question, page-3

Well I think that is CNP is actually pushed into bankruptcy then CER will follow. I don't think they will be able to avoid it.

Although there is intrisically more tangible value in CER than in CNP ( a lot of CNP's "value" is in its management contract whereas CER actually owns actual property ), once the bankers and vultures get their hands on CER, I dont think there will be anything left for the CER holders. The banks will make sure they recoup some of their losses by selling CER's assets at deeply discounted prices to bank-related entities.

Ruffrano was suggesting earlier in the year creating more separation between CNP and CER - for example a separate board. They don't seem to have made any actual progress on this. Not that I noticed anyway.