Prison Realty Trust (NYSE: PZN) http://www.prisonreit.com Message Board

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Strategies & Market Trends : Prison Realty Trust (NYSE: PZN) http://www.prisonreit.com

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To: rrufff who wrote (18)	5/20/1999 8:39:00 PM
From: GlobalMarine	of 23

rruff: OPCO, the private operating company that the management ops were transferred to, has a fee structure (incl. all the latest changes) that will have it breaking even in five years, according to the CEO in the last conference call. Prudence dictates, however, that a potential investor take into account the possibility of a conflict of interest (e.g. enriching OPCO's shareholders at the expense of PZN). This is why the stock is currently selling at a discount. I don't think the CEO would risk losing his job by screwing PZN, as he single-handedly pioneered the private prison business. But the relationship between PZN and OPCO is certainly something you'll have to consider.

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