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Corrections Corporation of America Message Board

  • profiteer_us profiteer_us Sep 7, 2000 4:45 PM Flag

    How do we like Ferguson now?

    Ferguson cut the deals in which Simpkins and
    Dalton got the $13 mil and he's damned proud of himself.
    How's this bosom buddy of Doc and Beasley pleasing
    everybody now? I tell you it's just more of the same. He's
    part of their little family. Ferguson also worked with
    Peaches when she was deputy governor of TN and he was
    finance commissioner. Insiders everywhere. By the way,
    most of TN's cabinet (Peaches and J. Ferguson in
    particular) under this administration has been chosen by

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    • but the AG is a Clinton/Gore appointee and
      operates on what is commonly known as a double standard.
      What isn't good for the goose [that layed her golden
      egg], is OK for the gander [with all guns


    • Ordinarily I would agree that the this is not the
      right time to be spending precious cash on what amounts
      to an acquisition. However, I have four reasons for
      supporting the move at this time:
      1. The consideration is
      within the parameters of the bank waiver
      2. Because the service companies have been money
      makers at the worst of times, the price won't go any
      3. Because I believe this enhances the value of the
      company, it also enhances the value of the shareholder
      ligigation settlement; and
      4. Most importantly, it
      further distances the company from Papa Doc and his gang
      of thieves. (We know that Doc is still a director of
      the service companies, but the proxy supplement
      doesn't disclose the identity of the manager who is being
      paid $150K or so for a non-compete. My fear is that it
      is either Papa Doc, Baby Doc, or possibly that
      certifiable genious Devlin. In which case the sooner the
      service companies are aquired outright, the better.)

    • The big problem I see, if this is not outright
      insider favorism, is the timing of this deal. Why buy it
      now? This company is still rocking on the edge and
      cash is king.

      The restructuring was to be done
      without including those entities into the restructuring.
      The timing stinks. This company needs to perserve
      cash. This company has had a hell of a time trying to
      raise cash and bankruptcy has been a common term used
      in PZN's near future. How can we afford to send cash
      to insider cronies at this time?

      I would like
      to believe this is a sign that the cash crunch is
      over, but, I doubt that. Unless we have been totally
      misled about the financial position, to gain a positive
      vote, cash should be preserved.

    • It might also be added that the two
      service companies were actually
      profitable in the past 12-mo.

    • I am certainly glad that I voted no on the proxy.
      At least I did my share to tell management (past and
      present) that I do not trust them for a second.

      Dreman lines up on the yes side like Pac Life and
      Gotham, then the proxy will pass. That is fine with me.
      Let the institutions approve it if they can agree
      that it is the best alternative left. But management
      knows that small fry like myself are powerless to
      really see through all the subterfuge that they use to
      steal from us. Therefore, my no vote is a message that
      they can not count on retail investors to rubber stamp
      their theft. Let them start returning Dreman's phone
      calls to beg for his support.

    • Where is the SEC?
      I'm reminded of the 1980s
      S&L scandal. For years, people were waving their
      arms, trying to get regulatory attention about the
      financial abuses taking place. And in the end, when the
      ship had become a juggernaut and was ready for the
      vertical dive, TA-DAA...taxpayer bailout! Because we can't
      allow an essential public enterprise to go belly up, of

      Having crossed the line from skepticism to cynicism some
      time ago, I'll make the reckless prediction that the
      remaining lifeboats will be quietly pirated by inside
      people, after which either (1) government/s will have to
      step in to keep the current CCA operations viable, or
      (2) one of the other "competitors" will buy the
      company for nothing. Too much real money is just gone,

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