Swap, it seems to me that it's all about the convertible debt.
If it's rolled for 7 years and then only convertible subject to shareholder approval, then I doubt it will be converted. It would be repaid by asset sales or new equity at some future (better) time.
As you have pointed out, CNP is leveraged to property values, and with this scenario I can see CNP at $1 when the dust has settled.
cosmos