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Non-Tech : Corrections Corp. (CCA)
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To: Profi who wrote (78)4/25/1998 12:06:00 AM
From: Tulvio Durand  Read Replies (1) of 91
 
Like the other investors who are baffled by first spinning off PZN as a REIT, a seemingly good move, and nine months later re-emerging together with PZN as a REIT is too much for me to fathom. Management says it expected CCA to tank, but a great deal it should be for PZN shareholders. That's about the most moronic statement that a CCA shareholder, like I, could possibly expect from any supposedly reputable manager. Now CCA and its board of directors are being sued in a class action on behalf of CCA stockholders for deception over the merger agreement, and I intend to join in that suit. I think management erred in not pre-selling this move, not explaining it and then issuing plain dumb-assed statements. So far they managed to lose 30% of cap of both CCA and PZN. Bravo! Last one leaving CCA please turn out the lights and close the slammer. Tulvio
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