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Corrections Corporation of America Message Board

  • Daniel_Raider Daniel_Raider Nov 2, 1999 1:55 PM Flag

    Another PZN Insider Purchase

    30-Sep-99
    MOORE JACKSON W (Director)
    Bought (P)
    1,269 Common 10.75 $13,641

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    • Another stock I have owned on and off (FEET)
      filed for bankruptcy today due to liquidity problems.
      Book Value was somewhere in the $9.00 range. I'm not
      making a direct comparison and am very long PZN, but
      thought it interesting that a stock with so much supposed
      book value could file for bankruptcy.

    • <EOM>

    • <<<Also, of the top 10 institutional
      holdings, they own about 30 million shares all purchased on
      6/30/99. YES, that's 1999. After the transaction happened.
      If they were going to sell and take their losses,
      they would have done so prior to now for tax purposes.
      >>>

      All bought on the exact same day, huh? Sounds like a
      conspiracy to me. :-) IMPORTANT: This is a joke, this is
      only a joke, do not try to duplicate this in your own
      homes!

      That's just from a holdings report. They may have owned
      these shares for years or they may have sold them all
      last month! We do not know what their current holding
      are yet.

      So, to put out such hype to try to
      raise the price is no different to me than a short or
      union shill coming in here trying to drive the price
      down. Most of the people here know better.

      The
      majority of those on this board are all simply trying to
      share information to be better informed about our
      investment decisions. Few of us are in a position to make a
      hill of beans difference in the eventual price of PZN.
      That will be determined by the institutional buyers
      and sellers. So, unless your motive is to pump and
      then dump this stock, you're wasting your time.

    • <EOM>

    • Well over a year ago, sam, and a few times since,
      I mentioned that it was disingenuous of Doc to hype
      the tax benefits of being a REIT, and so it is for
      you, also.

      From a company (i.e. pre-merger CCA)
      standpoint, they were paying tax at a 25% rate, and were
      publicly proud of how low it was. Yes, the REIT now saves
      that 25 cents, but they have to pay out a dollar to
      save it. Not good from a corporate cash flow
      standpoint.

      In fact what is even more stupid, to qualify for
      that wonderful cash flow scheme, they have to pay out
      accumulated earnings which have already been taxed, and
      subject them to tax again in the shareholders' hands. And
      where do they get the money to do this, when the
      earnings are invested in bricks and mortar? The dreaded
      double Ds: Dilution and Debt.

      This stock is going
      nowhere as long as Doc remains in charge. After that it
      might go somewhere, but not far, as long as it is a
      REIT. In the meantime, keep thinking positive!

    • Regarding institutional investors, I'm not sure
      the new guys are the kind to stick with this company
      for very long. They represent an overhang that could
      be a problem in the future. CCA used to enjoy a
      stable long-term group of institutional owners. But many
      of them are gone, and more may follow.

    • The recent purchase by Dreman and the Scudder
      fund are confirmation of your post.

      Keep up the
      positive side. We need balance and this thread has been
      slanted negative.

      Please be careful and be
      rational, for you will be accused of taking mood
      elevators!

      The bewitching hour is upon us....Earnings report due
      11/10 or in there, somewhere....

    • Perhaps they are closer than we think. Either that or we are going to get that proxy in the mail soon. Next CC should be interesting.

    • Help me here. The special dividend is a one time
      event. And if it is paid in paper, they dont have to
      borrow to pay it. Especially if it is paid as a zero
      with warrants. After the special is paid, and the
      dividend is cut back to the 1.90 - 1.80 minimum range, the
      cash flow into pzn (net of fees back to CCA) will be
      sufficient for the dividend. The depreciation alone will
      service the fees back to CCA.

      With this said, I
      dont see what the big deal is. Pay the special however
      you wish, lets move into 2000 and be done with this
      nonsense. In 2000 there is more than enough money to go
      around.

    • I'd love to see some fundamental positive news
      posted on this board. Problem is, there isn't any. Trust
      me, if there was positive news PZN would get it on
      the message board.

      IMO, on an irregular basis,
      MK develops a post explaining the
      fundamental/structural problems we face (REIT capital raising structure,
      Doc credibility, etc.) While some of his points are
      somewhat subjective, most are factual. Nobody ever posts a
      factual retort because there isn't one.

      As far as
      citing the top ten ownership list of CCA as proof of
      anything, it's instructive to realize that every stock has
      a top ten list of owners.

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