Possibly one of the old happy brigade other
knowing board members can give me some answers.
most recent Class Action suit refers to purchasers
between June '99 and December '99.
What about the long
term holders going back 3, 4 and 5 years, to the days
of CXC and CCA? Many of us held, and bought more,
based on the many wonderful stories coming out of the
company, of a very profitable future in the private prison
industry, led by Corrections Corp. Are we without recourse,
or are we included in any Class Action?
what about buying call options before, and within the
class period, which could never be exercised because
the bottom kept falling out of this great potential,
with the dividends still being promised as late as
Am I annoyed? In a word - YES!
we all were stiffed - short term holders and long,
long term holders - IMHO!
If anyone can give me
constuctive guidance, please respond. Many thanks, in
that you're right about the earnings report. But
someone (I think I know who he is) posted recently that
the earnings report will include something to reduce
PZN 1999 taxes -- legally. All spec on my part, but
could this be a big writeoff?
Thanks to pc, bruce and vince for you comments on
the class actions. Guesss I should realize that the
"suits" are the only real winners in these things. Maybe
the little guys can get a bone or two. We'll see over
By the way, has anyone else noticed the past several
days on the close, and after reasonable trading - up
to 5 1/2 during the day - somebody dumped a fair
size block down at or near 5 for the "last trade"?
Example, on Thursday it was 10.5k at 5 1/16, and Friday it
was 13.8k at 5.
Am I reading too much into this,
or is there a reason someboby wants a close at, or
near, 5? And, if so, what reason?
Am I just
curious, or has this thing driven me to paranoia!?
There he/she goes again. Most trading since early
moring has been several thousand, or less. Then on
close, knocking price back to 3/4, is a closing trade of
19.4k plus another (the balance of the "sell"?) for
0.7k - all at 3/4. If that's a day trader, there sure
wasn't much in it for today. Low at 5/8 and close at
3/4. Maybe one of these days the longs will see a
close at the high - for several days, and the sellers
will be all out of there! One can only wish...
to all longs!
The sell you are seeing is most likely a day
trader or very short term trader. PZN has been good
money recently for this. Most folks who trade very
short term do not leave money in the market overnight.
Just my guess.
are truly the things that keep Doc and Jr.awake
at night...as each day slips by those two creeps are
starting to get the drift that there services are not
Also,If you looked at my past posting..I
don't expect a BK...it is not necessary. The biggest
changes necessary IMO, is getting rid of this absolutely
rancid management and their stooges,
cutting back on
expansion plans for the time being...installing top ,tough
management...who will work in the interests of the
shareholders(don't forget ..we are the owners)and dumping the
Blackstone deal...which is a conspiracy of greed and
protection between old management and Blackstone. Now you
ask..."what's going to happen"..I said it before...prepare for
a rough ride ,don't let go ...those shares have
value....a better deal will be cut,one way or another,(to
much potential profits here for other players to let
pass by)...the new players will make themselves known
shortly as they gather their allies and put together a
war chest...If Blackstone dosn't put a better deal on
the table ,they will be dust..just like those turds
Doc and Jr.
PS for you assh*les who
continually bad mouth PZN...show some balls add to your short
In terms of corporate structure, PZN is a REIT.
That cannot change unless the shareholders vote to
But, in order to qualify for tax
treatment as a REIT by IRS, certain qualifications have to
be met, and PZN did not meet them. PZN will be
forced to pay taxes on its earnings.
And, as I
told you over a year ago, they don't have the money to
pay all those dividends you expected in
The issues going forward are:
the corporate structure of PZN be? It doesn't do much
good to my thinking to maintain the REIT structure if
you can't realize the tax advantages. I don't know
what is entailed in qualifying for REIT status in the
future or how long that would take, if such is an
2)Can PZN operate as a c-corp without the dilutive
equity infusion (and rape of PZN shareholders)? We have
NOT, as yet, been given any information to give a
negative answer to this question.
optimistic scenario is that PZN remains a stable operation
in a growth sector without dilutive control of the
company being given away by fraudulent management. Asking
for the money to magically appear to pay past
dividends is a wish from the other side of the looking
You are probably right with your
analysis. I have handled a couple of these kinds of cases
and you do not appear to be a member of the class. If
you want to litigate then you would have to find some
vehicle to be included--if you were a member of a class
that overlapped then you might make an additional tier
of plaintiffs--call the current securites lawyers
for the complainants first and tell them what you
think--they would probably steer you right. It is preferable
to hitch a free ride than to start one of these
kinds of wars on your own.
5 and 3/8 can 20 be far behind??
positive and while you are complaining think about those
of us who have ridden this tired horse from 30+.
also, i was told by a so called
knowledgeable source that if the class action is successful all
shareholders will receive compensation. that is, after the
lawyers scrape off their 30-50%.
Kemper is extremely bullish on PZN's
and has taken a huge stake, some
shares. My gut feeling from them is that
vote no on deal.
Can PZN still revert back to
and pay dividends for 1999? I
they can if they are willing to pay some
tax penalty? Help?
Others more knowledgable may correct me later
(please do), but this is my "take".
understand it those who bought outside the dates of the suit
are not, and cannot be, included. (I've been around
since Dec 94.)
I have never heard of options
buyers/sellers being included in a class action. Doesn't mean it
hasn't happened though.