analysis paralysis , page-17

"an NTA of $1.31"


You keep bringing this up, and I keep telling you that you are wrong.
The net-net NTA (net of cross-holdings, intangibles, artificial carrying values - viz CNP's holding in CER) is less than half $1.31.

The problem with CNP is not that the assets are bad, it is the uncertainty on whether anything of material value remains for it's equity holders (as distinct from it's secured lenders).


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