why is that a nta of 76 is selling for, page-2

IMO it's fairly simple.

The markey believes that there is still plenty of bad news to come.

NTA has decreased signficantly in a short period of time, and it is not implausible to think that there are not massive writedowns still to come. The current NTA of 76 could easily be wiped out in the future, and given that the market always prices forward, it is obviously of the opinion that that will be the case, or at least to some extent anyway. Factor in the impending debt as well, and it's not that difficult to see why it's at 4 cents.

I think in all probability CER will survive, but it's not something I'd be willing to risk, particularly when there are so many other safer options about.