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Corrections Corporation of America Message Board

  • bensabia bensabia Jul 14, 2000 11:10 AM Flag

    Final Proxy Material and Reply

    card will be mailed to shareholders on August 1st
    according to Investor Relations
    Department. Their telephone
    number is 1-888-263-0697.

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    • something about the value of fixed assets, what
      do you think about that old stalwart in your
      backyard, Danbury Industrial (DBRI)?

      P.S. Best of
      luck with THQI and LCCI. I enjoyed your posts here at
      PZN and don't blame you for throwing in the towel.
      Wish I'd done so a long time ago...

    • Time to move on with most of
      my
      money.

      THQI and LCCI are looking great here.

      PZN is in
      need of alot of help.

      I thought they would be
      able to
      weather this transition better but
      the
      golden parachutes to Doc and
      the other fraudulent
      cronies.

    • I hope you are right.

    • Your statement that nothing was created would be
      incorrect as a large increase in Market Value of CMM was
      created the day the stock went ex-div.

      I know what
      your trying to say, but, like most posters are trying
      to say, we consider an increase in the overall
      valuation of our investment to be significant and to have
      value. I don't really care how it is done, I just want
      my investment to keep rising in value.

      I
      truely believe you will see that when PZN goes ex-div.
      the value of PZN common will not drop by the same
      amount as the valuation of the PIK div. (the new
      Preferred). Investors will therefore realize an increase,
      significant, in the valuation of their overall investment.
      Common may decrease some after ex-div. but similiar to
      CMM the decline will not be material.

      Our
      investment in PZN will increase due to this div.

    • from my previous post. Sorry.

    • my previous post. Sorry.

    • 12% Pay in Kind for the first 3 years, thereafter
      in cash until
      this preferred is called at
      PZN,s
      option at certain specified future
      dates. I am
      referring here to the
      $150,000,000 preferred that
      PZN
      will issue to cover its 1999 final
      reit requirement
      to avoid an
      otherwise $100,000,000 tax bill.

    • No, I am not saying the preferred dividend has no
      value. I am saying it has no NET INCREMENTAL value. That
      is, holders of existing common will have the same
      intrinsic value both before and after they receive the new
      preferred. (Market value is another thing, and fluctutates
      according to lots of things.)

      Intrinsic value to
      shareholders is the present value of all CASH that they will
      receive over all future periods based on their holdings.
      When you sell some shares you are converting your
      claim on future cash pay-outs by the company to cash
      paid by another investor based on that investor's
      estimate of intinsic value.

      No new value can be
      created by issuing paper shares with claims on existing
      future cash flows. That new paper simply divides up the
      future cash flows among more pieces of paper than
      before. Since the same people hold all these pieces of
      paper, there is nothing new created.

      The deal may
      be the best possible, or there may be a better
      alternative. Let the institutions decide, by voting no.

    • As a holder of PZN common, I hope we have the
      same experience you had with CMM. However, what you
      describe is equivalent to an increase in the market's
      valuation of the company. Prices go up and down every day.
      If issuing a PIK preferred CAUSED an increase in the
      value of the company, then PZN should do so daily for
      the rest of eternity.

      The fact is that the
      issuance of a PIK preferred amounts to nothing except that
      at some future date PZN may actually pay CASH
      dividends on this preferred. The present value of those
      pay-outs is the real value of that preferred (count in
      there also any cash dividend paid on common that was
      created by conversion of the preferred). But these future
      cash dividends simply reduce the future cash available
      to pay out on the existing common.

      These is
      no free-lunch. Nothing is created here, and nothing
      is destroyed.

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