possible recapitalisation scenario, page-22

Well if you think the value of those licenses and management "rights" can be sold for current book values by a bankrupted company, then you can go on thinking that. You can forget about the notion that any Administrator is going to try very hard to get top dollar for "assets" like that.

I agree, the value of anything valued as an ongoing concern depends on income, not NTA. But from the point of view of an investor, ROA is a pretty irrelevant and easily manipulated number. The more relevant number would be EPS. At the moment EPS looks rather uncertain but based on available estimates ( the alleged 40c a share ) the CNP price looks reasonably attractive. Provided it can refinance its loans.