short trem speculation, page-21

Buffet,

The D2E swap will be a little more complex than just a straight swap for debt and equity..also you must factor in all variables, like cer and refinancing on superllc,($1.1bl short term debt)the cer/cnp separation and if this will include the various funds that are also part owners of cer,the litigation settlement(banks would require this on any deal for D2E because they wouldn't want any uncertain further dilution of their equity)..

Its certain that cnp will suffer dilution in the end,however it would be near impossible to estimate at this stage to what extent..