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Corrections Corporation of America Message Board

  • mcprison mcprison Feb 9, 2000 12:13 PM Flag

    Gotham buys 5.75% of PZN

    Prison Realty Trust Stake of 5.75% Taken by
    Gotham Investors


    Washington, Feb. 9
    (Bloomberg) -- An investment group that often takes stakes in
    depressed real estate companies acquired 5.75 percent of
    the common shares of Prison Realty Trust Inc.


    Gotham Partners LP and its affiliates began purchasing
    shares on Dec. 27, 1999, according to documents filed
    with the Securities and Exchange Commission. Prior to
    trading on that day, Prison Realty announced the
    resignation of the real estate investment trust's chief
    executive and the elimination of its dividend.

    The
    investors paid $33.97 million to acquire 6.80 million
    shares as an investment, according to the SEC filing.
    That works out to an average of $4.99 a share.


    Prison Realty, based in Nashville, ranks as the largest
    private prison owner. Its shares have fallen more than 75
    percent during the past 52 weeks. The stock yesterday
    rose 9/16 to 4 9/16.

    Gotham is a New York
    based investor run by William Ackman and David
    Berkowitz. In the mid 1990s the investment group sought to
    take over bankrupt Rockefeller Center in Manhattan,
    only to lose out to Goldman, Sachs & Co. and David
    Rockefeller.

    Feb/09/2000 9:55

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    • I love this dog.

    • only 15 million in the fundBy Craig Tolliver, CBS
      MarketWatch
      Last Update: 12:42 PM ET Feb 9, 2000 Mutual Fund
      Center

      BOSTON (CBS.MW) -- Scudder Kemper
      Investments said Wednesday that it would combine 23 Scudder
      funds and AARP mutual funds, pending shareholder
      approval. Scudder said that the funds have similar
      investment philosophies and that the move would reduce
      expenses for most shareholders.

      Further, Scudder
      said it plans to offer shareholders in the AARP
      Investment Program a wider range of investment choices
      following the consolidations, upping the number of mutual
      fund options from 16 to 43.


      Today
      in
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      Fortune lists its 10 most admired
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      Shape up your flabby savings now
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      More personal finance
      news...
      CBS.MW front page
      Updated:
      12:31 AM
      02/10/00



      As part of the restructuring,
      Scudder plans to eliminate six portfolios altogether:
      Scudder Real Estate Investment (SCREX), Financial
      Services (SCFSX), California Tax Free Money (SCAXX), New
      York Tax Free Money (SCYTX), International Value, and
      International Growth funds. See Merging funds.


      Europe-only SRI fund
      fund

    • firm that wants to loose money.

    • appear to own approximately 30 million shares,
      which is approximately 27% of the total outstanding.
      None of these owners seems likely to vote "yes" on the
      Blackstone deal. (Quite the contrary, in fact.) If the deal
      needs 67% of the outstanding shares, and 27% are
      apparently lined up against it, what are the chances that
      management will get a favorable vote from the remaining
      67/73rds of the outstanding shares (i.e., more than
      90%)?

      The answer is obvious: none whatsoever.

      And
      the conclusion is obvious, too: THE BLACKSTONE DEAL
      IS DEAD!

 
CXW
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