lateline business, page-3

Apples,
2 factors we can't factor in:
1. December extension
2. Amount of shareholder dilution.
Personally believe extension real possiblity of occuring but refinancing dilution is going to wipe out existing shareholders funds & any potential on the upside. CNP is an opportunity for the banks to make money at shareholders expense (refer some of my old posts).
If the banks gave a AFG type extension CNP represents excellent value, but no one knows whether this is possible, so CNP carries very high risk factor till issue resolved.
Regards
Buffett