Flipper I have some problem with the arithmetic. How can cash flow and earning be higher than sales? Earnings are sales minus all cost of sales, expenses, interest and taxes. In any normal business a person that comes up with such a creative accounting would be a guest at their facility instead working for them.
I'm not missing the point. In fact, you restated my point.
If the accusation you make is true, the lawsuit fixed it. Right? Why would the wronged parties settle for less than they were allegedly screwed out of? You said at the time the settlement was announced that it involved substantial concessions by CCA/PZN (I, of course disagreed, but who am I to argue at this point?)And the court agrees with you that the suit wasn't frivolous - that's why they gave the attorneys so much for their considerable effort (I'm trying hard not to lose my lunch).
Long story made short - you (or those of your ilk)had your day in court, so quit bitching.
The IRS does NOT have to rule on this. They can challenge it at any time via audit, but their best chance to sustain a challenge (substance over form) is lost. Assuming PZN continually meets the mechanical requirements of being a REIT, they can prove the form reflected the substance because of this lawsuit. Like I say - cheap insurance.
And a reminder - more than the merger drove this stock down. I've gone over those facts with you before.