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Corrections Corporation of America Message Board

  • keenopokomoko keenopokomoko Sep 11, 2000 9:34 PM Flag

    Newbie Here: I Bought

    I bought 5,000 shares of PZN at $2 today. Thanks
    for all those who offered advice. I do look at it as
    an educated gamble, not an investment based on
    wisdom. [The wise person knows they are not wise.]

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    • I understand and agree with what you say,
      most
      especially your first 9 words, reproduced here, (emphasis
      added)

      " _I_F_ this dividend is handled like a stock
      split..."

      IF, on the other hand, this is really a
      cash-equivalent payout, and a taxable event to the recipient,
      which I belive will be required to satisfy the IRS,
      then it is really like selling a stock after it has
      gone ex-dividend and before the funds have been
      credited. In the latter case, the dividend belong to the
      seller, not the buyer. The buyer purchases the underlying
      investment (stock), but without (ex-) the
      dividend.

      Kinda like an ex-con, or an ex-Marine.

      please
      don't let this nit-picking quibble deter you from
      continuing to make valuable contributions, as you have so
      often in the past.

      The Merchant Actually Can
      Keep Ex-Dividends, Really

    • Thanks, but I'm not juggling. Just having a hoot
      about all of us wishing for higher prices for so long
      and now hoping that the stock stays low. I did pick
      up just a few yesterday mistakenly believing that I
      wouldn't get any PIK--these shares are in a different
      account than my others and getting rid of a miniscule
      amount of the B shares (plus paying the tax) will be
      more trouble than it's worth. Anyhow, I got them @ 1
      7/8 so I should be able to dump them in the next week
      without a loss--maybe even some pocket change
      profit.

      Now we'll see if my hunch is true--that the company
      releases whatever info it can to keep the price of the
      common up.

    • I guess what I was trying to say was that, unlike
      with a cash dividend, record date and x-dividend date
      are not necessarily the same thing with a stock
      dividend. When a stock splits, it is called a stock
      dividend, but, unlike a PIK, there is no taxable gain
      there.

      w_

    • overdawall,
      If this dividend is handled like a
      stock split, yahoo is correct. What happens is MT has a
      record date and if someone sells their stock between the
      record date and the distribution date, they are required
      to surrender the distribution to the buyer. Your
      broker will take care of this detail. This is why the
      stock hasn't budged on x dividend day, just as on the
      stock split x-dividend day the stock doesn't start
      trading at half price. Not until the extra shares are
      actually issued does the price change. In this case, yahoo
      is probably right.

      w_

    • Try this one from PRNewswire - it seems to have
      the details on dividend and record dates. Under the
      heading "Prison Realty Declares 1999 REIT
      Dividend".

      http://www.prnewswire.com/gh/cnoc/comp/208225.html

      Since it was dated Sept 5 it may have been
      revised. We'll see tomorrow.
      Good luck with the
      juggling.

    • Yahoo previously had 9/12 as the ex-div date. It was changed to 9/25. That, coupled with "scnippers" posts on the subject, convince me that 9/25 is correct.

    • How do you get around this?

      NASHVILLE,
      Tenn., Sept. 5 /PRNewswire/ -- Prison Realty Trust, Inc.
      (NYSE: PZN - news) announced today that its board of
      directors has declared a dividend of $145.0 million payable
      on Friday, September 22, 2000 to the Company's
      common stockholders of record as of Thursday, September
      14, 2000, in connection with the Company's election
      to be taxed and qualify as a real estate investment
      trust, or REIT, with respect to its 1999 taxable year.


      There ain't no way that 9/25/00 is an ex-div
      date!!

      Y*hoo is not famous for scrupulous accuracy in such
      things: just read their disclaimers.

    • Anyone else see the irony here?

      Looks like investors might be in for another screwing--this time because the price goes up.

      For a moment it almost feels good to be a long term holder.

    • "schnipper" says he spoke to NYSE rep about it,
      any reason to disbelieve? (14991 and 14986) He says
      he was told it is being treated as a special, so not
      the usual ex-div date-- I think he may have
      misunderstood partially, though, because he said you have to
      own the stock on the payable date to get the div-- if
      that were true, the payable date and the record date
      would be the same. So, I think the ex-div date is the
      day after the record date. But a call to the company
      certainlt seems to be in order. I tried this a.m. but of
      course all were at the meeting.

    • The "due bill" concept fits the fact that the
      stock price has been steady. However, I still refer to
      the press release, that clearly and simply stated
      that the dividend is payable "to the Company's common
      stockholders of record as of Thursday, September 14, 2000". No
      other qualification or requirement was stated. The fact
      that the dividend is payable on September 22, 2000 is
      immaterial. Dividends are always payable subsequently to the
      record date.

      What you hypothesize is consistent
      with the stock's behavior, but not with the press
      release. If the company violates the press release, there
      could be another lawsuit.

      Also, it should be
      noted that this is an important issue, because the
      period from September 18 to September 22 is half of the
      10 trading days for the first conversion period
      pricing. Having the dividend still included in the price
      of the common for those 5 days would significantly
      impact the conversion rate.

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