BionicBoy,Buffett is not suffering. Reality is as follows:1....

BionicBoy,
Buffett is not suffering.
Reality is as follows:
1. Bank do already control selling process.
2. CNP management can be used by receiver if need be & probably would be.
3. Bank will probably make money out of CNP if hybrid securities issued, (at the expense of shareholder, huge dilution possible). Image converting $1Billion of debt at say 8 cents per share conversion!
4. Interest still being received by banks, further defaults will only see higher interest/bank charges against CNP cashflow.
5. Banks are only interested in their loans not CNP staff or shareholders.
6. CNP have had 9 months yet no major sale.
7. Last extension very difficult because all banks had to agree, may well go past September but December extension would be huge ask.
8. CNP is not some hedge/financial in which banks will only collect cents in the dollar. Their assets are very saleable over time.
9. Any bank having $1billion exposure might only need a provision of say $100m. because at worst case banks should get back say $900m. minimum.
10. CNP have been selective in what assets have been offered, banks would be happy to sell all including "The Glen", they are only interested in their loans.
11. The ordinary shareholder may still see good assets in structure, but the chances of gaining on the upside very limited with the banks calling agenda.
12. Each shareholder needs to weigh up the current situation, not what existed prior to last refinancing.
13. On Friday my decision to perserve capital was made & I have now completed that task.
14. Whilst I wish all shareholders all the best, just remember it is not about the assets but you versus the banks now.
15. Have already started investing in a new short term trade & hope to post later in the day.
16. Never look back, there are always opportunities going forward. This game is about your winners exceeding your losers & so far this year CNP has been the only real negative.
Regards
Buffett