matattack,As you said the key point is being able to service...

matattack,
As you said the key point is being able to service debt. Being able to service debt buys time to adjust business model. CNP business model does produce positive cashflow from operations. Last December CNP investors may have wrongly being paying $6 per share to buy a samiliar cashflow to now when the share price is 29 cents. If a business can't generate positive cashflow from operations it is very hard to place any value on the busines, cf CNP can be valued in the light of its positive cashflow from operations.
Regards
Buffett