Attention Flipper!! This may have been asked and answered but anyway Paine Webber downgraded PZN per Jonathan Litt. In a most negative Research REport 5/20/99 15:07 P Besides all the reduntant bullshit we're been hearing for days now one thing stood out,"In the event that a REIT is engaged in an active operating business it will be taxed like a traditional C corporation. We conjectecture that in addition to the reasons management cited for increasing the fees, they also increased (sic)the to avoid running afoul of the REIT regulation" It went on to say if the IRS invalidates the leases the REIT T will be considered in the business of operating prisions and it will be taxed as a C corporation. The point is,wasn't the main fear that the IRS might not hold valid the REIT status and if not the business plan would be a disaster. I beleive Jonathan Litts statement only strenghtens PZNs position as a bonifide REIT. Just my thoughts.