In 1310 you state, with regard to the PZN/OPCO relationship: "The problem is there is no independence here." The problem is that many, like you, don't seem to see why the lack of independence is advantageous to the PZN shareholders.
It is so very simple. What other tenant would pay 20-24% (OK, less 2%, but same cash) of cost for 11 years? What other prison management company is assured of losing $100,000,000 in the next 5 years? Why do you think that is? Answer: because OPCO has just barely enough separate existence to allow PZN to qualify as a REIT.
It's a shame that the market that loved PZN when it WAS independent of CCA (and getting 11% rentals), now barfs every time Doc makes a miscue. More on Doc later.