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Corrections Corporation of America Message Board

  • avi29 avi29 Nov 29, 1999 3:30 PM Flag

    Class Action Suit?

    Is anyone here participating in (or have
    information regarding) shareholder class action suits versus
    PZN? I own a substantial position in PZN, and in what
    was CCA before that. I recall about a year ago all
    sorts of news about shareholder suits being filed. Only
    now am I recognizing that I may as well
    participate.

    How does this sort of thing work - is there one "lead
    attorney?" How can I let them know that I want to
    participate?

    Thanks for any info. ahead of time.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • what do you hope to gain by a class action? Cant get blood out of a turnup.The class action should have been decided upon before they were 1,001,500,000.00 in debt.

    • I talked to investor relations and they told me
      they can't tell me anything. Same old song they have
      been singing while this whole silly mess has been
      unwinding. This time, it's related to the SI negotiations,
      and they can't show their cards (if they have any
      cards). This clusterf**k has gone on long enough. Doc
      leads us into yet another ambush.

      • 1 Reply to joepalookaboggs
      • I also spoke to IR, and got the same sorry story.
        This has turned into a cat and mouse game between Doc
        and the SI, and guess which of us is the mouse?
        (though I like to think of myself as a larger species)
        They are being "deliberately vague" in order to
        preserve their "leverage." If I were Doc (thank God I'm
        not), I would tell the bankers to screw themselves and
        forget about the reit ASAP. The bottom line, as I
        inferred it during my conversation with IR, is that (a) no
        SI, no cash, and (b) no cash, no dividend. I asked
        whether PZN has enough cash to cover the dividend, the
        answer was "no." So, assuming I was not being lied to,
        probably no dividend announcement before late December, if
        then. This could all change overnight. but I wouldn't
        bet the rent on it. The cheaper the stock gets, the
        more equity (dilution) 100 mil buys. I just sold my
        remaining shares, and will not be back in until this thing
        finds its feet (if then). Sorry for the pessimism, but
        this SI game seems to be no win, IMO. Joe, Avi, if you
        have the name of the firm handling the class action
        suit, please be so good as to post it. Can others
        verify what I have just posted by quizzing IR?

 
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