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Corrections Corporation of America Message Board

  • avi29 avi29 Oct 28, 1999 11:42 AM Flag

    NewMK and Abadaba7

    Since both of you accused me of laziness and told
    me to read the 200 previous posts when I asked
    questions about PZN (which I thought was the purpose of
    this bulletin board's existence), I called and spoke
    at length with Kerry Reitz in IR. Since you were
    both so rude and unhelpful to me, I will keep the
    valuable info. she passed on to me to myself.

    the superiority complex.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • At a discount you couldn"t refuse. and nontransferable. $236m goes out $236m comes in. At least on the special if there is one for $2.

    • just look at flipper's Profile page. That
      precludes even flipper misciting it.

      You've heard it
      before. The old saw about "Give someone a fish and you
      feed them for a day. Teach someone to fish
      .......yada, yada, yada ,,,,

    • e-mail is

    • I hope all is well.

      Mutual fund sellers should out of the way as of today.
      Some decent bids today and some actually UPTICK buying
      of reseasonable size. Figured that was the case over
      the last few weeks drop.

      The $64k question is,
      has the stock been successful in retesting the $9 low
      area. I would think we'd need to see a rebound to the
      $12-$13 area to say the "test" was successful. First
      signs look OK though.


    • I don't know if this will meet IRS requirements..
      <<If we are given a choice , then it looks like a
      convertible or
      a preferred stock that has a mandatory
      call date and will pay shareholders face value when
      they mature is our best bet.
      I recently had some
      preferreds that were called at face value. $25. The dividend
      was paid quarterly.
      This apparently is not
      ordinary, but why must all financial
      equities be
      slanted in favor of the company? Comments>>. . .

    • Let me start by saying that I am NOT a tax
      attorney or a tax accountant. However, I do believe the
      suggestions in your post are more on track to possibilities
      that may work with the IRS as well as benefit PZN and
      us shareholders.

      I do not believe any sort of
      common or preferred dividend would work nor would
      warrants or rights to these securities. Issuing more
      common or preferred stocks would not change either the
      assets or the liabilities of PZN. The shareholder's
      equity is simply what is left over after subtracting
      liabilities from assets. Reshuffleing this shareholder equity
      can be done but, IMHO, the results would neither be
      taxable nor satify the IRS REIT requirements. In such an
      event, the shareholders would have the exact same
      percentage claim to PZN's assets before and after such a

    • If market price of a bond at issue is IRS
      criterion, there are a number of ways market price could be
      supported. Why not issue a bond that (1) is redeemable at
      par after a set period (thus virtual cash), and (2)
      is convertible into common. Another approach could
      be to have the bonds set at a floating rate (as in
      LIBOR+), with warrants attached with a delay feature (you
      can't detach the warrants for a certain period). Doc
      needs to look at alternatives, keep it "in the family"
      so to speak.

    • I did not read your post before I responded . You are exactly right and were much more complete in your response. Good Post.

    • If the bonds carried a below market yield the IRS would reduce the value of the distribution to Fair market value and the special didvidend would not be paid in ful.This would violate REIT status.

    • flipper's email is

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