broker report, page-5

Thanks for the post Swap, but I do not understand following. As I understand if CNP dies CER will die as well. Can CER survive if CNP goes in to Admin. Don't both will either survive or die. I can't figure out why traders sometimes valur CNP more than CER and vice versa at other times. I think with services business (in case of survival) CNP has to be valued more than CER.

"On a fundamental level, even if CNP dies and Super LLC goes with it, there is a big enough margin of safety in CER to mean it still has a lot of upside."