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Corrections Corporation of America Message Board

  • flipper_58 flipper_58 Nov 18, 1999 10:17 AM Flag

    Blew Thru $9

    Stopped out at $8.875 for now. Damn. No $9 buyer of any size.

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    • Did anyone hear about Ray Bell getting into a fight with a TN State Representative over taxes while attending the UT-Vandy game? That ought to help PZN win contracts!

    • Last time I checked, PZN had a classified board,
      meaning only a third of the members come up for election
      each year. It takes two rounds of annual elections to
      achieve a new majority and three to completely replace
      the board.

    • This subject comes up every so often on this
      board, and I always feel compelled to respond because I
      do corporate governance work for a living . . . It
      is true that shareholders can do a lot oif properly
      organized and the internet has the potential to make such
      organization a lot easier. However, it is not so easy to oust
      a board of directors. Number one, you have to find
      credible people with industry experience to run against
      the current board. This, in my experience, is the
      largest hurdle. Most people with day jobs are not up for
      the vast time commitment of launching a proxy
      contest. Second, it's really expensive for whoever
      sponsors the dissident slate. Legal fees, solicitation
      expenses, even just printing and mailing proxy
      materials--costs tens of thousands of dollars, at a minimum.
      Finally, you could withhold votes from the management
      slate (a "vote no" campaign), but such efforts often
      don't even get tabulated due to stock exchange rules,
      so the current board never gets the message.

    • Most posts focusses on how great the industry is
      and how cheap this co. is and how undevalued the REIT
      are, and how great the DIv rate is.

      They are
      not focussing on the lies, deception and gross
      incompetence of management. I am not sure why.

      For
      whatever reason most do not seem to understand that the
      main reason for the unstopable dive is that
      professional investors will not deal with a management like
      that. No matter how cheap it goes. This managment is
      too high risk for big money. This management is shot
      and the little guys like us are paying the
      price.

      The sad story is that all the small investors
      toghether represent a formidable power and influence is
      organized properly such as forcing a vote outcome on the
      proxies. But I dont see it happen.

      Meanwhile I am
      looking for an exit point because there are many other
      stocks with good prospect, high growth and high return
      and reliable management to choose from.

      Why
      should I continue to suffer with this? The pain must
      stop becasue I do not see any end in sight unless the
      investors demand a managment takeover.

      I have nbeen
      very stupid not to sell to the offer that was
      circulating earlier via mail. Some investment co. bought the
      share above $8. They thought they had a good deal
      too... Well now they are sitting on some losses and the
      smart one are the one who sold.

      As long as the
      Crants are driving this, I may go into shorting to make
      up some losses because this stock will drift until
      they go.

    • I'm home again after 17 days away and read your
      old message re voting board out. I tried twice to c
      if any interest on this board to use the NEW power
      of the internet to organize and throew the bumbs out
      and not any support except yours. It's as if peoppl
      are shell shocked and are unable to take action. I
      will catch up with messages now.

    • <<Besides the tax liability that would be
      incurred and the re-structuring costs, PZN would also be
      in danger of defaulting on some of its loans since
      they were provided on a REIT basis.

      Another
      option could be for PZN to drop Doc's companies (i.e.,
      the CCA brandname OPCOs) and become a real
      REIT.>>

      I have to disagree on both counts. I think PZN's
      lenders would be thrilled with a de-REITing scenario, as
      the taxes due would be less than the dividends due
      and there would be no required dividends going to
      shareholders (instead of providing cushion for lenders) in the
      future.

      If PZN drops CCA, CCA simply declares bankruptcy,
      renegotiates all the leases with PZN down significantly, then
      captures the lion's share of any profits generated by
      future growth.

    • looks like a lot of willing sellers out there still, unfortunately...

    • only 30 minutes into the day and already over 1/4 the average volume.

    • Besides the tax liability that would be incurred
      and the re-structuring costs, PZN would also be in
      danger of defaulting on some of its loans since they
      were provided on a REIT basis.

      Another option
      could be for PZN to drop Doc's companies (i.e., the CCA
      brandname OPCOs) and become a real REIT.

    • Indeed, new lows begat new lows.. Wish I could
      remember that lesson, would save me a lot of capital.. No
      one ever knows the low until it is no longer the
      low... Moral, buy stocks hitting new highs!

    • View More Messages
 
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