i started watching GEO after this thread got posted. this is freakin crazy
quote:
GEO Says U.S. Rescinded a Contract Extension
8 minutes ago - DJNF
Shortly after private-prison operator GEO Group Inc. tried to rebuild investor confidence by announcing a contract's extension by the Federal Bureau of Prisons, the government rescinded the extension.
The moves came a day after the government said it would phase out its use of private prisons over time, which slammed the stocks of publicly traded prison operators on Thursday.
GEO initially released a statement Thursday morning saying the contract for the D. Ray James Correctional Facility in Georgia would extend through September 2018.
But an hour and a half later, the company's stock was halted as it released a new statement saying that the government had rescinded its extension and that discussions between GEO and the Bureau of Prisons were ongoing. GEO said it expects to receive a new modified contract to operate the facility.
The facility currently houses 1,949 inmates, making up only a fraction of the 87,000 beds that GEO operates.
Shares rose 15% Friday morning after the halt was lifted. They closed down 40% on Thursday.
GEO and fellow private-prison operators are holding conference calls today following the Justice Department's decision Thursday to phase out its use of private prison
so DOJ says they're phasing out these deals, then company says BOP just renewed a deal, then company says BOP pulled out.
wow