Cosmos, You post is the best reply yet on the subject of dilution. There simply was to much information missing including conversion price, instead they used the figure 90%. As I said yesterday a very cunning announcement. Lenders will be getting low conversion price if you read between the lines, after all they want the fat for themselves. Eventually the market & shareholders will wake up to the fact there now is very limited upside for current shareholders. Its simply a newer version of Pasminco Model, where shareholders lost out totally, this time shareholders retain token ownership in assets i.e. 10%. CNP may have survived but at a huge cost to current shareholders. Certainly plenty of better opportunity elsewhere in the market. Pity for existing shareholders. Personally I would have hoped banks/lenders would have given better deal to existing shareholders. Perhaps in hindsight, the directors should have called the bankers bluff & said there are the keys, but I also think they were considering other factors such as current employees & their reputations as directors, so any deal in the end was acceptable. Regards Buffett Regards Buffett
CNP Price at posting:
8.9¢ Sentiment: None Disclosure: Not Held
