Shortly after 9/11, the Cornell CEO told investors on the quarterly call that, "When times are good, business is good. When times are bad, business is better."

He was sacked not that long afterward when Pirate tried a hostile takeover.

Pirate hasn't been able to do any better with this turkey.

The industry, much as in 2000, has vastly overbuilt. As immigration policy changes, there will possibly be 10,000 empty beds.

Hold on to your hats. It's going to be a rough ride.