odds of survival, page-9

CER doesn't need to liquidate its assets, only CNP does.
One a property is owned by two or more parties, it can only be sold if all parties agree. So the administrator of CNP can force CER to fire sell its assets.

Now since CNP owns 51% of CER, one could argue that CNP's administrators have a controlling stake on the CER's board and can direct CER to do whatever they please. But I think if they take any action that substantially destroy the values of the remaining shareholders of CER then you can bet there'll be a hell of a law suit.