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Corrections Corporation of America Message Board

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  • Ray_Dander Ray_Dander Feb 20, 2000 8:31 PM Flag

    Public Safety & a new deal

    addressed many times on this message board and
    also by PZN itself. The distributions necessary to
    qualify for REIT status can be paid in cash or in
    securities, though the securities cannot be common stock of
    the issuer itself. Thus, PZN could not maintain REIT
    status merely by splitting the already-woefully
    low-priced common stock. However, PZN could easily issue
    preferred stock of any sort so as to satisfy the REIT
    distribution requirement.

    As to bankruptcy, there is
    the little matter of the $1 billion plus of bank debt
    that PZN owes. Servicing the debt, and even paying it
    back, should be a piece of cake, UNLESS there's
    something more worse going on from an operational
    standpoint than the company has disclosed.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • You and everone will come to learn there is a lot
      in the closet that hasnt come out yet, Do you really
      think Doc, and baby Doc was kicked out, Thank long and
      hard, they know, Or Doc knows this horse has been rode
      as far as it can be rode. There is nonthing left to
      do but shoot it in the head.

      Not only does
      bankruptcy solve the large debt, It also some what settles a
      lot of the pending lawsuits, reguardless if the
      lawsuits win or not it still hurts the company to the
      point their creditability, is ruined.

      It was
      said sometime back
      , I dont remember who said it,
      that this company did what it was designed to do, make
      a lot of people a lot of money fast, then fizzle
      out. I believe that is the case.

      The employees
      at the PZN operated prisons were promised a raise,
      they didn't receive that raise, so they all are
      pissed,PZN even went as far as to tell the employees , there
      will be no raise.

      There debt has exceded
      everones predictions, low numbers on filled beds.
      The
      numbers are getting even lower as contracts come up to be
      renewed.In my opinion it was a political scam from day
      one.
      There may be a lot of heads roll before its over.

      • 1 Reply to youhearit
      • You can't work for the company or you would know
        management never tells its employees anything. Even though i
        would not be the least bit surprised if we did not get
        a raise, that would not even take place until
        April.
        I don't agree with much of anything you had to say
        in this message. However I do believe that greed was
        the companies downfall. And I do agree that Doc, if
        he is the financial wizard he is suppose to be, saw
        the writing on the wall and made sure he lost little
        from the venture. I never was a big admirer of Doc. I
        felt he was to arrogant, apparently he has proved me
        right. As an employee, along with many others, I have
        lost considerbly due to Doc's greed. The biggest loss
        is pride in the company I work for, their
        credibility, and the truth in knowing that CCA's philosophy on
        caring for their employees were empty words.

 
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