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Corrections Corporation of America Message Board

  • NoonanGF NoonanGF Jul 8, 2000 9:17 AM Flag

    Flipper: I haven't been here in

    ding for
    liquidation rather than for slow (2 years...?)
    re-stabilization?

    I appreciate your comments much. Thanks in advance.

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    • Shares in 2.5 ish range by a director. This is a goood sign and likely accounts for the bump up today on the news that took place within the last month.

    • up 3/16ths Volume 183,600

    • What you say makes sense. I'm not sure about
      Cibola, but California City was losing at least $1M per
      month prior to taking on the 300 Marshall Service
      prisoners. My bet is the losses there were close to $1M per
      month even with those prisoners, when the pro forma
      $39M Q1 cash flow number was generated. The 20%-25%
      cash flow margin ignores this loss. What was/is
      Cibola's status prior to the arrival of BOP inmates?

    • Nov 5 calls are increasing in value again.

      Last time this happened was right before the jump to 3.5

      Does someone know something?

    • the fact that CCA is PRESENTLY incurring
      tremendous costs and losses at Cal City and Cibola. Thus,
      while an assumed 20% operating margin may be "right on
      the money", understanding the increase in PZN/CCA
      profitiability from these contracts requires some assumption
      concerning the run rate of current losses. If, for example,
      current losses are $10 million a year (just a number, not
      an estimate), the INCREASE in annual profits would
      be approximately $25 million instead of $15 million.
      Comments?

    • Yes thanks for your corrections. I think it is
      good to put in the pref A div. just to see what the
      numbers looks as an entity fully up and
      running.

      Bottom line the numbers are not a disaster as long as no
      more "Youngstown's" sprout up I guess.


      Correctional Prop. Trust pays 175 basis points over LIBOR for
      their prison debt. Imagine the savings if PZN could get
      to even 2.50% over LIBOR. I guess we're talking 2002
      to see that number, but you never know.
      Hard to
      believe the estimates before the 1998 merger were $1 a
      share after tax.....look at it now just a few years
      later.

      With the coming of the rights offering/PIK
      pref./merger to CCA I've given up trying to guess pre-share
      data.

    • I have to believe that with the
      Cash Flow
      numbers I've seen, BK
      isn't a possibility. Even
      though
      the preferred I've got isn't
      accruing
      dividends, I've got in at such a low price that I'll make

      money with the accrual sooner or later. If the banks
      really thought
      this was a BK, why didn't they just
      pull the plug already instead of laying out another
      $55M? I'm
      certain they knew PL was
      gone.

      Also, once the merger gets done, don't you think the
      potential for
      raising capital to pay down the
      debt
      is more likely, if not from
      a rights offering,
      then perhaps through a private placement or
      maybe
      further asset sales?

      Finally, does Carl Icahn
      have any
      PZN? I remember someone posted an

      excerpt from a SEC filing a few months back. After
      Nabisco, he's
      got about half a billion more to invest.
      Thanks for your posts, very
      helpful.

    • Based on 118.4 mil shares? If PZN issues shares
      to CCA holders and does a rights offering to raise
      the $100 mil, are we not looking at a lower number?
      And will the PIK be convertible at some date? Pardon
      my confusion, but I still don't know what this
      animal is worth.

    • I hear what you're saying but I just think the next twelve months are very critical. Any decision you make on PZN must first and foremost be based on your view of the next twelve months.

    • Three month LIBOR today is at 6.73, but I am not sure where the 6.28 and 5.31 come from. The one year LIBOR today is 7.06.

      All LIBOR rates are quoted for spot value.

    • View More Messages
 
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