when i fell out of love with centro, page-3

CMWilson,
The book was written by Buffett's daughter in law (not one of the better books on Buffett, more about cashing in on his name). Buffett did invest in Wells Fargo a bank stock that was down & out during S & L scandal, which Buffett knew would survive, also American Express on salad oil scandal & GEICO when it was in crisis. Graham certainly would have examined CNP as an asset play & I personally think Buffett would have been very interested assuming he could calculate CNP's NTA. Buffett never has been a big fan of property but he would have been interested in the near monopoly position that shopping centres can offer. Buffett would also have probably been happy with experience of current CEO, whilst probably not happy with previous CEO & the high level of gearing he allowed the business to acquire. Buffett would have had to be totally convinced debt could be reduced to a satisfactory position & that a viable business still existed. Frequently Buffett has taken convertible notes in situations like this, so he can convert his debt to equity if it recovers, also convertible notes far safer if company were to fail,cf being a shareholder.
Regards
Buffett