The problem most people have with Doc is, they listen to what he said, not what he didnt say. I challenge all of you to think of things Doc has not mentioned and possible scenarios that have not been discussed. For instance, could Doc be doing all of this crap on purpose to drive the stock down further to take this baby private? (I dont think so b/c it would restrict his access to equity capital, but it could happen).
"The Company, as a REIT, cannot complete any taxable year with accumulated earnings and profits from a taxable corporation. Accordingly, the Company is required to distribute Old CCA's earnings and profits to which it succeeded in the Merger (the "Accumulated Earnings and Profits"). The amount of the Accumulated Earnings and Profits is currently estimated at $235.0 million. All dividends paid by the Company thus far in 1999 have reduced the amount of the Accumulated Earnings and Profits. Thus, to satisfy the requirements relating to the distribution of the Accumulated Earnings and Profits, the Company must still distribute in 1999 the amount of the Accumulated Earnings and Profits, minus the dividends paid thus far in 1999. In addition to distributing the Accumulated Earnings and Profits, the Company is also required to distribute 95% of its taxable income for 1999. The Company currently intends to pay sufficient dividends (in cash or securities) to satisfy all distribution requirements for qualification as a REIT for 1999. The Company is currently considering the exact timing and method of the payment of these required distributions. The Company may partially satisfy these requirements through the payment of a one-time special dividend (the "Special Dividend"). Certain provisions of the Amended Credit Facility restrict the Company's ability to pay these required distributions in cash in 1999, as previously described. Merrill Lynch has been retained by each of the Company and New CCA as its financial advisor to assist each company in raising the capital required by the Amended Credit Facility in order to make the Special Dividend payment in cash, also as previously described. There can be no assurance that the Company or New CCA will be able to raise the capital required under the Amended Credit Facility for the Company to pay the Special Dividend in cash or, in the event such transaction is completed, that the Special Dividend will be paid in cash."