puzzle solved - gr great job, page-49

banks aren't interested in equity position.. their bread and butter is the lending business. 7 years is plenty of time for property cycle to turn and cnp will certainly be worth substantially more by then.. asset sales at that time would very easily cover repayment of hybrid. i defintely see very little dillution would materialise. given the option of cnp stock or cash repayment, banks will almost always take the cash option, even if the equity value is worth more... plus they need shareholder approval for conversion which would not likely happen if funds are available for hybrid repayment.. cnp is definitely very very cheap at these levels, however the issue is that the timeframe for investors to regain $2.00+ per share would be between 5-7 years, and not many of us are willing to hold for that sort of period..