LZA,There has been a change of board. There is supposed to be...

LZA,
There has been a change of board. There is supposed to be "seperation". When the refinancing was arranged the banks gave a different deal to CER than they did to CNP. CER is only one fund within the group and is THE one fund that has a good positive NTA. Other funds within the group that CNP has to worry about are not is that comfortable position, SuperLLC for example.

The past management of CNP wove a tangled web of trust structures. They will take some untangling. Banks are probably about to untangle the web and will sell the assets easiest to dispose of in the first instance. They will undoubtly attack the worst first. Assets sold by them will reduce the debt owing by the fund that owns the asset. In the end there will be funds that have a debt left but no more assets to sell. The answer for them is complete liquidation with the lenders losing any balance not recoverable from that company or trust.

Some will be placed in receivership and sold off to the highest bidder with little prospect for the fund holder to receive any payment.

So I see the fate of CER as some assets sold off with corresponding debt reduction, particularly assets held jointly with CNP and other trusts.or A possible takeover which should return better than today's SP.or A possible spin off of the share ownership of CNP.or The creation of a new entity with current holders given shares in the new entity.

With a positive NTA, a trading profit and an independant board I am confident that CER will survive and prosper.
DYOR I guarantee nothing these are my opinions only.