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Corrections Corporation of America Message Board

  • billberggren billberggren Sep 1, 2000 11:54 PM Flag

    Any recourse

    I bought shares for $9 a share in 8/99. However,
    I did not file any proof of claim with Milberg
    Weiss. Is there any action I can take $3 a share ain't
    too shabby? Or should I learn from my mistake and
    next time file.

    Bill

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Any of you guys heard fo Mr. Lerach? Just read
      one of the past Fortune magazine about him and
      Milberg Weiss. I you had any doubts or misconceptions of
      how these guys operate, you will get an real good eye
      opener.

      Spiders fighting with snakes. I will gew some money I
      guess but that is so bloody that I may put it right
      back to charity to try clean up so many sins....

    • Distribution of settlement will be made based
      upon the shareholders loss as a % of the aggregate
      loss of the defined group claiming damages. The
      distribution will NOT be a per share amount. Hope this clears
      up the question.

    • There must be some sort of criteria for ownership
      to participate in the settlement. Just think of a
      day trader who bought and sold hundreds of times
      during the period. I would not think they would be
      reimburse for each ownership.

      At this point I
      wouldn't even begin to estimate the settlement amount. I
      would be happy with $1 per share in stk at this point.

    • I'm pretty sure you are both right about the
      shares eligble to participate in the selltlement. There
      are two huge groups of shares in the eligible class.
      Those who were converted from CCA to PZN 1/1/99, and
      all those bought throughout 1999. Just guessing but I
      think it easily exceeds 200 million shares (approx 75
      mil on conversion and 500k per trading day for 250
      days = 200mil).

      A safe assumption is that legal
      fees and expenses will take all or most of the cash.
      So that leaves 36 cents per share for distribution.
      Obviously, this is just a guess, but, if anything, it is on
      the high side. IMHO

    • In a class action settlement, all folks on
      whatever list they use will get a notice to file proof of
      claim. This allows you to join the class, or elect not
      to join the class (i.e., you can still sue on your
      own, though joining the class may be quicker and
      relatively painless -- suing on your own can be costly, and
      you are gambling that Crants and PZN will still have
      any money by the time you get a judgement, which may
      be appealed). I am frequently getting notices of
      class action settlement -- most of which I toss out
      because the amount is not substantial. With PZN, I will
      definitely submit proofs of claim. My only question is how
      can they afford to pay it?

      • 2 Replies to joepalookaboggs
      • this is from a past issue of
        IBD:

        "Sharholders in the failed Crazy Eddie electronics chain
        should get $72.7 million from three of the company's
        principals, who engaged in stock fraud, a federal judge
        ruled."

        Inasmuch as many of us took Crants at his word, that
        dividends would be paid, it seems to me that we've been
        defrauded and such a ruling should be applicable. As it
        stands now, as I understand it, this class action suit
        is directed at the company, with the principals
        cloaked with impunity as regards to financial settlement.
        That money is to be paid by an insurance company and
        costly stock dilution is being absorbed by the
        shareholders.
        And after dipping from the trough one more time Doc &
        Son stroll into the sunset.

        Isn't fraud a
        felony? Or is it mitigated by a lack of pre-conception?
        As has been pointed out on this board, it appears
        unlikely that Crants's intent was ever less than
        honorable, up until his dream collapsed; then, greed
        outweighed principle and he abruptly exemplified the
        negative side of the homily, "To know a man's character
        observe how he acts when he loses money".

        Of
        course, with the mass of plaintiffs, were such a suit
        pressed and won against Doc & Son,
        only the lawyers
        would benefit; and the individual's reward would be
        limited to whatever degree of gratification he got from
        retribution.

        Have a great holiday, Joe, and let's all root for
        Fergy. He's got a tough row to hoe but he's up to the
        job.

        Jack....

      • You need to read the press releases about how the suit is to be settled.

        $120M with $40M from insurance and $80 in issuance of stk. No cash outlay by PZN.

    • YET! You could not have. This is a class action
      law suit I understand and applies to all holders of
      stock on the given dates. You file in the near future
      with your proff of being a poor stock picker(PZN)buys.
      Don't expect 3 dollars a share expect 1 from what I
      understand.

 
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