Lets cut to the chase. Pzn looks like it has
EPS of 1.00 . If its growth rate is 20 % then we have
a $15-$20 stock. Not too bad for the
funds and the new buyers. I seriously doubt that the
market multiple of 28 is possible unless ML does a super
Of course you crunchers may have
If they have decided to revert back to a c corp
and the word has gotten out to someone -- or at least
someone figured it out -- that someone could be the big
buyer of the last few days and they would be betting
this announcement will push the price
Should we be sellers or buyers next week?
It seems to me that the key to figuring out what
is going to happen next is to try and answer why pzn
would have decided to say that all div. this year are
the special rather then regular. If they are indeed
going to pay the regular in Jan. then the only thing
they have done is buy themselves thirty
Is that the answer -- they needed 30 more
Or what if they decided to convert back to a c corp.
In the 10Q they did admit that new cca can't make it
-- "amounts presently anticipated to be available to
new cca will not be sufficient to offset all of new
cca's expected future operating losses." I think they
are telling us something with this
If the decision to convert back to a c corp has been
made why is it better to say all the div. were special
this year rather than regular? There must be a
My bet is they are going back to a c corp and merge
everything together. No more div. will be paid. At least
they will be profitable. If this happens what do you
think will happen to the stock price?
all the SI proposals have pushed for going back to a
c corp and now they will say ML has highly
recommended it so they need to do it.
"..how will this play into getting new financing
or equity participation?"
Frankly, in all the
time I've owned this stock, I've never been more
confused. Jr. can talk to PolyRat but not the investment
community. Reading the 10-Q leaves me with more questions
than answers. People I trust think doc is really in
the process of leaving. Smart people have concern PZN
is outside of the covenants. It looks like (to me)
that some mutual fund has taken the stance that
they'll buy any shares offerred at $9 but aren't going to
chase it to $9 3/8ths.
I still think (or perhaps
it's hope at a high level) that we'll get some
direction by next Friday. My reasoning is that there can't
be that many options outstanding and ML was hired
because they convinced Doc of 1 or 2 options that are
workable. To make an announcement, you don't have to
implement the chosen option, just have decided what it
Perhaps all of these new happennings are solely about
getting a little extra time until we find out about the
upcoming potential new business. Maybe we switched IB's
because Lehman looked at the Special Dividend switcharoo
and said "you can't do that" (Remember, Lehman lined
up the banking group) while ML, who's been out of
everything so far said "looks good to us."
Benedict Arnold: Born 1741, died
West Point opened March 16, 1802.
"A cadet will
not lie, cheat, steal, or tolerate those who
Is Doc still a KAY-det?
Academy Cadets (Kay-Dets) Ex-officio?
Great recap BTW, I compared the 10Q's for second
and third quarters and saw that CCA/PZN combined lost
over 10 million in Q3 after eliminations of all
intercompany lease and other related income. This same
combination made 31 million for the first six months. It
appears that CCA revenue is flat to down in Q3 and
operational expenses are up significantly which is the cause
of the Q3 loss. In your opinion how will this play
into getting new financing or equity participation?
They break all trades into 3 catagories in the
pie chart: Retail, Institutional, and Non-I watch.
The first two are self explainatory. The third, I
suppose, is anything that can't be identified as one of
the first two. They're a bit vague about that and how
they get the information. At least, that's how I read