Cit Grp. Pfd A (fka CIT-A)

[Stock]

Just a guess, but it looks like all the bondholders are converting and dumping shares, and the prospects for the new CIT Group common seeing an elevated enough level to help us out much here is grim.

If today's selling rampage was an indication, I doubt the new common will see $40 any time in the 60 day window.

Yet more proof that bond traders rule, and equity traders drool.

Page 10:

http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjMzNzB8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1

Planned Securities Distribution by CUSIP

Class 15 - Old Preferred Interests
125581207 Series A Preferred Stock Yes
125581306 Series B Preferred Stock Yes
125581603 Series C Preferred Stock Yes
NA Series D Preferred Stock Yes

From:

http://ir.cit.com/phoenix.zhtml?c=99314&p=irol-IRHome