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  • pkn4mom pkn4mom Jun 15, 1999 9:37 AM Flag

    magic five

    There are some possible technical scenarios that
    would put the stock this low, but there are other
    possible outcomes, too. I'd like to think we will see 15
    before we go below 9 (barring any more major negative
    news). I'm sorry to see such gloom and doom here. I
    don't like seeing the term "mismanaged company" being
    used so frequently without challenge. Obviously there
    was an accounting error and many think it was
    intentional. So that makes management either inept or corrupt.
    IMHO PZN seems to be managed very well by folks who
    have, at least temporarily, behaved foolishly or
    immorally. Also, be patient. The debacle is only a few weeks
    old and you expect the company to be responding in
    some very significant ways already. Give them some
    time to think a strategy through!

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    • I hate to be the doom and gloom guy, because I
      have publicly supported Doc. The first problem with
      the conference call was the announcement of the
      "accounting mistake" and change in fees. The second problem
      was Doc's demeanor in the CC. Result, downgrades and
      running for the exits. In the week that followed, one
      significant shareholder (now a former shareholder) ferreted
      out an additional problem: lower occupancy levels due
      to Youngstown. When this got publicized, it was
      semantically described as a freeze on federal prisoners, which
      wasn't accurate. That gave the company the opportunbity
      to address the occpancy issue as "squelching
      rumors", instead of admitting the problem. Bad attempt at
      spin.

      I'm not sure how to fix the problem. Right now it
      seems that Doc is maintaining his atitude that he's
      right and the rest of the world is wrong. Juggling
      OPCO's management isn't the solution. When it's
      announced, don't expect favorable reaction.

      Yes,
      time is always needed to think through a strategy. But
      the thinking is being done by the guys who brought us
      the REIT strategy which for the past year has proved
      to be foolhardy. I suspect more unsettling financing
      news will be forthcoming before anything of positive
      substance.

 
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