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Corrections Corporation of America Message Board

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  • newMK newMK Nov 14, 1999 11:43 AM Flag

    ? for the experts

    choking to remain a REIT this year only to
    abandon it next year is absolute folly. The more time
    that goes by, the more costly it is to abandon REIT
    status. Why not abandon it now when it's priced into the
    stock? Aside from all that, I don't think they have much
    choice anymore. Doc had enough moxie and track record to
    almost make this work. But the singular event of the May
    CC has caused the capital markets to send an
    uncomplimentary message to Doc and the horse he rode in on (not
    to mention his progeny).

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    • sure there would be some, but again, if the
      de-REITing is subject to SH vote (or even if it's because
      they just can't raise the dividend money), they will
      eventually die away.

      What is more worrisome are the
      vulture lawsuits that popped up after the CC in May. If
      information was hidden at the time of the merger vote, or
      even after, there could be some serious problems. Doc
      may have been too obsessed with his own brilliance to
      avoid condescending non-disclosure to his various
      publics.

      While I would never sue myself (the company) by joining
      these pathetic class actions, the thought keeps
      crossing my mind about going after Stephens and Bradford,
      who received huge fees for fairness opinions, CWT who
      did the appraisals, and Doc, who hid the operating
      problems. Accounting mistakes I can live with, but
      deliberate incompetence is something else. But then again,
      the past can't be re-written. I think market forces
      will render the decision and punishment appropriately,
      which is why I love this country!

      • 1 Reply to newMK
      • While I would never sue myself (the company) by
        joining these pathetic class actions, the thought keeps
        crossing my mind about going after Stephens and Bradford,
        who received huge fees for fairness opinions, CWT who
        did the appraisals, and Doc, who hid the operating
        problems. Accounting mistakes I can live with, but
        deliberate incompetence is something else.

 
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