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Corrections Corporation of America Message Board

  • Larry8888nyc Larry8888nyc Jun 12, 2000 9:35 AM Flag

    PZN news..lookin good !

    Just got back from the Hamptons and needless to
    say ,last few days of posting is now leaning on the
    positive side. Current news is powerful ally to sewing up
    this deal and moving this stock up. Additional news
    releases,(ie) like "new management" could really do the trick
    and I believe those lawsuits will be settled cheap
    because they don't have the same legs to stand on now
    that PZN remains a REIT for this year.I also feel that
    PL would move ahead with the deal,even if the
    plaintiffs got the defendents position is not
    that vulnerable to any big $ award.

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    • The stock is not exactly on fire in spite of
      Friday's news. Not a lot of excitement. I bought a little
      after the open this morning. May buy more as things
      unfold. The lawsuits remain a thorn in the company's
      side, and the plaintiff's attorneys know this. Cash
      call and potential arbitrage also limits enthusiasm.
      Also, rumblings about california law not permitting PZN
      to bring in ANY prisoners from out of state -- I
      think this law will not stand up to challenge (though
      I'm no lawyer) given federal interest. It will be
      settled politically and never go seriously to court. The
      new contracts give the company hope if it does not
      bleed to death while waiting for the cavalry.
      Le_Chacal, you are among the most well informed -- can you
      shed light on new business developments?

      • 3 Replies to joepalookaboggs
      • About California law prohibiting inmate
        importation. There's this little clause in the U.S.
        Constitution called the supremacy clause. Simply put it means
        a state cannot tell the federal government were to
        house its inmates.

        The law has questionable
        validity as to other state's inmates, but even the CA
        Attorney General's office has recognized that CA has no
        control over the location of federal inmates.

      • Hasn't been released on any major wires yet, nor by company, as far as I can tell.

      • Flipper recently provided a link to institutional
        holder's report, and I got focused on the reallt big
        holders. Then I scrolled down and found two small
        positions, each a little over $2 mil (about a million
        shares, mas o menos, but it was the companies that got my
        attention -- TIAA/CREF and Prudential). Increasing their
        holdings in small bites, pocket change really. TIAA/CREF,
        of course, run retirement plans for universities
        among other groups, but always under scrutiny by very
        smart people (their boards include professors of
        finance, presidents of big schools, life insurance VPs)
        and doing pretty thorough DD. Disclosure: I have an
        annuity contract with TIAA/CREF, so I am biased but also
        impressed. I will be looking for the June 30 report to see
        if their positions increase further. Flipper, thanks
        for the link.

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