pre-open - something is afoot, page-15

Defabs,

I think it was Galbraith who wrote the book on Money where it comes from and where it went.... or some such title.

Selling the properties ( okay the bulk of them ) and the subsequent loss of mangement rights is the destruction of value here. The reason is you get a PE or multiple of the earnings rights within yor companies valuation.

Selling the properties for only ~book value .... with no reference to the loss of this management value is simply where the wealth destruction comes from in the main. After of course one accepts that the most value destruction came from buying high.... then selling low.

It would make sense for another party to come into the fray with a better offer 'for the properties only' that could pay out the debts then ether keep the management rights or sell them to someone else for full value.... rather than no value.

I can see how CNP directors are currently looking after the bankers interests.... BUt I cannot see how they are looking after CNP shareholders interests. A much better deal of course would achieve that end.

Blastoff