Prison Realty Trust, Inc. (PZN) will make a "major announcement" later in the week, a company insider has told a source of NashvillePost.com.
The struggling real estate investment trust is under terrific strains to locate additional financing for a required special dividend. Many investors and analysts have been speculating that the corrections company would be forced to "de-REIT." Such a process would obliterate the company's tax advantage it enjoys as a REIT -- the avoidance of taxes on income so long as 95% of income is distributed to unitholders.
A spokeswoman for Prison Realty refused to confirm that a company announcement could be expected.