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Corrections Corporation of America Message Board

  • storthis storthis Sep 19, 2000 12:57 PM Flag

    Consensus seams

    to be to convert. I've just come to the
    preliminary conclusion to convert half my shares on the first
    go round and the other half on the second thereby
    eliminating having to think any further about this G@$ %*(&$
    piece of !@#$. No rhyme or reason just tired of this
    #^%*. Perhaps some of you will think this through out

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    • I was in the process of formulating my view in
      regards to maddognight's misinterpretation of flipper's
      post but no need now; you said it precisely. I think
      those who've benefitted from flipper's postings would
      agree with you.

      Had flipper's comments been
      directed at me I wouldn't have thought them the least bit
      denegrating, even if I had maddognight's obvious intelligence.
      I think it was flipper's recognition of this
      persuasive intellect that prompted him to advise a
      re-examination of the numbers. Even the brightest make mistakes;
      just check the history books.


    • maddognight, you read flipper the wrong way. I
      have been reading his posts for at least two years and
      I don't take them that way. A reference to "sit
      down with a calculator and work on it" and "do the
      math" is just what I would have to do and I don't
      consider that suggestion condescending any more that the
      usual "do you own dd". Maybe you are a genius and have
      all that figured out, but some here appreciate
      flipper sharing his thoughts with us.


    • Sorry, I did not mean to be condescending, your
      right no one needs to be insulted, which was not my
      intention. You seem smart and I thought you were just
      looking at the surface of the 12% yield as many
      intelligent posters have done. If I spent a lot of time on
      the CMM pref isue last year so I had a big head

    • Just because this board says the pref.'B' is a
      worthless piece of paper doesn't does not make it so in my
      book. Don't forget about the possible conflicting
      agendas of different holders of PZN paper. If I own a
      large position in the pref. 'A' what do I want? I want
      100% conversion of the 'B'. No competition for cash
      flows with a piece of paper paying higher coupon. More
      common only pref.'A' in food chain hierarchy below
      bonds. No possible redemption of 'B' at par before 'A'.
      If I own the bonds I want more common shares than
      preferred for the same reasons. If I sold all of my common
      shares and want to buy back in I want 100% conversion so
      I can pick up shares at the lowest possible price.
      Finally to sell your pref.'B' shares on the open market
      for less than the conversion value of PZN common does
      not make sense. Someone will exploit that

      • 2 Replies to maddognight
      • I agree with you 100% Mr maddognight.
        shareholders sell the pfd B prior to the second conversion
        conclusion at a discount, then they will be leaving an
        opportunity for others to make a guaranteed profit. The pfd B
        will trade within 90% of face value until conversion
        rights expire.

      • the math and then give me one
        good reason not to convert.

        As far as being a
        pref A holder I am senior to the PIK B stock anyway.
        Also the B gets paper for 3 years so it's not cash
        drain. I would like to see NO ONE convert then they
        could do a rights offering much more easily and that's
        would really boost the value of the pref A. Third the
        pref. B will be single digits in the new year after the
        conversions period closing, IMO. Just look at the chart of
        CCM prF...PZN preB is being done EXACTLY like the
        CMMprF....look at the chart and tell me when the 2 conversion
        periods ended.

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