My intepretation is that share holders will vote on the package...

My intepretation is that share holders will vote on the package soon, not in seven years time. The announcement wasn't very clear on this but from the tone of it suggested that it was 'the best we could hope for'. Plus Glenn had said that the banks effectively get 90.1% of CNP for about 13-14c a share. If share holders get to vote down the conversion 7 years from now, that would be fantastic for CNP holders, because CNP will surely be able to pay off the 1.05bil debt within the 7yr timeframe and hence not be hit with massive dilution. But the tone of the announcement did not indicate the package was so fantastic.