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Corrections Corporation of America Message Board

  • newMK newMK Nov 10, 1999 1:33 PM Flag

    More CC snippets

    Going from memory, rather than notes, there were
    some other little "goodies" in the CC.

    I
    thought Doc indicated that they incurred $39MM of
    financing costs in Q3 (mostly capitalized). Also wrote off
    $9MM of previously paid financing costs that had not
    yet been amortized. I guess Lehman is now out and ML
    is in.

    The broad range of alternatives ML is
    looking at sounds pretty open-ended. De-REITING on the
    list? Sale on the list?

    Q3 margins are down from
    Q2 at OPCO. Because of ramp-up, per Doc. "Adjusted"
    margin is highest ever (compared to prior years'
    "unadjusted", I presume).

    ML has also been hired by OPCO
    to raise money. Apparently (if I read the bold print
    between the lines correctly), OPCO still can't cover its
    cash losses, even with its own credit line and the
    higher PZN fees.

    The dividend flip-flop/delay is
    great from a business standpoint, but just plain awful
    in other ways. Demonstrates again that mgmt didn't
    have a full understanding of what they were doing.
    Prolongs the agony over SI and REIT status. We may still
    be posting all the same stuff a year from now.

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