the equity swap price of approx $1 is not realistic. The banks will only be attracted to a deal on the basis that they can be assured of significant upside given the perceived risk.
There is a lawsuit hovering as well, this complicates matters somewhat as well.
Your estimates of the swap price >$1 seems a tad too optimistic IMHO
CNP is trading at this level because VWAP may have some bearing on the future swap price.
CNP Price at posting:
6.3¢ Sentiment: Hold Disclosure: Held
