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Corrections Corporation of America Message Board

  • Reitmaster_98 Reitmaster_98 Dec 16, 1999 2:59 PM Flag

    I talked to Kerry Today at IR

    They plan to announce everything in one big

    sweeping news release. It sounded to me that
    they are
    deciding which SI to take which is
    far better than the
    speculation that there
    isnt a SI.

    She claims
    operationally, everything is going
    well. Also, they are very
    concerned about getting stock price up since they all own
    it.

    When asked about special dividend, she said
    "
    nothing has changed, we intend to pay it"

    15 days
    to the ball drops.....

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • PLEASE

    • <EOM>

    • will own so much of the company our votes don't count anymore....so the shareholder vote is already done.

    • As someone pointed out a few days ago, a pemanent
      kiting (one-year delay) of the regular dividend would
      only cost 4%, and would be the equivalent of not
      paying the special. Pretty cheap capital, and a lot of
      financing problems would go away. I vote yes!

    • until late 2000 will definitely keep the stock in
      the crapper, barring news of a mega contract. Would
      you want Doc and Junior owing you money that might be
      paid in cash or might be paid in scrip? I bought this
      stock because of representations by the company that it
      would pay the special by December AND 95% FFO. The
      company has already declared 3 dividends from FFO, and
      they are trying to take them back (??) by saying it
      wasn't really from FFO, it was the special? As I said
      repeatedly INL (I'm no lawyer), but this does not seem
      kosher (and INR -- I'm no rabbi, either). As a layman
      and experienced investor (with scars to prove it), I
      think this board has dug a very deep hole, and can't
      seem to build a ladder to climb out. Anybody want to
      buy a bridge?

    • I think Kerry Reitz is one of the sweetest people
      I've ever talked to at CCA/PZN, although I haven't
      talked to her in a long time. One reason is that she
      doesn't sit on the Board or tap Doc's phone line. She
      (and others in IR)operate under what must be extremely
      tight disclosure orders, constained by SEC rules, Doc's
      instructions and common sense. I would only bother her about
      mechanical matters (stock transfers) or things that are
      avilable to the public but hard to find.

      Whether
      the Board has met or not is moot. When they do, the
      big decisions will already have been made. What's
      important are the phone calls - between Doc, the Board and
      influential shareholders, not to mention the attorneys,
      investment bankers, lending institutions and accountants. At
      this point, I'm not sure who is calling the shots.
      Does Doc still have power? Is someone on the Board
      taking control? What's Sodexho doing? Or maybe the
      attorneys are running it now. Who knows? IR will probably
      be told about the same time we are.

    • did the same thing

    • Reasonable point given this odd 1999 year. I
      definately made more money on CRN than WHC, but I've been
      investing in this business since the mid-90's, and there
      have been many up/down movements in these stocks since
      then. I've been in and out of all of them, made the
      most $$ on CRN, and most of the $$ I made in WHC was
      before 1998, but there are still good opportunities. I
      own mostly CRN now, with a little still spread in the
      others.

    • something got lost in the translation, perhaps,
      but as NHY originially pointed out (and I confirmed
      by reading the Code), the 1999 regular (95%)
      dividend can be paid as late as December 2000, if declared
      by the due date of the 1999 tax return (as late as
      9-15-00, with extensions).

      Your accountant read
      Section 857. Have him or her read further (858), and he
      can confirm the above.

      No charge for this, and
      it's right.

    • If they tried chapter 11, what message would that
      send to the banks and the markets? As they say, I'm no
      lawyer, but it would smack of so much desperation that
      your average CEO might be shamed into resigning. But
      never said Doc was average.

      Another scenario
      might be that PZN doesn't meet the time tables to
      qualify as a reit, would not that result in an instant
      de-reiting? Wouldn't the lawyers love that one?

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