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Corrections Corporation of America Message Board

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  • newMK newMK Nov 24, 1999 4:25 PM Flag

    Quick check again on the numbers

    I don't think OPCO management (old CCA
    management)ran anything into the ground. They bear
    responsibility for Youngstown, but that's almost ancient
    history. It appears that empty spec prisons are showing up
    in OPCO's numbers, not PZN's. While not an insider,
    I attribute all blame for that to Doc, who heads
    BOTH PZN and OPCO, and who is famous for saying
    "California needs me (he didn't say "PZN" or "CCA", he said
    ME), more than I need California.

    And I blame
    Doc for even having to blame anyone. OPCO is still
    mysterious, and the numbers make no sense, and there is no
    public explanation of what's going on ther. Until Q4
    1999 they had 11+% margins (after tax)!!! This whole
    REIT nonsense basically put the financial geniuses way
    out in front of any operations people; the financial
    guys (Doc, Jr, Devlin) are about all that's in PZN
    (oh, and the RE folks, IR folks and legal folks), and
    that's all the public gets to deal with.

    I don't
    disagree with your premise that OPCO shareholders
    shouldn't be rewarded. Baron and Sodexho should suffer
    financial loss at least to the extent they would have if
    they had bought PZN stock with their OPCO money. Doc
    can make up the difference out of his own pocket if
    he wants to.

    The employee shareholders, to
    me, are innocent bystanders. The company ought to
    reimburse them for their tax cost, and cancel the stock.
    After a PZN/OPCO merger, they can get new options for
    incentive. Sorry for ranting.

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