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Corrections Corporation of America Message Board

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  • newMK newMK Jan 13, 2000 10:32 PM Flag

    WHC price

    Everything you said is correct, at least in

    However, in real life money takes precedence over
    corporate niceties. I've seen plenty of situations (and
    lived some) where the owners have taken a back seat to
    the banks without any kind of foreclosure or
    liquidation actions.
    I suspect we're witnessing one now.

    In PZN's case, it appears that there was a survival
    battle going on. We have no idea, other than by educated
    guessing, how bad things are. When you look at all the
    pieces, all you can conclude is that this was a
    desparation deal. Doesn't matter how they got there.

    If you think a shareholder like Dreman will come to
    the rescue and give the rest of us any better deal
    than what is proposed, it's wishful thinking. There
    are no white knights in this story.

    FWIW, Doc
    and Beasely are in the same boat as us. if Doc ends
    up with as much as a million dollars in severance
    (beyond his contract), I'd be real surprised - sorry,

    The terms of this deal were set in May, when PZN lost
    its ability to attract any capital. It's just a shame
    they waited so long to get it done.

30.80-0.21(-0.68%)10:55 AMEDT