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Corrections Corporation of America Message Board

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  • Idontwanttohearit Idontwanttohearit Oct 31, 1999 1:35 PM Flag

    NewMK and Abadaba7

    the conclusion is that whatever we recieve for
    the special, if it is not cash, will still have
    significant value. In fact, if one believes in the
    fundamental soundness of PZN as an ongoing concern, one might
    consider it a superior investment with...well, a high
    yield <g>.

    Thus, it is only the
    irrationality of the market that devalues PZN common due to
    uncertainty over HOW that dividend might be paid. And surely
    it makes sense that PZN would be exercising proper
    fiduciary reponsibility if it refused to extend itself too
    far in seeking a strategic investor. The SI would
    only add a small incremental advantage to one dividend
    payment (making it cash), and how can it be worth
    diluting the ongoing value of the common for this tiny
    edge?

 
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