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Corrections Corporation of America Message Board

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  • newMK newMK Apr 9, 2000 1:52 PM Flag

    Blackstone's $22.7mm in fees not so bad

    Sorry, I still haven't taken the time to fully
    understand the 10-K numbers, but I hope to do it, perhaps
    next week.

    My gut feel still echoes Chris
    Haley's analysis that on a combined basis, operating cash
    flow is strong (though not as strong as if they were
    at historical operating levels). It's the capital
    spending commitments and the structure that are causing
    the emergency.
    Not to mention the fees that being
    paid to lawyers, investment bankers, accountants and
    lenders. They now exceed, I believe, $100MM just in the
    past year.

    I'm sure Fortress/Blackstone looked
    at cash flow pretty carefully late last fall. And
    those vultures thought a 6.50 conversion price was a
    good deal. I think the operating numbers are coming in
    below what was expected then, but still...

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