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Corrections Corporation of America Message Board

  • sam_0534 sam_0534 Jan 11, 2000 9:29 AM Flag

    WHC price

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    WHC
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    20 mins - disclaimer


    Tuesday January
    11, 9:16 am Eastern Time
    Alert: Warburg Cuts
    Wackenhut Corrections Price Target to $15/Shr From $24
    (NYSE:WHC)
    (This is a headline-only alert, although it will likely
    be followed by an article soon)

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • RESEARCH ALERT - Wackenhut Corrections
      cut


      NEW YORK, Jan 11 (Reuters) - Warburg Dillon
      Read said Tuesday analyst Thomas O'Halloran lowered
      estimates and price objective for Wackenhut Corrections
      Corp. <WHC.N>, explaining the company recently
      guided investors to lower earnings levels for the fourth
      quarter of 1999 and all of 2000 in light of higher
      operating expenses, larger start-up costs, and slightly
      lower revenue.

      "Our estimated 1999 EPS from
      operations has been lowered to $0.94 (from $1.00) and our
      2000 EPS estimate goes to $1.00 (from $1.20)," the
      analyst wrote, setting a new price target of $15, down
      from $24.

      The stock closed Monday at 10-1/4.

    • wouldn't we be a private company? I don't see how a private company can purchase a Listed company and end up being a Public company, unless OPCO then did an IPO.

    • I mean no disrespect, but does anyone really
      know: 1. how action can be taken by stockholders to
      terminate Doc and Doc jr from the company without any form
      of compensation?
      2. how the stockholders can
      salvage some of their investment and block the circling
      vultures? 3. can any of the principals currently at the
      table be trusted?
      I agree with an earlier comment re
      Mike Q.
      At least when he was with BOP he was
      regarded as honest, capable, and, more importantly,
      competent. Clearly, PZN/CCA is the major mover in the
      business of prisons, I guess it just needs to be
      rehabilitated.

    • I don't think that would be a problem, just means
      Opco is now public. Normally this type transaction is
      called a "reverse shell". One other way to go public
      other than an IPO is for a private firm to buy a public
      firm/ or shell. Browning Ferris Industries (BFI) was a
      reverse shell. It's a lot cheaper to go public as a
      reverse shell than an IPO. Lawyers sell public shells for
      anywhere from $80k and up.

    • I thought I was complying with your wishes!!

      Take My Advice Completely, Kind Excellent Reader

    • <EOM>

    • I didn't know any of that; thanks.

      I'm beginning to question why I'm spending 50% of my time on a stock that comprises 5% of my portfolio. Ever wonder the same?

    • spending so much time on a stock that is 5% of my
      portfolio, but used to be 20%. What is hard to take is that
      Doc doesn't take the same kind of cut in his net
      worth that the common shareholders do. Now some will
      call that whining, and counsel us to bend over and
      take it like a man. If we try to fight back, we're
      called sore losers. As Nixon once said, "show me a good
      loser and I'll show you a loser."

    • The most convoluted, arcane, unintelligible part
      of the Internal Revenue Code is the part concerning
      the taxation of corporate reorganizations. A straight
      merger would work, but there are also a bunch of other
      possibilities.

      Meanwhile, from the SEC filings, CCA is bankrupt.
      Liabilities exceed assets by $62,554,000. What are the
      shareholders of CCA to receive, according to the proposal? If
      they receive anything, it is a fraud on the
      shareholders of PZN, IMO.

      The perpetual statement that
      we need CCA troubles me. For $62,554,000, you could
      set up a new management division, with a clean slate,
      and no debt.

      Another thing that troubles me is
      that CCA shows a $6,500,000 expense for the use of the
      name CCA. Paid to whom?? Why? Are we supposed to
      assume that expense? Call the damned thing Acme Prison
      Company! That looks to me like another waste of our
      money.

      Wile E.

    • You raise good questions.

      I imagine Doc
      has provided himself a nice golden parachute prior to
      this, and has gold plated it with the
      proposal.

      Personally, I would like to see a shareholders' group sue the
      company and Doc to prevent him from taking anything from
      the table, other than the shrunken value of his
      stock. He has, IMO, defrauded the shareholders, and
      through his dihonesty and incompetence, caused this whole
      mess.

      The problem is that the lawyers who represent
      shareholders are vultures, ready to take whatever they can,
      and leave a little for their clients. They would not
      benefit from obtaining an injunction preventing Doc from
      raiding the till on the way out the door, so they
      wouldn't be interested in filing the case.

      Wile E.

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