accumulation, page-31

G'day Buffett, After discussion with Senior Management and not "Investor Services" about these issues late last month and earlier this year it seems they are consistent with their views i.e. no dilution for cer as much of the debt is backed by collateral. Dilution for cer is not on the cards.If cer are unable to pay the loan, the ownership of the collateral is transferred to all relevant parties that issued the loan in order to settle the debt.Therefore no dilution for cer but cnp is the risk here and this is why investors have sold their cnp and switched to cer.Good bet if you ask me and yes their will be some taxable income and very good chance of a dividend this year...question is how much?...Always enjoy reading your thoughts buffett even though some might not agree with you as you think differently to others and thats what makes the market...

cheers..