the fact is cnp cannot sell its interests in CAF or CAWF for...

the fact is cnp cannot sell its interests in CAF or CAWF for anything near book value, and even if they wanted to, you cant raise the debt financing in this environment, and the depressed share price rules out an equity raising.

Conversely if they do manage to sell CAF and CAWF at book value then the look through gearing would be reduced to 67% and the book gearing to 32%.

It is not given that a buyer would need finance. There is plenty of equity around it's just difficult to get people to buy.

That's assuming there are no further write downs but given the way the US economy is looking atm I also don't see a another write down of the same magnitude as the last one. I believe those valuations were already conservative.

It's certainly not a no brainer and that's reflected in the current SP. It's a gamble and I'm betting $75K on it.