Without repeating myself too much, the major issues are:
- CER repeatedly mentioned in its disclosures/supplementary disclosures that CATS relates to CER Class Action, not CNP class action - I made my decision to approve recapitalisation based on CNP secured holders being granted compensation for CER class action only - CNP claimants should only be paid from the $10M left in CNPR plus half of PWC payout ($67M/2) plus half of insurance proceeds ($38M/2) = $62.5M (estimate) (This is assuming CNP still had insurance, perhaps all should be allocated to CER/CRF) - After all doesn’t CER have insurance or did we use our insurance proceeds to pay off CNP claimants? - If CNP claimants have been allocated more than $62.5M, it means that CER/CRF has subsidised CNP claimants (Mind you total claim by CNP holders likely would have been more than CER given my calcs in previous posts) - It also means that CNP secured holders will receive too much compensation (shares to be issued) at our expense
There are many unresolved issues as far as I am concerned and I am not happy
CRF Price at posting:
$1.90 Sentiment: Buy Disclosure: Held
