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Corrections Corporation of America Message Board

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  • newMK newMK Aug 13, 2000 8:27 PM Flag

    Just musing

    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.

 
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