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Corrections Corporation of America Message Board

  • purplelish purplelish Jan 31, 1999 11:03 PM Flag

    Another prison break! TN

    SUN530PM] [Talent=Dan] (Talent=Dan) [COMPRESSION
    GRAPHIC=Prison Break] Convicted murderer David Britt is still on
    the loose tonight. [TAKE MAP] He escpaped from the
    South Central Correctional Facility in Clifton
    yesterday. Britt was convicted of carrying out a plot to
    kill a woman's husband 10 year's ago in West
    Tennessee. [VO] [RUNS: ] {VO} [10-13 Mark Bellinger pkg]
    This is the same jail where four inmates broke out
    last October after cutting through two security
    fences. It's run by C-C-A. [ESS FULL] {ESS FULL} David
    Britt is 5'8 and weighs one hundred and 90 pounds. He
    has brown hair and brown eyes. [ON CAMERA] {ON
    CAMERA} [Talent=Dan] (Talent=Dan) If you see anyone
    matching Britt's description you are asking to call the
    prison. ###

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    • a glass of Baker's (I don't drink it, but Nic
      says it's so).

      You're right about everything.
      In truth, I guess that, as a charter member of the
      Happy Brigade, I can live with another year of stock
      price sluggishness (doesn't matter anyway - I've got
      the growing dividends, right? As St. Doc said, "it's
      ordinary income! Pay tax! Reinvest!).

      I'm afraid it
      will take me another year to come to grips with the
      REIT concept, though. Sorry, I'm just a slow learner.
      That's why I'm not running a company that dominates its

    • Your dilutions points you made all along are
      real. $300MM in new equity this year will no question
      be dilutive. As Bob says with 12-18 returns down the
      road. If they are going to try to maintain a 1/3-2/3
      equity to debt ratio then fixed long term debt is
      probably not till latter this year. It sounds like they
      want to raise as much equity as they can in the near

      Interesting out of the $560MM in projects I thought Bob said
      for this year, $300MM or so has been used. It looks
      like the bulk of new beds coming on line will be in
      the first half. Maybe the plan is to use debt in the
      second half to compensate for a slower grow pace. The
      debt would certainly be more accretive.

      Any way
      it looks like they have plans for wise use of their
      capital. They obviously feel there is enough business out
      there for them to pick and choose, that's good. To me
      it sounds like they are building a very good

      With market share ever increasing maybe REIT's not
      being liable for anti-trust was a bigging consideration
      then anyone, but you, expected.

      Doc's claim of
      30k beds in the pipeline year in and year out is
      interesting. That translates into to 15k per year. A few
      things become clearer when you think of the long term
      effect of that "constant" number. Hence the question
      again about other Gov't business. It hard to see if it
      makes sense. With margins only in the 10-11% for "built
      only" projects it's hard to see that they want to use
      firm capital at this point for such things. Maybe that
      means we won't see other business till next year at

      It looks like we need to make through this year
      which I'm sure we will. The stock will probably
      flounder, but that's OK. I feel better then ever I see the
      long term plan taking effect. It makes sense to me
      given the existing huddles the industry

      Another thing hit me as I listened to the CC. and all the
      concern about new Gov't legislation. If PZN doesn't know
      how to make it way around the halls of Gov't, then no
      one does.

    • Do you know if Litt's list was generated before or after the conference call? In the call, he seemed to accept management's comment's without challenge.

    • This proves that either Litt really doesn't
      understand PZN's structure (never read proxy), or Bob Crants
      doesn't understand the new legislation. Bob said that
      overall PZN supports the legislation. Coupled with
      NAREIT's published comments, I'm guessing the former is
      the case. JMHO.

    • In a Dow Jones news release J. Litt is quoted as placing PZN
      on a list of REITS that might be affected by the new legislation.

    • The very first question on the CC was from none
      other than Jonathan Litt, and it was about the impact
      of the proposed legislation. Doc, Jr. handled it
      well, and to Litt's satisfaction. There was some more
      esoteric discussion - without a map it was hard to follow
      (Service Co A, Service Co B, Opco, preferred sub, 9.5% sub
      etc.). In any event, PZN believes there is nothing in
      the legislation that creates any problems (and as
      noted in the earlier post, NAREIT views the proposals
      as helpful, rather than threatening, designed to
      revitalize REITs somewhat).

    • do yourselves a favor. Pay the $5 to listen to
      the conference. As flipper said, the newly proposed
      government regulations were covered. They are a non-event.
      Everybody, including the Analysts seemed to agree.

    • Bob Crants said the % of income out of the
      preferred subs should be under the "radar" of 15%. He
      explained as the the revenue grows the % income in PZN will
      be grow faster then the preferred subs so ceiling of
      15% will NOT be a problem with PZN.

    • IMHO that's why we're down today.

    • I admire your effective use of the word manage.
      I'm sticking to my guns on this one. Credit tenants
      meanl cheap borrowing costs which provide for increased
      market share via expansion. It beats used-car lots.

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