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Corrections Corporation of America Message Board

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  • newMK newMK Nov 18, 1999 12:01 PM Flag

    Blew Thru $9

    Sorry, but as you know REIT status isn't
    determinded by shareholder vote, it's determined by tax law.
    PZN is still a C Corp as we speak. It can't be a REIT
    until it so elects on its tax return. It can't make the
    election until pre-1999 E&P is paid out (it hasn't been
    yet).

    While the Articles of Incorporation
    PRESUME that it will become a REIT, they don't guarantee
    it.

    So, for now PZN is a C Corp. Whether they can
    continue in their quest to qualify as a REIT is still
    unknown. A shareholder vote on abandoning that quest
    would, to me, dispel some of the litigation exposure of
    failing to qualify. But a vote isn't required to fail to
    qualify.

 
CXW
18.00Aug 24 4:02 PMEDT