liquidation value

OK, I have been away for a while and came in late in the CNP game but I still see plenty of opportunities here.

There is soo much talk about where CNP is heading, how much the shares are worth, what financing options are available, the possibility of a takeover etc.. but has anyone really taken a closer look at the company's balance sheets? A business such as CNP holds substantial land, brick and mortar that has financial value. Net tangilbe assets sold at a discounted fire sale price of 80% book value still amounts to an estimated $1.80 per share. So why is it trading at $1.20 when liquidating the company at bargain basement prices still yields higher shareholder value, and how on earth did it get down to $0.40??

On a side note, a cashed up hedge fund would do bloody nicely taking over the company and financing CNP through internal funding for 3 years. Refloat the company after 3 years and easily quadriple return on equity.