IT all comes down to CNE, page-220

If the general view is that CNE will not exercise their preemptive then FAR are in the box seat and need to exercise it's preemptive rights even if they have to beg borrow or steal. By doing so they relegate WPL to the same 25% holding as FAR but more importantly it gives them equal preemptive rights to any sale by CNE. The fact that WPL may only get a max of 25% of SNE and then only be entitled to half of any sale CNE puts on the market makes FAR very attractive not only to WPL but to any potential suitor. I suspect FAR would be gone as soon as CNE announced a sale of their 20% whether it be a T/O by WPL in an attempt to prevent corporate activity from a third party or by a suiter looking to buy in to SNE. It would create a bidding war between this third party and WPL. This outcome is only possible if FAR exercise its preemptive rights for its share of the COP interest. Don't worry about FAR exercising its preemptive for any sale in CNE's equity because FAR would be history before they had a chance to take up any preemptive rights.