CNP is still showing nearly $3.7B in net asset value, even though the MC is less than $600M! So to get a fair sp:
assets are $26.6B, a "fire sale" gets only a 75% of true asset value, sale/other fees are 5% of total returns, $17.9B owed to lenders and there are ~1B fully diluted shares,
then:
Proceeds $26.6B * .75 = ~$19.9B
Fees $19.9B * 5% = ~$1B
Net proceeds from all asset sales: $19.9B - -$1B = $18.9B
Net after repaying lenders: $18.8B - $17.9B = $900M
sp: ~$900M/1B shares = $0.90c
Now if a sale is for the business, then up to 25% more could be achieved. However, the problem is that either way liquidation will take 12 months and probably a lot more, so it is not in the SH interests. A one time sale of the business would be better, however it too would take a while.
Better to recover from some financing difficulties, than go down either the above paths - even the banks know that...
CNP Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held