a) The private OPCO is still viewed as a vehicle to suck income out of the public company to enrich former CCA management (before picking this one, ask one of them if they feel better off than they did a year ago), or
b) The REIT is a vehicle to suck management income out of the private OPCO in such an egregious fashion that the IRS will put a large number of management personnel in NEOCC on a quality control extended tour (before picking this one, give Stokes & Bartholemew's tax guru a call and ask him/her what his/her batting average in Tax Court is).
After picking one of the above, add one or more of the following:
c) the world of REIT investors is populated by true believers in Jonathan Litt (even though he has not risen from the dead).
d) no one can find "REIT" on the NASDAQ.
e) there is a rumor that after he Balkanizes Serbia, Clinton will grant amnesty to all prisoners in domestic prisons and ship them to Cuba in exchange for some sugar plantations and a couple old casinos, thereby making room in the budget for keeping nursing homes open.
f) the AFL-CIO has started organizing prisoners in several state and federal correctional facilities.
g) Cleo has given up and started selling hundreds of thousands of shares in the open market.