I am new to this board and considering buying in
to this stock. Is there any known date of record for
holding the stock to collect this dividend? If not, is it
likely that there will be a window of time to buy in
after the announcement? Or do I need to buy right
Lets suppose, for the sake of argument, that
someone bought 500 shares of PZN at $10/share with the
hopes of getting a 22% annual return of $2.20 per share
from the FFO of $2.20/share. However, in order to keep
paying that dividend PZN also had to come up with a one
time payment of another $2.00 per share for which a
big bad bank would not loan them the money (demanding
as most banks do another pound of flesh). So instead
of giving in, our hero (Doc-the smartest of the
seven dwarves) issues a 12% $1000 bond(payable in 20
years)for every 500 shares that someone owns. Its perfectly
legal, it meets all requirements of IRS REIT rules
,banks can't cry foul and NO DILUTION.
Look at the
10K, this action doesn't even change the balance sheet
as distributions payable are already accounted for
under the liabilities.
Do we get our dividends?
Sure we do. Some of the return is in the form of
interest and the rest is in the form of an REIT dividend
reduced by the $0.24 per share to pay the interest on the
bond. How about paying off the bond? We have 20 years
to figure that one out(think-sinking fund). In the
meantime, I am off to deposit my 22%. So look at FFO--the
analysts all agree that its going higher. Happy Holidays
to all and to all a good night.
I believe the forthcoming dividend will be
preferred stock or bonds. Doc and Co. got a lot
deserved flack for using scarce cash
last time. I also
believe Merrill Lynch is
looking for a "white knight"
to take the
company private. The next week or
two will be
very interesting. As a long-time
have been very sorry to see CCA, once a
Steet sweetheart, turn into the very sorry
have today. Cheers!
I'm just just going to enjoy the delicious
dividend stream, even if it goes bankrupt! Who cares?
(They can't cut the dividend anyway, under current GARP
rules. And even if they did, who would care? Not me, I'm
what gives me pause is not that they are picking
and choosing SI proposals, but that the proposals may
have caveats built in that screws the stockholders
more as the price declines. Thus, Doc and company may
be choosing which is the least painful, not the one
that is most advantageous. It's the "everything is
going to be all right," followed by deep silence,
followed by bankers screwing the company, followed by a cc
and more deep silence that has people reluctant to
step in and buy. Just too many unanswered questions,
and IR dances around these questions -- my portfolio
is getting back to where it was last year, but it's
the tech stocks, not PZN that's getting it there.
Can't wait for the ONE BIG RELEASE!!!
I imagine it would be harder for this company to
go under because you can't just have the tenants
organize and make it over into a co-op.
I guess I
shouldn't worry about drug possesion and sales being
de-criminalized anytime soon either. So, with all the insanity in
place, we should see a steady stock price rise once
someone decides to cough up some new financing.
still think they should merge with AGIS for a
profitable venture that would help both companies. AGIS is a
call center business.
Sorry about $10 prediction. I do think $10
prediction will come true by 12/31.
They are puting all
of the pieces together so
that they can address
everything in ONE BIG
RELEASE....atleast that is what I
They cannot insider
buy prior to an announcement
of this sort nor can
they buyback their own stock.
At any rate, even
the absence of a dividend here doesn't justify the
stock price at
3 times FFO. Sorry, but not in any
business school, classes etc.
I am just as sick and
frustrated as everyone else. Keep in mind that when you
you bought it for long-term, not day
Let's hope we here some good news next
p.s. I reiterate what IR told me...They
analyzing various SI proposals. This sounds
have something on the table but
are deciding which
5) Own the stock, Wants to see to stock spike up
on speculations so can get out before going back
down, but comments about the facts the way there are
because beleive the board is to help one another to avoid
mistakes or at least understand them.
PS: If Doc is
that honest, then given the situation he is
incompetent and realize for the good of all that he should
leave. Of course you also must define honesty by his
I have been off this Board for two years
am going to sell my holdings for tax loss purposes
before year end. I deplore the lack of
from PZN about the year end
dividend. I would
think the SEC and NYSE would
have some requirements
as to when such announcements need to be made. I
should have gotten out earlier when sky high
12%, 7 year notes were sold to Lehman Bros.
management should be completely divorced
company management. Get out
DOC and hire some real
"independent" pros for
PZN. I, and I am sure, many others
a real beating on PZN(formerly CCA). The
writing was on the wall about 18 months ago
DOC, along with one other gentleman,
2,000,000 for cobbling together PZN on a part-time basis
over the course of a year.
We live and learn by
some hard lessons. PZN has
been the most brutal
one for me to date.
Good luck to all of you
holders! I do hope PZN
will come back. CCA and PZN
would make a marvelous Harvard Business School Case
You're <<<a little worried about the
price-to-sales of 2.5. >>>
Excuse me!!! With all
due respect, price-to-sales is how dot.coms may be
evaluated because that's about the only measure that may
work at all to evaluate them in todays market. But for
a REIT??? I think you better learn a little more
about REITs before you tackle evaluating them. P/S is
one of the few measurements I wouldn't think to use
for REITs as it would be virtually worthless in its
indications. With REITs, their are so many much better
standard measurements used to evaluate them.