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Corrections Corporation of America Message Board

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  • newMK newMK Jun 15, 1999 9:54 AM Flag

    magic five

    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

    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.

    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

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