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Corrections Corporation of America Message Board

  • is pzn still legally a reit until the vote, and if so will there be dividens paid on common stocks in april.

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    • and I mean no personal slight to "grunka" when I
      say this but are you kidding?????That anyone would
      even think of hanging around until April for a
      dividend!!!!Boys and girls...did you learn NOTHING in December???
      I see where NY Coffeeman posted today again..If any
      of you have access to a Nashville newspaper there is
      an article on the front page of the business section
      re: Service Merchandise telling their shareholders
      their stock has no value and will not be honored this
      comes to no surprise to most..EXCEPT some of the
      stockholders who were holding out hope..I predict the same
      headline here for PZN in the future..Seems like taking 3
      11/16 home per share is better than nothing..but
      inevitably some will hang on till it's all gone.Why is that
      do you think???????

    • I believe the answers are:
      1. Yes and 2. No
      although technically 2 could be yes if non-cash dividends were paid, as in preferred stock).

    • I think I might even get a piece of this, and I hate PZN.

    • From the article..

      "Ken Renner, a
      spokesman for DC Investments Partners, said the termination
      of the fund had been coming for several months and
      had little to do with any relationship with

      Renner noted that Metro also invested in a
      strong-performing venture capital fund called FCA Venture Partners
      II, which is also managed by the partnership.
      McWhorter, with a long background in health care, is a
      founder of FCA II, which has earned more than $20 million
      for Metro on a $7.5 million investment by investing
      in startup and early stage health-care

      If I read this correctly, DC cost Metro 800K but
      made them 20MM. (Wish we were so lucky).

      Glad to see you back.

    • could you please tell me where they may be purchased? Thanks.

      Go PZN.

    • that is the question. I got out a week or so ago
      at about this level, after I read the proxy and my
      disgust level rose to the point that it was no longer

      With perfect hindsight something like this happening
      was pretty predictable. Doc and his minions put
      together a deal that screwed the common shareholders
      completely, but they forgot one very important point - the
      people taking the screwing were the ones that were
      needed to approve the deal. Of course, as has probably
      been posted already today, there's no guarantee that
      the BOD will let it be voted upon, but the failure to
      do so IMO would be so blatant as to destroy any
      legal defense they might possibly have.

      decided what to do yet, but regardless of whether I get
      back in or not (after the last 9 months as a
      shareholder I can't believe I'm even considering it!), kudos
      to Pacific Life for standing up to the Wall Street
      sleaze machine.

    • Just a word of caution. I did the same thing and
      bought lots of PZN at $10 thinking the $2.20 dividend
      would make my house payment. I think this thing is
      still very high risk until the company proves it can
      make it after the cash infusion. Odds are 50-50 at
      this point.

    • If the new money is coming directly from
      shareholders, why is it dilutive, at all? If all of the
      shareholders anted up, the same shareholders would still own
      the company, no?

      Perhaps the dilution comes
      from absorbing the losses in OPCO. Which brings up a
      question I have had for a long time: why should we bail
      out OPCO and absorb its losses? If that company is
      insolvent, why not let Doc and the other shareholders twist
      in the wind?

      Since OPCO is in default, the
      agreements with PZN could probably be rescinded. Why not
      take the cash from the Pac Life proposal and start up
      a new management branch in PZN, without absorbing
      OPCO's losses?

    • Thanks for caring.

      You don't get an 18%
      yield without risk. I'll take the loss if the deal
      falls apart.

      I think the chances of the P/L
      closing are at least 90%. But it wont change my life if
      the dice turn up wrong.

      After the recap
      closes, the preferred A will be a very secure piece of
      paper and a great long-term hold.

      Other people
      have posted their views that the company will resume
      growth of 20-30% per year. In that case the returns on
      the common stock would be huge. But that's tougher to
      predict at this point. Maybe 50-50 as you say.

    • is astute, and I hope your investing is also.

      I agree with you that REIT status for 1999 doesn't
      mean REIT status for 2000.

      The companies still
      have to merge, in my opinion. Until things get
      simplified and publicized, the general market will continue
      to treat this stock as poison.

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34.41+0.02(+0.06%)Jun 27 4:02 PMEDT