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Corrections Corporation of America Message Board

  • tmm3 tmm3 Aug 4, 1999 1:17 PM Flag

    badly broken

    nothing since 7:30 this morning? don't believe it.

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    • SOUTH BOUNG

    • I don't see how the payout already of $140mm in
      dividends would casue someone to conclude PZN might not be
      a REIT? THis company has been bought to the brink
      of ruin because they have to pay out SO MUCH BEFORE
      they actual declare they are a REIT. I think their
      resolve is clear.

      I don't have a lot time in my
      busy schedule for this median, or to handle my
      investments, but I do fid it interesting..thank you to all.

    • with working in the dark. In the early days when
      electric lights were installed in the shafts the wiring
      was very crude, exposed, and dangerous. Unlike the
      less intelligent horses, mules were easily taught to
      walk with their heads held very low so they could
      avoid getting zapped. Once it became possible to make
      the shafts larger and better engineering techniques
      were developed, horses were used also. Ok, that's the
      end of my mule trivia and thanks for putting up with
      it. G

    • Didn't mean it that way. Anyway, cleo revealed to
      me in an off-the-board conversation that she prefers
      hand cuffs because they hurt more. I never got a clear
      understanding of just Who was getting hurt though!

    • I personally know many of the posters who've
      participated in today's discussion and have gotten to
      informally know some of the others. While I don't presume to
      speak for anyone else, I can assure you that I'm not
      trying to make a career out of bitching or anything
      else. My career (and subsequent wealth accumulation),
      like many of the other poster's, was achieved through
      doing real work in the real world. Not by feeding
      numbers into an Excel spreadsheet and telling other's how
      they should invest their hard earned
      money.

      Many if not most of us has seen a 40% reduction in
      this investment in a three month time-frame (and the
      past year). Further, since you come across as someone
      "in the know", you well understand that the losses
      we've seen are a direct result of either a "mistake"
      made by Doc or Doc is lying.

      So, if I want to
      use this forum to bitch about it or to discuss what I
      consider to be reliable rumors I'll do so. I have earned
      the right to do so because:

      a) I own the
      stock
      b) I've taken the time to read about 6,000
      posts
      c) I've contributed at least a few posts that
      other's have seen value in.

      I suspect that you
      might some day have something of value to contribute to
      this board and hope you do so. I apologize for my
      tone, but I get the feeling I'm being chastised by some
      35 year old money man who's greatest professional
      accomplishment was getting an MBA.

      Please come back when
      you have something worthwhile to share.

    • Meeting was well attended, both with
      representatives of both PZN and Opco and analysts, although no
      new BIG names present, with exception of Lehman and
      their coverage is not certain.

      Company was very
      forthcoming with the numbers, including Opco's, which would
      be available on a regular basis. Still, Doc was
      very
      conservative in his projections and the estimates will be
      coming down.

    • skills. What about talk and type connected to the
      CC? The accused
      would have their words transferred
      to the message board, or to a saved file to be
      downloaded . This seems more practical to me...A 2 hour CC
      is not my idea of a productive evening...Now for the
      best part you would add inflection...You have the
      ability to add color to the text...

    • I don't think they are trying to leave the door
      open on plans to be a REIT. I believe they are, for
      legal reasons, reminding investors that REIT status is
      still subject to IRS review.

      I wish they were
      entertaining the idea of deREITing but they definitely are
      not.

    • For value players the pickings are not bad.

      The stock market averages have been
      driven up by
      a handful of large-cap growth
      stocks, while the
      majority of issues have
      lagged badly, even though
      their earnings
      have been increasing
      steadily



      A lot of cyclicals look like this--one or two

      years of record earnings followed by five or
      ten
      years of disappointments. This pattern
      has played
      out again and again since the
      early 1970s. I
      don't see how the pricing of
      commodities can break
      out of the pattern
      without a sustained
      worldwide
      expansion--which the central banks would
      be
      tempted to squelch.

      Prison Realty Trust (12, PZN)
      collects rent
      from for-profit prisons. The stock is
      down
      51% from its 12-month high. Reason: the

      market's distaste for Prison Realty's close
      connection
      to Corrections Corp. of America,
      lessee of the
      properties and operator of the
      prisons. But note that
      the chief executive of
      Prison Realty, also the
      chief at Corrections
      Corp., owns more than 2
      million shares of
      the former's stock and none of the
      latter's.
      Prison Realty, which pays no income tax

      because it is a real estate investment trust,
      trades
      at 5 times expected 1999 funds from
      operations
      (the equivalent of earnings for a
      REIT). The REIT
      s

    • have said essentially the same except I'm
      probably more critical of this whole SI thing than you.
      Think about it, the fact that the bank "encouraged" doc
      to get a strong independent voice YET LET'S HIM
      SOLEY PICK THE SI exposes the whole process as bogus to
      me.

      Because I believe this process is tainted, I would prefer
      we not even have an SI because I think if Doc get's
      an SI, he will do so by agreeing to overly generous
      terms on the $100mm equity infusion. We all know doc
      isn't going to give up any control since he's allowed
      to do the picking but I'd ask your same question to
      the prospective SI, "..what would you do if you were
      the SI?". Well, since I'm not getting any real
      control over PZN, and I was free to purchase the common
      at $9 earlier this year but chose not to, I want
      significant incentive to inject the $100mm. That incentive
      will be a very favorable deal.

      Remember what I
      said earlier, that doc will say after the giveway,
      "This is something I had to do so I could pay my
      shareholder the Special in cash".

      Doc, keep the cash,
      avoid the SI. Just give the shareholders some decent
      choices on the Special and then please just go away
      gracefully.

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