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Corrections Corporation of America Message Board

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    • I found the reference to the size of
      the
      rights offering . It is buried
      in one of the
      footnotes to the balance sheet.
      Before December 31st PZN
      must make
      a rights offering to existing
      share-
      holders of not less than 50,000,000
      and the proceeds
      from the offering
      must be used to pay down the
      Senior
      Credit Facility. They must also
      sell the Facility in
      England and
      use the proceeds to pay down debt.
      They
      may (not required) sell and
      lease back their
      headquarters bldg
      on terms approved by by the
      creditors
      , proceeds to be used to pay down
      the senior
      credit facility.

    • Just so the shortlist for the "new CEO" doesn't
      include Junior and any of his law school buddies, or
      Doc's buddies from the point. Let's get some real new
      blood, and (BTW) not some retiring govt. official who
      has "contacts." Get someone in who can shape up the
      company and build shareholder value, business as a
      business, not a family playground.

    • The Doctor will be replaced by a new CEO within the next month.

    • You mean 250,000

      BIGMAN

      BIGMAN's New stock is LCCI.

      MAJOR BUY SIGNAL.........

    • PZN shareholders could not ask for
      a better
      arbiter than
      Standard & Poor's to sit down
      with
      the new incoming management after
      the reorg is
      complete, to review
      it plans and strategies for
      the
      FUTURE. We just need patience until
      that review takes
      place, and they
      issue their report. I look
      forward
      to a good long-term capital gain
      on my shares 11
      months from now.

    • into 1 corporation, and after
      1 time
      reorganization charges and
      costs, and with a new managment
      team
      in place, Cash flow will improve.
      There should be
      large reductions
      in high salaried positions
      made
      redundant by the elimination of
      CCA as a separate entity
      and hopefully the other two
      non-essential
      management entities, along with
      other administrative and
      accounting
      positions. As for increasing
      wage costs needed to hire
      and retain
      competent personnel as guards
      and
      wardens, I am sure there must be
      provision in PZN
      leases for increases
      in per diem rates to pass thru
      these
      costs. Government run prisons are
      subject to the
      identical pressures.

    • used by CPA's for prison. All
      accountants try
      for the maximum
      depreciation allowed by IRS
      which
      in all cases is more than the actual
      useful life.
      It increases the non-taxable cash flow, not actually

      needed to be set aside for replacements.

    • and the General, and RP, and Flipper (but where's
      nic?) Even Angel and Fiber. Ah....what bittersweet
      memories.

      Last chapter? Hardly.

      Dreman loved this at 13
      or 9 or whatever. Wonder why he's not averaging
      down. Think he'd take 5 to get out? LBO seems doable at
      that price.

      BTW, how's SSB?

    • Getting testy, old fellow?!! BTW< this f@#$ing
      CRANTS still do not want to go AWAY! Resigning as a
      Board member and Vice-Chairman, but not as CEO! Indeed,
      an irreplaceble man!!

      Well, MK, do you thing
      it is the last chapter in this SAGA??!!

    • Please read newMK's post #13861 which talks about
      the step-up assigned to PZN's prison facilities as a
      part of the 1998 merger. I'm nowhere near as bearish
      on PZN as some on this board but there is no way
      that PZN's facilities are worth what they are valued
      on the balance sheet at this time. Two little items
      have changed during the last two years. Interest rates
      have risen 200 bp making the cost to carry these
      facilities much higher. Second, a critical turnover problem
      with regard to prison personnel has led to rising
      operating expenses and the incurrence of fines due to
      understaffing below required regulations. Both these factors
      make the prisons worth less than what they're valued
      on the balance sheet. The prisons may be undervalued
      versus what it might cost to replace them but that does
      little to help PZN if they don't start generating the
      necessary cash flow to reduce their debt load.

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