commonwealth bank will put up for auction $110, page-14

Good article might I say, a nice little tidbit of valuation is included in it and here it is spelt out.

(background) NTA CER is purported to be ~40c per share.

CBA is auctioning off 100m of Centro debt and expect bids in the region 55c in the dollar.

Centro therefore roughly has a 55% chance of surviving, but CBA would prefer to spread the risk and have access to the money now to put in less risk positions, of which there are enough around to warrant selling high risk positions at a 45% loss. Also, now that GFC has been crunched to smitherines, nothing is unknown about it and 55% is where it's at with Centro post GFC machinations. All the BS of SP fluctuations over the last 12 months is just that, namely BS based on varying degrees of naivety.

40c NTA times 55% equals 22c

there is your share price

round figures and slipstream analysis

now analyse who the major stakeholders are and how much THEY are prepared to lose in any restructure, remember the lowly shareholder is the least secured, and if major stakeholders are going gurgler to the tune of 45%, you can bet that in best case survival scenario, lowly shareholders only have 55% of NTA to their name, AT BEST, until the worm turns.

Now follow the largest stakeholders and walk or jump in the same direction as they do, when they do, in time and in tune and preferably playing the same instrument. Except you probably can't because you have already been excluded.

The fact that CNP liabilities/foibles dictate CER shareprice shows how un-separated the bastard siamese twins still are.

ifandwhen