Hey! Someone pulled a switch-er-roo on me. Last I
heard Blanchette was VP-Ops, what happened? when? why?
The board may deem him a GOB, but I sure could not
see that while I was working for him 40 hours a week.
He was my warden for a couple years and the best one
so far that I have worked for.
Vida was a local CPA? Doc and company went for
the big bucks (our money) with an instant CFO who
just happened to be in town? Hard to believe, yet who
knows? I thought maybe PZN got its taxes done by H&R
From tht 8-k
>>Section 8.9. Sale and
Leaseback. Pacific Life agrees to
purchase from, and
lease back (on a triple net lease basis) to, Prison
the headquarters building located at 10 Burton Hills
Tennessee; subject to negotiating
mutually acceptable definitive agreements for
purchase and leaseback with rent and a capitalization rate
equal to rents
and capitalization rates for
comparable buildings in the Nashville area and to
of comparable credit worthiness and with
covenants, conditions and other
terms (including the term of the lease) that
customary for transactions of this type; and subject also
to the consummation of
contemplated by this Agreement.>>>
Could you pls explain the sale of the
headquarters transaction to me? I was under the impression
that Prison Realty already owned the headquarters and
CCA (the OPCO) was making lease payments on it (well,
it least partial lease payments).
the thoughtful valuation work.
what Doc accomplished for me is a big hole in my
portfolio. It has taken me a year to get my IRA back to
where it was before this debacle, and I have a tax loss
that will make any stellar returns on other stocks tax
free for a good while. Please notice that Doc comes
out of this looking like a bum but smelling like a
The condition concerning replacement of the CEO
and CFO is carried over into the bank waiver
agreement. This means Doc and Vida are gone regardless of
whether PL walks or not.
As to Sparks comments on
the VP-Operations, he is one VP removed. The GOB VP
was Blanchette who has been replace by Jimmy Turner,
also a Texan, but definitly not a GOB.