Anyone else think that CXW management misled investors by limiting the Pfd B exchange ratio to common based on a average common price at no less than $1/share? The original descriptions of the Pfd B made no mention of exchange ratio limits.
If so misled by CXW, anyone wish to opine on legal remedies, if any?
Given that the stock is almost what we predicted it to be last month, you hit it right on the head. Expect to see a law suit at the end of the 2nd conversion. This situation is just ripe for lawyers. Should be filed probably at end of December, can't be done before the end of 2nd conversion of course.
Once again, what you see is at worst, a deliberate attempt to smoke investors and at best incompetence in handling this matter. I am not a IRS expert by if I would be, I would be having hard questions about the PDFB scheme... Looks to me like a tax evasion scheme where everyone, IRS, Taxpayers and shareholders are holding the tab to "save" the company (or rather keep the execs in their jobs for awhile longer).
Well anyway these developments are consistent with all past developments, so no one should be surprised of the next actions that will hit them..
One thing I was wrong about is an up spike if Bush would be the likely next president. That should have been some good news on the industry as a whole yesterday. Instead we almost touched 1/4. Humm.. I wonder why..
MY MY , so much negativity seems like you would want to recover from the wrongs that have been done in the past. Give the new team a chance. If you would pay attention to the moves they have made in the last four months, you might have a diffrent opinion. Look what all the lawyers did for Al Gore. Cost the public millions. These folks are doing the right thing give them a chance. Remember Crants is gone.