postcard from mexico, page-34

Coppertop 137,
Class action is not a current issue, could take years to resolve (refer ALL).
Suspect you may be right about CNP surviving, but it may be of more benefit to Directors (fees), Staff (jobs/wages), but can't see any long term upside for shareholders if debt for equity swap.
Shareholders need more than company survival, they need to maintain equity in the assets owned by the company, not have lenders effectively dilute shareholders out of these assets.
Dilution factors up near 80-90% leave nothing for shareholders.
Directors may claim they saved the company, but effectively only their jobs, that is not restoring shareholder wealth.
Regards
Buffett