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Corrections Corporation of America Message Board

  • Countach5000SQV1988 Countach5000SQV1988 Mar 27, 2000 4:50 PM Flag

    Boy! did this board died!

    Stopping by to see what the latest news
    were.

    I am surprise to see that there were so many fans
    of PZN when it was going down and now I do not
    recognize most of the posters. May be everybody finally
    bailed.

    I guess there is nothing more to say on the
    subject.

    I am also surprised that the PL deal did not
    maintain $4 - $4 1/2. this is strange.

    Hitting new
    lows may be an indication of more undisclosed bad news
    to come. Again from what I see there is a strange
    silence about the PL deal.

    But since I am not
    really following all the details anymore I could be
    wrong.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • i added some the last couple of days @ 3 5/8 and
      3 7/16. It is a little troubling that there doesn't
      seem to be support. I don't believe they are going
      bankrupt either but i don't understand the delay with the
      PL offer.

    • I am adding to position.

      Unless you all
      think PZN is going bankrupt,
      which I do not, the
      stock is an absolute
      steal.

      Once PL deal is
      signed, sealed and delivered,
      a runup to $6 is
      assured. That is why
      the call options are retaining
      premiums.

      BIGMAN

    • were you selling on the way down or are you adding to your original position?

    • Appreciate the info. That makes sense. 9/30 is
      not a binding constraint, because if there is no deal
      by then, there will be no deal anyway.

      But
      I'm an optimist, like BigmanHerb. Sit tight and a
      reasonable percentage of book value will be restored.

    • show me the stock.

    • CMM is finially taking off. Took long enough. Apparently expectation for favorable 10K release this week. Should exit from BK by end of April.

    • If I recall correctly, CMM distributed its
      preferred F by 9/30/99 to cover earnings for 1998.

      I
      think 9/30/00 is the deadline for PZN.

      Strong
      bids around this 3 1/2 level. This is also the level
      where the stock was supported before the PL deal was
      announced.

      Common is weak but the preferred A remains steady.

    • but close enough. No news from the company (maybe
      it's another "quiet period") but would you believe
      anything they told you? Doc selling at 6 and below? This
      whole crash was so unnecessary, now the vig on the LOC
      is huge. If Doc had just reined in his expansion
      impulse and tried to manage the business he had -- but
      then "you'd have a pretty flat stock price," right?
      Wonder if the BOD members are still long the stock, or
      headed for the exits? Also, any word on the FBOP
      contracts?

      • 1 Reply to joepalookaboggs
      • It takes time to do due diligence.

        The
        stock market valuation is significantly below the
        replacement value of the assets. The company could liquidate
        instead of going under.

        A definitive agreement
        with PL should generate some excitement and push the
        stock back near $5. It's not reasonable to expect
        $8-$10 this year because 1) shareholders face a big cash
        call in the rights offering, and 2) the stock isn't
        worth that much.

        If the deals were in trouble
        then the preferred A would be back at its lows.
        Instead it is 20% above where it traded just before the
        PL deal was announced. The common is a good buy at
        this level (you can generate a high yield by selling
        those fat August calls) and I still like the preferred
        at a 17% yield.

 
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