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Corrections Corporation of America Message Board

  • neilmichels neilmichels Jul 14, 2004 12:14 PM Flag

    what does it take?

    TO get some excitement here? 250K shares traded by lunch time and up 2.5%. Who is buying?

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    • "What I don't remember was the conversion ratio to common and whether that was even a factor."

      I don't remember how much was converted. I think it was a substantial amount. As to the conversion factor, it varied somewhat, but if you had 100 shares of PZN, it got you 6 shares of the pref B and that could get you as many as 150 shares of common, so 100 common turned into 250 shares and then 25 shares. That's why between the 2 events I figure aboutt a 1:4 reverse split.

    • roger on the education/tuition

      semi=expensive lesson(s) learned here,
      unfortunately I'm a bit slow, and only
      learn by repetition: much rather not
      repeat my mistakes...

      it's a shame that patience is a virtue...

      wish I were more virtuous...


    • tmacker....this has way more then any investor should have had to known!! I just wanted my dividends (pure and simple) but got a college degree in finance instead, just trying to save my butt!!

    • [QUOTE] 10:1 was the reverse split which doesn't cause dilution.
      started with 100m shares and ended up with 400m

      D-OH! ( homeresque palm impacts forehead )

      now you know why I was masquerading as

      I'm just over the hill, mentally...

      tnx for setting me straight

      (k)lock seem
      (r)elative to me

    • Oracle_of_Omaha,

      Most of this is from old memory so I wouldn't put much weight on it. The pref B was a distribution of profits and retained earings in order for PZN to remain a REIT. It was a convertible pay-in-kind preferred at 12%. What I don't remember was the conversion ratio to common and whether that was even a factor. I'm sure I looked into it at one point but choose not to convert so I assume it was out of the money and finally redeemed for cash.

    • So, the pref. B that you sold flowed from your common holdings and since you chose to dilute yourself by not converting the pref. B back to common, right? So did you include that action in your dilution calc.?

      (My common share count went from x to about 3.3x from pre- to post- recapitalization. So I'm not so sure I was badly diluted when compared to the overall share counts, split adjusted. Agree?)

    • The pref B was actually cashed out. I had some. According to the 10-Q there are 39.5m shares out assuming conversion of a $30m convertible bond (convertible to 3.4m shares)

    • Flipper: In your dilution calc. did you figure that the pref B distributed was converted to common?

    • New building ahead? I see from their last report they are running at 91.7% of the beds available or 59k out of 65k. It doesn't look long at the rate they are adding prisoners they will start to be maxed out.

      Debt has remained the same at $1b and they continue to build their cash war chest. I assume they are planning ahead.

      They still have some reasonably expensive debt too as they carry $250m at 9.875% due in 2009. Some of it is callable next year and the rest the year after. We;ll see where rates are then.

      Free cash flow is running near $4 per share. Very impressive.

    • << TO get some excitement here? >>

      In the past, an escape from a CCA-run domicile or violence committed against one of the company's guest residents by another resident has usually worked pretty well.

      In the olde days, we could usually count on Cleo, the Queen of Bile, to get a bigger "rise" out of the true believers here than Viagra, Cialis, and Levitra combined.

      And then, of course, we could always count on the 'grave' pronouncements from public CO union heads to inject a little comic relief every now and then.

      The General suspects that, with the passage of time, increasing arteriosclerosis amongst aging CXW 'longs' combined with them being somewhat jaded is having its "ho-hum" effect.

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