cer after split, page-23

Rich,

Don't forget that if there is a truly independant CER that is separated from CNP, at some point the issue will come up and be voted on as to whetehr or not to keep CNP as the property manager.

CNP will likely keep a strategic stake in CER in order to at lease influence the vote, say 15-20%. So in fact CNP may only divest itself of the CER interest attributable to the Syndicates.