. She also told me it is unlikely that
      the Nov. 10 earnings release will have any info. on
      their year-end plans. She implied late November to
      early December as the period where the big news will
      come out.

      Doctorlaszlo, can you give me your
      opinion...If no strategic investor is found and PZN pays out
      the dividend as some form of preferred stock (which I
      think the most likely scenario), what do you think will
      happen to PZN stock?

      • 1 Reply to avi29
      • my understanding is that Doc has SI proposals in
        hand, but I wouldn't be unhappy if he told them all to
        take a hike and paid the special in bonds. But he
        won't. He'll have us all bent over the barrel for the
        big dilution, and then we'll be paid (so will he). It
        only lasts for a few minutes anyway, and then it's
        over. But they will probably leave us dangling in the
        wind (sorry about the mixed metaphors, folks) until
        the last minute -- now I know how Guy Fawkes felt
        going up the ladder to the gibbet, with a choice
        between a broken neck and being sliced and diced. No easy
        answers.

        But Avi29 (to quote General Turgidson) "If -- if" Doc
        has no SI at the crucial moment and we get preferred,
        I am as confused as the next guy. To quote Lil
        Abner, it would be "confoozin but not very amoozin." I
        think there would be a short-lived drop in the price of
        the common until the market sorts out the terms of
        the preferred, and then sort of back to normal and
        the stock behaves like a junk bond with a very high
        yield. I'd say back to 13 or 14, provided the occupancy
        numbers are okay. But what the hell do I know -- I bought
        this stock in the high teens.

 
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