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Corrections Corporation of America Message Board

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  • newMK newMK Sep 26, 2000 10:42 PM Flag

    Bensabia

    Doc, Jr & Devlin led the whole company (and a
    bunch of institutional investors who are supposedly
    pretty smart)down a blind alley. Amazing what
    encouragement from attorneys, accountants and investment
    bankers is available when tens of millions of fees are
    being spread around. There was the group that said do a
    REIT. There was agroup that said merge with the REIT.
    There was a group that said undo the REIT with
    Blackstone. There was a group that said undo the REIT with
    PL. The only good advice was to undo the REIT, a
    practical necessity when they ran out of money.

    Now
    the bad guys are all gone. The new guys are just
    trying to survive and get through this mess. The current
    Pfd dividend/conversion is based on the theory (tax
    law notwhithstanding) that all the common
    shareholders convert their preferred into common and the
    preferred goes away. Desired result: no change in
    proportionate interests, no corporate level tax, no preferred
    dividends to pay in the future.

    What the markets
    (and the shareholders) do in the meantime is out of
    their control. Anybody who held this stock for awhile
    and still held it on 9/22 should convert and ride it
    out. But it won't be pretty in the meantime.

 
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