short trem speculation, page-56

EasyTimes,
This scenario could be a very good outcome for CNP & I would be happy with an outcome where CNP had the choice of supplying cash or script in say 3 years time. In 3 years time CNP could well be in a position to offer cash to lenders.
Like idea that these hybrids could be traded by lenders, so establishing some market for lenders wanting out.
But can it be sold to the lenders i.e. is there enough upside for them. Remember TIM were in control of thse convertible note processes unlike CNP situation, we CNP is at the mercy of the lenders.
Thanks for another alternative view.
Regards
Buffett