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Corrections Corporation of America Message Board

  • brendy45 brendy45 Jan 5, 2000 11:19 PM Flag

    Food for thought....

    I feel badly for all the investors that have been
    taken to the cleaners by Crants & Co., including
    myself. These guys should be sent to jail. I also don't
    blame anybody for voting no, for no other reason than
    to make sure that these thieves don't walk away with
    any money and that the other OpCo investors aren't
    made whole. But for all those who think Blackstone is
    stealing PZN I would ask one question. Why hasn't anyone
    else come along to offer a better deal? There are
    enough savvy players out there that would surely step in
    to fill the void if they saw the value in PZN. Who
    knows, that may yet still happen but if it doesn't it
    speaks volumes about PZN's current plight and may
    indicate that Blackstone & Co. are not getting the deal of
    the century after all.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Try South Central Correctional Facility in Tennessee.

    • Can you be more specific on the facility or water utility in question? A county name perhaps?

    • has a lot to learn about selecting American
      business associates. They will soon learn , as the United
      States has learned. PZN/CCA has problems paying as
      simple of a thing as their water bills, for the
      facilities they run in Tennessee. They were recently
      threaten with their water being turned off to a Tennessee
      facility, if they dident pay an back log of water bills,
      excedeing 100,000.00.

    • Prison Realty's business is the ownership of
      correctional and detention
      facilities. The Company provides
      financing, design, construction and
      renovation of new and
      existing jails and prisons that it leases to
      both
      private and governmental managers. Prison Realty
      currently owns or is in the
      process of developing 51
      correctional and detention facilities in 17 states,
      the
      District of Columbia and the United Kingdom. Prison
      Realty, which is
      based in Nashville, Tennessee, has
      announced a restructuring which will,
      pending
      shareholder approval, result in the combination of the
      Company with
      the companies operating under the name
      Corrections Corporation of America.
      The combined company,
      which would operate under the Corrections Corporation
      of
      America name, is expected to be a taxable subchapter C
      corporation, as Prison
      Realty would terminate its status as
      a REIT in connection with the
      restructuring.
      Pending shareholder approval, Prison Realty expects that
      upon
      the completion of the restructuring, it will issue up
      to $350 million in
      convertible securities to a
      group of investors.
      This news release contains
      statements that are forward-looking, including
      statements
      relating to the amount and timing of the proposed
      offering
      transactions. These statements are not projections or assured
      results.
      Actual results may differ materially from the results
      anticipated in the
      forward looking statements due to a
      variety of factors, including but not
      limited to,
      changing market conditions. Additional factors will be
      described
      in the company's filings with the SEC. The company
      does not undertake an
      obligation to update its
      forward-looking statements to reflect future events
      or
      circumstances. Accordingly, individuals should not place undue
      reliance on
      such statements.

      SOURCE Prison
      Realty Trust, Inc.
      -0- 01/25/2000
      /CONTACT:
      Investors, Alex Singal, 615-263-3005, or Media, Susan
      Hart,
      615-263-3000, both of Prison Realty Trust, Inc./
      /Company
      News On-Call:
      http://www.prnewswire.com/comp/208225.html or fax,
      800-758-5804, ext. 208225/
      /Web
      site: http://www.prisonreit.com/
      (PZN)

    • Subj: Corrections Corporation of Australia
      Awarded Contract...
      Date: 1/25/2000 6:49:20 AM Eastern
      Standard Time



      Corrections Corporation of
      Australia Awarded Contract
      To Provide Inmate
      Transportation and Court Security

      NASHVILLE, Tenn., Jan.
      25 /PRNewswire/ -- Prison Realty Trust,
      Inc.
      (NYSE: PZN) today announced that Corrections Corporation
      of Australia has
      signed a five-year contract with
      Court Security and Custodial Services of the
      Western
      Australia government to provide prisoner transportation,
      court custody
      and court security. The initial
      contract, which also provides for two
      three-year renewal
      options, is expected to generate approximately $7.9
      million
      in annual revenues.
      The contract is expected to
      begin in July 2000. By the end of 2001,
      Corrections
      Corporation of Australia expects to provide transportation
      and
      custodial services for all major law enforcement agencies
      throughout Western
      Australia.
      "As seen by today's
      announcement, the international arm of Prison Realty
      Trust
      continues to garner contracts and expand its services to
      foreign
      governments, particularly in Australia," said Tom Beasley,
      interim chairman of
      the company. "We believe this
      growth is further evidence that privatization
      of
      public services in both the domestic and international
      arenas will
      increase."
      The delivery of the
      program will require 300 staff in 19
      separate
      locations and a fleet of 40 vehicles. Corrections
      Corporation of Australia
      will incorporate the most current
      security and tracking technology, including
      satellite
      phones and real time GPS location systems, in its
      program delivery.
      In addition, the government will
      have online real time access to the operation
      to
      ensure accountability for Western Australian officials
      and citizens.
      Corrections Corporation of
      Australia is an affiliate of one of the
      privately held
      service companies, which does business as
      Corrections
      Corporation of America, of which Prison Realty Trust Inc. has
      a 95% equity
      ownership interest.
      Corrections
      Corporation of America provides detention and
      corrections
      services for governmental agencies. The company is the
      industry leader in
      private sector corrections with more
      than 73,000 beds in 79 facilities under
      contracts
      in the United States, Puerto Rico, Australia and the
      United Kingdom.
      The company's full range of services
      includes finance, design, construction,
      renovation and
      management of new or existing jails and prisons, as well
      as
      long-distance inmate transportation services.

    • Anybody who's ever dealt with government
      contracts can tell you they are not something to bet the
      farm on. They can delay and delay, and then scrap the
      whole procurement if they get nervous about it. The BOP
      can just live with overcrowding, ship people around,
      etc. Bureaucrats fear looking foolish as much as
      anything else, and when a decision may be embarrassing,
      then no decision at all may be their safest course.
      Will PZN get the big BOP contract? Will political
      pressure from California stall the award if they plan to
      house them there? Will the BOP decide that PZN's
      capital resources are insufficient to assure performance?
      What PZN needs is "growrh" Haven't seen much of that
      lately, just spec prisons and talk about RFPs.

    • Just after "the announcement" PZN held steady at
      5 due to buyers sitting on a bid of 5. After the
      brief run-up (when I'm sure bottom fishers were happy
      to take a 20-25% gain) the price drop likely caused
      panic selling as long term holders figured the stock
      was not going to sustain any gains. There are buyers
      at the current level, but unlike the beginning of
      the month, these buyers are not sitting on a bid of
      5; instead they keep lowering their bids so the
      panic sellers move down to meet them. I can't say what
      is going to happen to the company and I don't intend
      to sell now. If I did want to sell though, I don't
      think I would play into this game, ie. I would stick to
      an ask price of 5 or better. Just MHO.

    • It was you and GenJackripper that helped save me
      a lot of money. You because you understood the
      accounting of what was happening and took the time to
      explain it to me. TO GenJackripper for reminding me
      charts can predict the future and when we failed to
      sucessfully retest $9 in the Fall, orginally reached in July,
      we had a serious problem.

      We have a huge
      amount of technical damage, IMO it's why the stock
      bearly moved with all the new news that came out. IMO,
      this stock will have to "base" for an extended period
      before any real progress can be made, too much stock
      over head. I think if we want to be in this story it
      makes sense to do it in the new preferred if it gets
      voted in.

      As of now the new preferred will not
      trade in the money in theory(25%
      premium=$4.625/.75=$6.166, meaning the preferred will trade flat). If I was
      Fortress I would be happy to see the stock hang out right
      here as the rights offering will not get the arbs
      piling in it as when the stock was $5.50 to $6. Actually
      the lower the better. THis might be taken into
      consideration. It seems important to see who shows up filing
      13D's in the next few months and their ties to
      Fortress. It will be battle of the Titans, Dreman versus
      Fortress.

    • Unfortunately, I thought I knew a little about
      the private prison business, but a little knowledge
      is a dangerous thing, I have found out. I thought
      PZN was a perfect fit for me, because I had been
      forced into retirement by cancer and was looking for a
      source of income. I stupidly sold Merck and bought PZN.
      I think I will sell my position and watch the board
      again when the March Board Meeting rolls around. I
      can't see anything good happening between now and then.

    • the reasons I haven't sold all:

      - Having
      held this long and having missed all the obvious exit
      points, why give up now?

      - the basic business is
      still strong (I think).

      - I'm stupid.

      I
      wish I could give you some encouragement. Ultimately I
      have been 100% wrong in the two years I've been
      posting here. (Well, maybe right in some theory areas,
      but certainly wrong in result).

      If anyone has
      held onto this stock because of something I've
      written, I sincerely apologize.

    • View More Messages
 
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