Ivebeenhit, my point was not that the banks will foreclose and get into the prison business (they won't) -- rather they will own the (recapitalized) company at some point in time IF the "vig" starts to dry up. In many ways, they do own the company -- it is their cash cow, not the stockholders. In that sense, cxw is already in chapter 11. I hope management can turn it around -- in a real chapter 11, the downside for stockholders is 100%.
It's like dating the girl with the best set of ta-ta's in town, but if you can't get at them what good are they. Management is out of the picture, the wolves rule now and they are ripping the capital structure to sh++. Doc wasn't dumping zillions of shares because he wanted to make a statement, he was trying to save what was left that he had. The wolves are taking the rest and Doc saw that first hand.
In the end the wolves will get their flesh and move on and the employees will rule as it should be. They are what made this company.
Wish we could do a "Gore"(do over because I f++++ed up) on this one.
By: pennypinchr $$$ Reply To: None Sunday, 26 Nov 2000 at 11:31 PM EST Post # of 23
Interesting board though relatively few posts. This company, under the right leadership could easily take the stock to $20, $30, $40 and beyond...Why are they languishing as an essential penny and not doing anything about it? They need leadership, a fundamental understanding of correctional operations and how to streamline the same. I have been a high level manager with this company and sure there are sour grapes but, with this kind of a foundation, there is no reason under the sun they can't be quickly back into a position to dominate not only private corrections but the corrections profession in it's entirety. Mr. Crants had some fantastic fundamental principals but lost site of his goal when his judgement became clouded by money. I sat through a presentation he gave at the Elizabeth Detention Center in Elizabeth, New Jersey (INS Contract). He was obviously overly concerned with institutional investors and had lost sight of his own vision. The assets this company currently has are mind boggling. They have potential limited only by their vision and management. I know this business and if there is anyone reading this board, I know what this company is capable of and I am very impassioned by the potential here and loath to see it squaundered. Investors, lobby this company to wake up and smell the coffee. I love this company and if given the chance, I would lead them from here to domination of the industry. Yada, yada, yada...talking to myself I am sure but, I have the vision this company needs...Would love to exercise it. Cheers and good luck investors. You have a great thing here. Hope they pull it out.
Joe---banks do control the destiny, but they don't want to be in the real estate or corrections business and if the don't cooperate they will be in both. They will only stop cooperating when they think the business cannot or will not turn around or to protect assets as a last resort.
I think we will see some higher volumns this month for tax-loss purposes. I would do some tax selling myself at this point but haven't sold my winners so I'm just going to wait it out.
There aren't many good things about being in the "drill bit" range but the downside is limited.
Again, the only thing that is going to take this stock higher is improvement in the fudementals. If that happens and continues to happen on a regular basis, the stock price will take care of itself.