Intellimoney,
Read through P&L,Balance sheet & cashflow. Once familiar with these items listen to Webcast & take notes on various topics raised. Glenn Rufrano handled himself very well in dealing with some difficult questions. Allow about 1.5 hours for Webcast because Questions & Answers take 51 minutes at end (best part). Recapitalization process will become clearer to you (refer your post). 3 Methods are explained in reasonable detail in Question & Answers session. You seem concerned about price c.f. value. Also Webcast explains where CER sits in terms of risk & exposure to Super LLC debts.
Regards
Buffett
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