It's pretty tempting to say that Baron and Sodexho should take a hit to same extend as public shareholders, but it's not worth pushing it. It wouldn't be that hard to legally squeeze them out. But to do so could involve forcing CCA into bankruptcy, as PZN is the biggest creditor (they only owe 6MM to banks).
This has dragged on long enough. It's now about simplifying structure and eliminating confusion and uncertainty. Blackstone was probably happy get out. Maybe PL, too, but I hope that was mutual based on cash flow forecasts.
In any event, I recommend a yes vote. Let's get it over and put it behind us. What's another 10% dilution on a $2 stock, if the roadblocks to understanding this company are removed? If the merger is passed, and there is a solid business left after all the financial shenanigans, we'll all come out ahead. If the business in fact is not solid, it doesn't matter how the vote goes.
Sorry, yieldseeker, I don't trust the institutions. The top REIT analyst in the country didn't understand the structure. Dreman made a bad call on the stock at 13. Even Blackstone, who had a gun to our head, negotiated a conversion at $6.50. These guys don't know any more than we do, if as much.
The faster these two companies are combined, the better off are the shareholders and employees.