pre-open - something is afoot, page-13

Blastoff

CNP retains its management rights throught its direct and indirect interests in all the syndicates.

The members vote for the manager of these properties and as CNP had a majority direct/indirect stake, it in most instances had the majority.

I think with some of the syndicates they didnt, hence why back in early 2008, I think Perlis (correct me if Im wrong) try to get management right for one of the syndicates. I dont think CNP had the majority interest in the relevant syndicate but it was its proven track record in managing properties that allowed it to stave off the predator at the time.

Now as CNP has pretty much zero interest in any of its properties as they have all gone to their secured creditors, why would the owners of these syndicates (CER included) want to have anything to do with CNP.

Cheers