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Corrections Corporation of America Message Board

  • Standonyournose Standonyournose Jun 20, 2001 2:00 PM Flag

    Lawsuit payment

    I have called IR several times- she has not returned my calls. Can anyone tell me anything about the lawsuit payment- when and how much. Thanks

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    • General....you are like a tornado. I don't get it. If someone's post irritates you, just click it away. Why generate all that hostility inside yourself? Your body is the one that suffers. It's like taking a bath in toxic chemicals. Do that often enough and we will not have the pleasure of your company.

    • Yes I agree nic. This board needs some prospective.

    • The claims are being handled by Ghilardi & Co in California. They indicated about a month ago that the settlement distribution would take six to twelve months.

      By coincidence, I received just today (four months after filing) a notice from them saying my claim was deficient, and giving me twenty days to provide additional information. They obviously have a cast of one to several clerks checking the math and documentation on each claim, then following up whenever they have questions, and then re-checking, etc.

      When all that is done, they will then know the number of shares subject to valid claims. Then they have to calculate the prices at which the stock was bought and sold relative to the price of PZN on certain dates. After that, they can then determine how the shares will participate in the settlement based on a formula. The details are spelled out in the information that was sent out with the claim forms. After all that, there will be some sort of court review to approve the calculations. I personally plan to be there with an attorney.

      As to how much anyone gets, it will be a function of the above calculations being used to divvy up $120,000,000. Of course the lawyers and claims administrators get a bunch of it. It appears that the fewer claims that are filed/accepted, the greater will be each piece of the pie. It is also my understanding that certain insiders (greater than 5% shareholders and officers & directors) aren't entitled to particpate. I presume that Sodexho, Crants and Beasely are eliminated. Don't know about passive investors like Dreman and other institutions.

      Don't bother trying to flood Ghilardi with calls on this matter. No one there can possibly know yet 1)when the process will be complete, or 2) how much any one claimant will get. If they don't know, then no one at CCA can possibly know either. All CCA will ever know is how much they have to pay out. The court and the attorneys decide how it gets allocated.

      • 2 Replies to newMK
      • Before the General issues his marching orders (which he originally wanted to post here 3 days ago, following MK's posting of his informative response in his message #17969), the troops will have to suffer through a prefatory anecdote which has a bearing on his marching orders. The General hopes he's not told this story here before, but if he has, he begs the troops' pardon.

        Some 3 decades ago, Danny Kaye lent his talents to conducting benefit performances of various symphony orchestras throughout the country. These 'performances' were mainly to benefit the orchestra's pension fund.

        One such performance was for an orchestra which was about an hour's drive from where the General resided, so he gathered his entire family and took them to the concert.

        Now besides having seen probably most, if not all, of Kaye's theatrical films, the General had seen Danny "in concert" (a memorable way to spend an evening) and so he figured that he was fairly familiar with this comedian's 'shtick' or (for G2G) michegoss.*

        ****************************************

        * Pronounced mish-eh-goss, to rhyme with "dish o' Joss." Hebrew: meshuga: "insane."

        Literally: insanity, madness.

        But mishegoss is more often used in a lighter vein to describe not mental disease, but

        (1) A wacky, irrational, absurd belief; nonsense; hallucinations. "Did you ever hear such a piece of michegoss?"

        (2) A state of affairs so silly or unreal that it defies explanation. "No one can figure it out; it's plain michegoss." "How can you cope with such a michegoss?"

        (3) A piece of tomfoolery, clowning, "horsing around." "He's the life of the party with his jokes and michegoss." "Please, cut out all the mishegoss!"

        (4) A fixation, an id�e fixe. "She has a new michegoss - that the neighbors are trying to ruin her."

        Source: The Joys Of Yiddish by Leo Rosten (pages 244-245).

        ****************************************

        So the General made a pact with himself; regardless of what Danny did, no matter how nonsensical Kaye became, the General would maintain a Mt. Rushmore demeanor. He would not so much as crack a smile, no less allow a chortle to emerge from his lips. Fat chance.

        Custer stood a better chance at the Little Big Horn than the Ripper did at the hands of Danny Kaye.

        To be concluded in Part II.

      • Thank you so much for that excellent explanation of the settlement.

 
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