the equity swap price of approx $1 is not realistic.
The banks will only be attracted to a deal on the basis that they can be assured of significant upside given the perceived risk.
There is a lawsuit hovering as well, this complicates matters somewhat as well.
Your estimates of the swap price >$1 seems a tad too optimistic
IMHO
CNP is trading at this level because VWAP may have some bearing on the future swap price.
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something to ponder, page-24
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