re pg22 of todays austrlian, page-8

Apples,
It has been mentioned in the past, Colonial were interested in some of CNP shopping centres. Commonwealth are coming from a position of strength & really are not worried about their fellow competitors nor CNP shareholders, so they will clearly act in their own best interest. Believe in May, Commonwealth was the last major bank to sign off on extension, so would expect even harsher behaviour now from them.
Commonwealth could even see themselves gaining out of being able to deal in CNP assets if a receiver were appointed, as they have the capacity to be a potential buyer of assets.
Remember December refinancing requires all banks to agree, not just a majority.
The Commonwealth & other major banks care little what a few small shareholders on HC think should happen.
Commonwealth may not care for debt for equity proposal, when they can buy the key assets for themselves.
Regards
Buffett