possible recapitalisation scenario, page-19

Intangibles do not vanish into thin air. Where do you get that idea? Do you think that intangibles only consist of good will? How about licensing, managment rights, royalties etc? How about, in the case of CNP, $500M/year?

Also the value of cnp is weighted towards the income not the NTA. At current NTA the ongoing ROA is 30%.