Guys that is the CNP properties that eventually hedge funds will...

Guys that is the CNP properties that eventually hedge funds will own, not CER. If you follow CNP crisis back in the days when Glenn Ruffano negotiated the deals with the bankers (senior lenders), CNP debt would eventually end up as equity. During the past 12 months major debt holder ie. Bankers had sold out its debts at approximately 30-40% discount to the hedge funds.

Once CNP debt for equity swab completed, hedge funds and banks would own approximately 90% of CNP assets, the rest would be divided b/w junior lenders/shareholders. But even with this approach CNP still unsustainable therefore CNP has to into one listed trust. In doing so hedge funds/bankers would become the major shareholders and $100m dived b/w the juniors lenders with any crumbs left over for the law suit.