hey i am no accountant , page-38

"Clark claimed that he had "drilled down 2-3 levels" to "strip out" the intangibles and quoted one of the DPF Fund as an example"


It is abundantly clear to all who have read this thread, that until a few hours ago, when I pointed out to you that CNP's unlisted funds and associates do in fact release Financial Statements, you were totally unaware of their existence.

Therefore, your clain that you did a thorough Due Filigence in December, before you committed funds to your investment is completely bogus.

The lesson for you, and other beginners, is that if you want to learn something about the stockmarket, you shouldn't be mouthing off and proving your ignorance. You should instead be asking me questions.

Now, that you have started to look at financial statements, you need to learn how to interpret them. Clearly, 12 hours is nowhere near enough time to become an expert, so let me help you.

The latest HY report states net assets of $2.4 billion.
We know that $556 million are intangibles.
We also know that a large part of CNP's assets are the carrying value of 'equity accounted investments' which include, for starters,

* a further $700 mill of intangibles within Super LLC
* a cascading series of associates whose carrying values are dubious, for instance the carrying value of their 25% of CER is $1 billion when the market values 100% of CER at $800 million.
* a mountains of debt within each of the associates
* dubious profits/losses resulting from revaluations

It did not take me too long to see that CNP is toxic.
Nobody knows how much CNP are worth, if anything.
My estimate of 60c is generous.
You can thank me later.


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