Not wanting to be provocative but how do you reconcile the negative net tangibile assets of CNP. NTA is minus $2.87 per Share!!!! The purchase of the real estate was at the absolute peak of the property boom valuations. How long do you anticipate it will take for the property market to recover the valuations of the purchase price. The company cannot earn enough money to pay back the debt or to even reduce it significantly. That means, I believe that there is no chance of the debt to equity issue being resolved. The only option is for the issue of the bulk shares to the banks and the dilution of the existing share holders to 1/10 of the shares in the company. Buying more of these shares is fraught with danger. I would want the NTA to be at least positive ....not as in this case a bleeding disaster. I have held for a long time but I now think that the time has come to bear the pain.
CNP Price at posting:
22.5¢ Sentiment: Sell Disclosure: Held
