centro ultimatum..full article from afr, page-11

If the directors of CER were FULLY independent then they would be countering all the negative press that relates to CNP with some sort of statement as to the results of a NO vote by CER. They are not. They were selected by the board of CNP.

The problem is that the funds that hold CER and control CER debt are also the same ones in some cases that hold the CNP debt and equity so they will be balancing out what they lose on one they may gain on the other.