Without repeating myself too much, the major issues are:
- CER repeatedly mentioned in its disclosures/supplementary disclosures that CATS relates to CER Class Action, not CNP class action
- I made my decision to approve recapitalisation based on CNP secured holders being granted compensation for CER class action only
- CNP claimants should only be paid from the $10M left in CNPR plus half of PWC payout ($67M/2) plus half of insurance proceeds ($38M/2) = $62.5M (estimate) (This is assuming CNP still had insurance, perhaps all should be allocated to CER/CRF)
- After all doesn’t CER have insurance or did we use our insurance proceeds to pay off CNP claimants?
- If CNP claimants have been allocated more than $62.5M, it means that CER/CRF has subsidised CNP claimants (Mind you total claim by CNP holders likely would have been more than CER given my calcs in previous posts)
- It also means that CNP secured holders will receive too much compensation (shares to be issued) at our expense
There are many unresolved issues as far as I am concerned and I am not happy
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cats ann is a disgrace. we must take action , page-9
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