Manboking, your facts on CRN seem to be abit odd. You mention they have a bulk of their facilities in Big Spring, are a secondary stock, etc. However, the last press release I saw from CRN indicated they had 56 facilities in 12 states + DC, with over 13,000 beds (only about 2000 +/- were in Big Spring)? In addition, while CRN has accumulated some debt (I wouldn't call it "loaded" though), they have more Real Estate $$$ than any others (even more than WHC used to start it's REIT/CPV). One reason WHC paid down it's debt is from their sale of real estate to its REIT; I'd guess that CRN will eventually sell its real estate and realize a similiar debt paydown. With a smaller share base, CRN seems to grow at a faster EPS % than the others (although the others grow at a healthy rate too).
I do agree with your point that disturbances at prisons go with the territory, and the pressure on all the corrections stocks (PZN, WHC, CRN, etc) seems to be more media-hype related, and not due to any fundamental changes in the corrections industry.