can senior lenders be shareholders as well, page-3

Unless it's illegal I can't see why not.

I lend CNP $500m. In the wash up I'm given CNP's CER shares to represent my loan amount. I also agree to fund $100m as a goodwill gesture for existing CNP holders when we dissolve CNP.

At 13c per share why wouldn't I buy all CNP shares I can below this figure and pick up .5c per share extra on current SP?

On the reverse, I wouldn't put much cred in the .13c being delivered. It's a simple maths calculation which may not equal reality when delivered.