bought at 22 and will keep it tight, page-25

Oh well Sailor, here's something to cheer you up!



If CNP can get the debt to a manageable level, they are a viable business. End of story. All she wrote. Etc.

If they can't the banks will shut them down and split up the proceeds.

In CNPs favour:

1. They are proactively looking to reduce debt by selling off major items - if they can do this they will reduce short term debt enough to make the banks happy

2. The banks have not shut them down yet - they keep giving them extensions - obviously they think that their best interests lie in seeing CNP succeed

3. CNPs assets are complex and intertwined, making the legal issue of accessing the proceeds of property sales problematic for the banks

Personally, I can't see them going under. And if they don't go under, eventually they will again be paying 39 cent dividends. I don't know if I'll stick around that long, but I'm certainly sticking around long enough for them to get back out of the 20's again!

Have a good night.