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Corrections Corporation of America Message Board

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  • Need_High_Yield Need_High_Yield Dec 24, 1999 3:40 AM Flag

    is anyone here bullish

    <<<I have little doubt that IF
    Blackstone invests they WILL abandon the REIT strategy. The
    only reason I have any doubt at all is that NHY seems
    to think otherwise and I respect his opinion.

    Well, RP, thank you for the complement and vote of
    confidence. I'm not sure with this company we're not all
    learning as we go. However, I think you may or may not
    have misunderstood my views.

    Regardless, maybe
    I better restate my opinions:

    1) I have
    absolutely no idea whether PZN will stay a REIT or de-REIT.
    At this point I'd rather wait and see than fret
    about this issue.

    2) That said, my contention is
    that PZN can not de-REIT without the approval of the
    shareholders by a vote. Whether shareholders could legally
    vote in January to have PZN not seek REIT status for
    1999, I don't know!!

    3) Since there is no time
    for a shareholder vote in 1999, I think PZN is
    obligated to pay the special or the balance of the special
    dividend, as the case may be by 12/31/99 likely with cash
    but may use paper, already registered, or a
    combination of the two.

    4) If we are legally able to
    vote in January to retract out vote to be a REIT for
    1999, I think that will be the plan of attack. If not,
    then I think we will get the REQUIRED 1999 dividends
    (but NOT likely the $2.20) paid either in paper or a
    combination of paper and cash, perhaps by 1/31/99 or perhaps
    spread out during 2000.

    5) I do think an election
    will take place to de-REIT PZN. Whether it is to apply
    for 1999 or for 2000 will remain to be seen.

    6) At this point, I am so emotionally drained with
    this company and its actions, I'm beyond the point of
    doing any further analysis or speculation until I see
    something in writing from the company.

    7) IMO,
    we're only a few days away from putting this to rest
    and starting a new round of speculations about the
    press release and SEC filings.

    8) Until then,
    Merry Christmas to all and to all a Good Night!

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