CIT Group, Inc. New Common (CIT)

[puppydotcom]

as long as they don't start to dilute you to death .. and unfortunately, I see that coming pretty fast ..

watch out!

[eddy2]

There is the bounce there to consider. I just had it wrong. It was $.15 to$.25 that one should of bought and sold. The thing is this is the time to buy this stock. Its is cheap with every thing there doing. Wait untill the next quarter comes out. I'm all in as of yesterday.

[JimsZ]

Bud... I think all us little people see it. These large corporations are too greedy to just pay their CEO's/Officers millions per year, but they also have to rob their shareholders of whatever extra they can. I'd bet you either see large raises and/or many many shares given to those running the company.


In my company last year everyone got a 5% pay cut due to the "economy" even though our contracts are set years in advance... Of course there were quite a few shares given out to the bigwigs within 2-3 days of our announcement of pay cuts to help the company... Those with big money want more. Those without money want to be able to afford our taxes and survive a decent lifestyle without working the 70 hr weeks we are now doing. Those not wanting to work all are saying "Hey, we're becoming middle class". Govt is F'n EVERYTHING up

[puppydotcom]

when a public company files for chapter 11 .. sell, run and don't look back ... works 99.9% of the time

[I-Man]

CIT BK major con job on shareholders!!!

NOTHING has changed now with this company except every shareholder from preferred to common was wiped out. The debt is still there and more now with 2 loans granted prior the actual BK hearing. CIT lost more customers too in this mess, and NOTHING is changed for the better except all previous shareholders gone. Why?

This stock makes no sense at such price as everything is still the same as it was prior the BK except former stock shares were wiped out making no sense!! CIT has lost business and hence, cashflow not yet reported publicly...

Anyone else waking up out there questioning all of this, as if the same conditions exist now as they did prior the BK, then why the heck is the stock price at this level instead of 10 cents or so???? Why was the BK even allowed as it did no good and the bondholders stood to make more $$$ (90% vs 70%) in the exchange offer instead of this wiping out of all shareholders like they did...

ALL the problems exist here as previously and nobody seeing this but me!!??

[puppydotcom]

Creditors I could see as in regards to those the company owes money to regarding debt for work performed, etc... But those that can buy tens of thousands of dollars worth of bonds are no better than shareholders that can buy $1000/stock!

its the system and the way it works .. always has worked that way

and I agree .. it stinks .. the common shareholder is the common person .. big business bond holders are in the business of corp bond risk
at least it should be shared ..

[JimsZ]

Yes, but another case of little people lose money while big people don't...

Bondholders were different than shareholders how? Did both not "lend" money to the company in one way/shape/form?

Creditors I could see as in regards to those the company owes money to regarding debt for work performed, etc... But those that can buy tens of thousands of dollars worth of bonds are no better than shareholders that can buy $1000/stock!

You can't just go buy 2-3 bonds in a company!

[eddy2]

Well here something serious that capital surplus thing I'm going to give you a hint cause I don't want others to get it, Its James bond money you know, James bond, bond you know the debt that ended in the trash can, bond money.

I know you will get it, your smart.


I'm sure you will figure out the rest of it little hint thow divide the treasury stock by $26.00 and that will give you the shares they recieved for the james bond money. The retained revenue well it isn't on the books for three years and you can see things have realy turned around in the last three months for revenue.

Things are going to rock in James world once it gets exposure.That I'm not BSing you about, but like I said I need a week.

Thanks Dick p.

[puppydotcom]

ok sorry, but you did post some serious BS .. and made me look

lol

[eddy2]

Well yes, but don't believe every thing you read cause the numbers say it is not bankrubt look at the date of the filing granted the revenue looks the pits and yes they had to use a lot of capital to be cash flow positive, but look they had two billion dollars in revenue and maybe that capital surplus is the total capital the company earned. The treasurey stock well that is restricted shares held by the insiders and retained earnings is the earnings for all the officers for the year but come on work with me here.

Okay you caught me, I just wanted to slow things up a bit, I got some capital comming from a house I had on the market for over a year. Lost a bundel from what I could of got for it two years ago, but have had it for twenty years as a rental proberty.

look I wanted to get in on these shares well there so cheap so it would be nice that you kind of worked with my BS. for another week until I get it in place. It was to be last monday and lawyers are messing around with the proberty line and a fence and my head of late.

Your pal Dick P.

[puppydotcom]

lol.. I have no idea what your talking about

the company filed for chapter 11 .. the old shares are now worthless

there are NO OTHER shares except the current shares now trading .. if you hold anything other than the NEW CIT group .. you hold worthless shares ..

--------------------------------

NEW YORK, Dec 8 (Reuters) - U.S. small business lender CIT Group Inc CITGQ.PK on Tuesday won approval from a New York bankruptcy judge for its prepackaged reorganization plan, paving the way for it to exit bankruptcy within days.

Judge Allan Gropper approved the plan at a court hearing in Manhattan on Tuesday, just weeks after the company sought bankruptcy protection, saying it would not "do the company any good" to stay in bankruptcy any longer than necessary.

"We can't ignore the need for restructuring," Gropper said in approving the plan. "If a company that has fundamental value, as I'm assured this one does, does not restructure and does not get in a position to take its appropriate place in the marketplace it will ultimately fail entirely, and that will do no one any good."

CIT said in a statement on Tuesday it expects to emerge from bankruptcy on Dec. 10.

CIT filed one of the five largest bankruptcies in U.S. history on Nov. 1, after a debt exchange offer failed.

The firm, one of the largest financial victims of the credit crisis, will be the first of the financial bankruptcies to emerge from bankruptcy protection, unlike Lehman Brothers, Washington Mutual, IndyMac and other financial companies that have been unable to continue on their own.

CIT's reorganization plan will reduce its debt by about $10.5 billion and defer significant debt obligations for three years, CIT said.

Under the plan, CIT's unsecured debtholders are to receive 70 cents on the dollar of new notes, plus new common stock. The company had won support from bondholders for the plan substantially in excess of the minimum amount required under U.S. bankruptcy law.

Common and preferred stockholders, including the U.S. government, will be wiped out.

The U.S. Treasury had received preferred stock in CIT for a $2.33 billion investment in the company through the Troubled Asset Relief Program. This represents one of the first losses of taxpayer money through investments made under that program.

Hundreds of thousands of small and mid-sized businesses depend on CIT for financing, and company lawyers have said CIT must try to get through bankruptcy quickly to avoid customer defections.

Upon emergence from bankruptcy, the more than 100-year-old lender, said its new common stock will be listed on the New York Stock Exchange and trade under the symbol "CIT" (CIT.N).

CIT also said it would commit $500 million to support its small business lending group as well as $1 billion in funding for its vendor financing unit.

"CIT now has a stronger capital structure and improved liquidity profile," company Chief Executive Jeffrey Peek said in a statement. He said the company will continue its restructuring strategy outside of bankruptcy court.

The company has previously said Peek is stepping down at the end of the year, and it is continuing to search for a new CEO. The company's chief credit and risk officer, Nancy Foster, will also resign at the end of the year, CIT said on Tuesday.

The case is In re: CIT Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 09-16565. (Reporting by Emily Chasan; Editing by Matthew Lewis and Gunna Dickson)

[eddy2]

The old commons are not what you think they are that is to say the commons that were traded under CITGQ.PK that was an enity used to raise cash now the old commons traded under the old commons that were traded on the New York I believe can be traded but I'm only speculating, I don't own any.

Now the commons traded under CITGQ.PK that were cancelled well we know that the company never went into chapter 11 cause I never found the fillings in the sec files only on there web site untill after the new CIT shares came out, but had you called your broker and asked him for the information on form 211 you would of found out they were not the same company, or if you had bought the certs had you purchased the shares, I never did and she is a little late now, so for me it is all speculation and I can't see why anyone would share the information or that you would belive it from this board.

The thing is the information is needed to figure out if CIT Group traded under CITGQ.PK or CIT Group traded under the New York exchange owns the capital under the retained earnings and the capital in the capital surplus and the shares held in the treasury stock.

The other thing is whether treasury stock is stock that an entity owns and whether capital surplus is the total capital the company ever made or whether it is capital that is surplus raised and not yet used and retained earnings is the total profit the company ever made or it is what it is earnings that have been retained. I will say that the internet is not always a reliable source of information from my experiance to find these things out.

If the CIT Group owns it all and those shares were cancelled and treasury stock did belong to the new CIT shares along with the retained earnings and capital surplus then you can say that the company could not of been in chapter 11 but then I have seen and been involved in a bankrubtsy that I losed every thing and they had a billion in cash the assets that were in the billions along with the liability that was even more and couldn't support the debt and this is very much what we had with CIT Group except like the Canadian banks the American federal goverment picks up the loss on the loans.

Now it is mentioned on the internet that they don't pick up the first 25% well then that is a big risk if not all the risk of carring a morgage for what a 3% spread there making there money on. I find that hard to believe but like Warren Buffet says in his books know the business your buying and how it works.


I don't know if this helped. I can go on as to why I think the CITGQ.PK was an entity to create capital and there is many risks in buying such a stock if other investors don't know what there doing and are too gready cause they will dilute them selfs and everyone down the food chain. Share holders in the dilution safty zone love that when that happens cause the capital will belong to them then it is to much to explain here but to say that is the position Warren Buffet seeked to get into with his investments and if it is a capital hungry company like Coke was well it made him and his investors very rich with no risk once your there.


Those are the charactors wanting you to buy more CITGQ.PK and we had lots of them on this board and that is why I didn't buy the stock. I didn't know were the dilution would end up but before the internet it was worth the risk not anymore.

[puppydotcom]

Now what they do with the capital raised from CITGQ.PK is hard to say if they put the two entities together there will be share restructuring a reversal in shares but it will be fare and watched by the sec. There will be know dilution for any side if the share price dosn't go up and the entry will not be more then the $26.00 but could be less. It will depend on what shares holders do with the CIT group common shares trading to day and were they will go.

Then I could be all wrong. I'm just specuclating but then there was mention that there is more to come but with that we could of already had it. Its hard to figure out for certain.

not not sure where you're going here?

the old CIT shares are gone .. and the new share are here

if you hold old commons they're worthless - typical chapter 11

.. I don't see any place where the company is telling people the old shares are still good.

CITGQ.PK is just the old company .. the new company has new shares

Are you saying the old commons can still be cashed?

[eddy2]

Well your partly right but the way i figure it the citgq.pk was used to raise capital by letting share holders think they were buying the CIT that was once traded on the New York exchange. You see they make it look like a good deal and then switch the stock on you. You have to ask for the 211 form information from your broker and you will see what I'm taking about. Now the original stock before the switch resumed trading on the New York stock exchange under the same name you will also notice in your statements that it is called CIT Group INC. NEW and in most cases the smart investors would of hung on.

Now what they do with the capital raised from CITGQ.PK is hard to say if they put the two entities together there will be share restructuring a reversal in shares but it will be fare and watched by the sec. There will be know dilution for any side if the share price dosn't go up and the entry will not be more then the $26.00 but could be less. It will depend on what shares holders do with the CIT group common shares trading to day and were they will go.

Then I could be all wrong. I'm just specuclating but then there was mention that there is more to come but with that we could of already had it. Its hard to figure out for certain.

[puppydotcom]

as far as I understand, the old commons are worthless


On December 8, 2009 CIT’s Prepackaged Plan of Reorganization was confirmed by the Bankruptcy Court and the plan became effective on December 10, 2009. All previously issued and outstanding common stock and preferred stock has been cancelled and extinguished. New Common Stock, which was issued to eligible debt holders, is now listed on the New York Stock Exchange under the ticker symbol “CIT”.

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




http://online.wsj.com/article/SB10001424052748704825504574584022198907690.html

[dragoon76]

IMO, the SEC is worthless and appears toothless as well, unless a Madoff type of situation develops

[eddy2]

the new finacials out for September didn't look that great with assets writen down and the dept the same but the next financials with debt gone and only 300 million shares out divided into 62 billion dollars in assets that would give us $200 dollars a share and we are what $26 dollars now.


Sorry for thinking it was ging to be a $100 dollars a share.

Don't forget the assets were writen down in the last financials out but not the liability. They are only required to pay back the debt not what the debt lost in that period of time just like the Canadian Banks with there goverment.

I would do your own DD on that cause it is something someone told me and the source is not that reliable. He was a teller at a Canadian bank I was visiting when holidaying in Canada not that he didn't know who to handle my transactions, but I don't know for sure if he new the inner workings of a bank.

Is CIT Group a bank yet cause that could be a consideration in your calculation of the value of the shares.

[eddy2]

So what is retained earnings and capital surplus on the balance sheets?


Is that the money the CEO keeps in the company safe behind the picture of the founder of the company on the wall in his office, or is it all the earnings the company has ever made and all the capital raised by selling shares and bonds to investors.

No mater how one looks at it with the new financials out it looks very positive for investors that the company is in the black.

Going back to the subject of the financials why did the accountants stick the capital surplus and retained earnings on the wrong side of the balance sheet. The liability side of the balance sheet along with treasury stock and why not in cash on the asset side of the balance sheet? I can only figure it has to be dept that shareholders owe and the company owes that are not on the books and treasury stock are shares that are restricted held by insiders. It is my only conclusion cause if it was the other this company would not be bankrubt and as we know from the filings of the 8k they are bankrubt, or will be if they don't get there ten billion dollars raised in the new IPO offering they just anounced or what ever that is new common shares and what is it there going to do with this new capital buy a bank or pay down debt that they already have cash for cause they are cash flow positive from what I can tell unless those brackets around the figures states a negative figure and in many cases they do but in this case I think they are saying that the figure is not stated in thousands of dollars but dollars but then I was never very good at math along with my spelling.

Heck, I can never read those financials statments. It should be mantitory in high school that one recieve a course in reading public financial statements but then how could public companies slip the wool over our eyes and for us not see what they are truly up too and that is to take advantage of our ignorance on the subject. I should of taken that post secondary education in accounting but then the nabour across the street being an accountant can't even answere the questions I have asked here today but then she does have a swimming pool that I don't and drives a much nicer car then me. A late German model of some kind.

The Canadian financial reporting system again uses different terms in there filings. What is that about? Oh try and find information on reading financials. The BS one reads is unreal but then maybe it is the truth and I have this whole thing wrong on what I think those terms are.

Ask your financial advisor, broker and the answere they give you. All of a sudden they know nothing except to tell you that you shouldn't be playing the pinkies unless you know what your doing but then there the ones who told you to buy it when it traded on the New York stock exchange. My financial advisor is as useless as a tit on a bull. I'm glad to see that brokerage fees he charges me have come down cause he is no help to me now in this market.

What I'm trying to ask is if there is anyone out there who can help me in reading the financial statement it would be appreciated.

[Stock]

the topic here is CIT Group, not citigroup, thanks

[eddy2]

Never man, I think it is all BS. You can't have unregistered shares being traded on the NEW YORK stock exchange not to the general public but there is talk on the internet saying it is going to happen but untill the sec says its going to happen it hasn't happened. Did you try to buy some of those CIT shares? I didn't. I didn't think it was posible, but then who knows stranger things have happened.


What I think is the 8K is BS. that is filed under the CIT Group company web site cause for the live of me I can't find the filings in the sec site, but then there is such a mess there it would take me for ever to find it. I have already spent hours trying and I just don't think it is there.

The other thing is this could very well be a small cap or how you say it a micro cap stock cause the assets are less then ten million and if there is less then I believe three hundred share holders then they don't have to file shit, no anuale reports, nothing. So you see this is messed up and who in there right mind is going to pay $25 for a share that is unregistered, restricted, call it what you like and I don't have a million in assets to qualify or make, I believe, over two hundered thousand a year if what they say is true and what we have here is a legit 8k filing. Now I'm thinking it isn't cause I can't find it filed with the SEC but hey I could of missed it.

The other thing is if it is not filed with the sec then that means the common shares could still be good and that other filing that is on there web site well I never heard of a filing like that and I can't find that one filed with the sec so I believe it to be BS also.

Now I'm a retailer investor and have a very small understanding of the sec rules and have missed plenty in filings before that are alot simpler to find stuff then the filings of CIT Group, so there you go, if you figuire it out, let me know.

But as Warren Buffet says if you think someone is crooked stay away from them, they most likely are. I believe these guys are out to rob us blind. They did mention if they can't raise the ten billion it is done deal, they will be bankrubt but then I read that on what I think are phony filings.

You guys are to much fun of course I found those filings on the SEC site.LOLOLOLOLOL

[leach342]

Which shares ? the CIT is down to 26.20 from 30.45 Is this CIT symbol you`re talking about going to be worth 100@sh... well, how soon...?

[kafao]

What is the ISIN of the new cit group shares?

[eddy2]

Where is every one? This is the time to buy CIT, come on people she isn't going to get any better then this. Three hundred million in old common shares gone along with the prefered shares that held the 2.5 billion in tarp money. Ten billion in debt that is on the books due to the converting of bonds and if there is left over cash above the ten billion the new common shares holders get it. What better deal can there be. Read the 8k out on the restuctureing on the company web site. It is a smoking deal.

Those shares from my calculations will be worth well over a $100 a share.

The debt holders want out, but there not going to give it away. I believe it can never get any cheaper then it is right now and I would be a buyer if I had more capital but all my eggs are in the CIT basket now.

They are going to issue new registered CIT shares stated in the 8k for the restructuring on there web site making it easy for you to find and when that happens look out cause what they are doing now is giving the chance for old common share holders to pick up some of the convertable dept of the debt holders who had converted there debt and want out and giving them a deal for there loosing of there common shares in the restructuring deal.

Bond holders do not like stock debt, a known fact, and they don't much care about the 2.5 billion the goverment lost there willing to give that up to get there money out and with the 15% primium there getting there doing alright and are happy to sell to the old common share holder who lost out.


BuY BUY guys and get your money back this is your chance!!!!!!!!!!!!!!!!!!

[eddy2]

The new shares they can't dilute thats all I can say untill it reaches the asset value of the shares. I didn't want to let that out at first althow I hinted about it. I wanted in on these CIT shares first, fill my bag you can say before the other dumper scoopers get in there.

The old shares, well your right there done but that has opened up an opportunity on the new shares that will be swapped with registered ones at a later date. I think they did that so the insiders could get in there first and being they are not registered they don't have too tell the rest of us, and then have to compete with us for them.

These guys are sly they know how to work it. The majority of retail investors due what there brokers tell them and guese what there brokers are doing, buying stocks like the unregistered CIT cause it scares off every one else who dosn't know how it works.

She is a bandits game.You have to be careful or they will rob you blind the buggers.You have to read the sec filings that they have layed out nicely for you on there web site but make sure you read every thing including the disclaimer at the bottom of the fillings and the web site their there for a reason to scare you off or are they.

[puppydotcom]

the old shares are still worthless .. and I'll bet they start diluting right away .. but still a good one to keep an eye on

[eddy2]

Oh, I forgot to mention to you guys, timein

[eddy2]

One more thing I forgot to mention that is the new common shares as you know are not registered that I'm sure you guys all knew reading the 8k on the restructuring but they are comming out with new common shares that will be registered and I'm sure once that happens the share price will get closer to that $100 dollars mark were it should be trading closer to because of the new asset value due to the cancellation of the old common shares and the debt for share swap of the ten billion dollars of debt.

You got to wonder why they did that, the isuing of unregistered shares like that for the debt and then later to issue new common shares that are registered. No wonder the debt holders get pissed at all the fooling around they do.

[eddy2]

I was looking at the value of the new common shares again before making any rash decition to sell my new shares. The way I figuire it just looking at the asset value and not the profit to keep it simple the value would have to be around a hundred dollars a share if you take out the old common shares and use the 300 million as the new figure for the new CIT outstanding shares issued.

If you take the sixty billion in debt minus the ten billion that was converted to the new equidty and subtract that from the total assets of eighty billion that leaves you thirty billion divided by the new CIT common shares outstanding and that would give us one hundred dollars a share.

We know they can't dilute us cause it is trading below the asset value of the shares and that isn't even looking at the money saved in interest never mind profit that will be added on to the assets in the next filling to come out.

I don't know about the rest of you but I figure I will be loading up and I won't be selling that is for sure. It will take awhile to get my hundred dollars but at twenty five dollars even if it takes three years it is a smoking deal.

The thing is why would the debt holders sell so cheap? Well my only conclusion is that the US. banking system is much like Canadian banking system were the Federal Goverment takes the lost on the loans and the banks are only requred to pay back the loan amount that wasn't lost.

I mean it only makes sense, how can a bank survive on a spreed of a couple a percent and pay for staff, buildings and over head to run that bank and with that, if it is true, the shares would even be worth more.

Seems to me most of the debt holders would want to hang on unless there pissed about the whole outcome of this that we know is true due to the outcome of the vote on the BK that took place. I figure if the debt holders can get there money out they will. The ones who take on debt are not known to take risk with shares, and that is were we retail investors come in and clean up when oportunities come our way.

[eddy2]

I would phone the sec just in case and ask why the 8k was not filed under the correct entity as to the filing of the bankrubtsy cause it took me days to locate it and it was not found in a spot that I would think it should be found but then I'm not to sure they have to file an 8K if the company had stated the common shares as being discontinued in a news release then maybe they are not required to file an 8K with the SEC. Also if the courts put out a news release stating the common shares are cancelled then again why would they need to file an 8K it is not like the SEC doesn't know about the commons being cancelled well it is only a thought and most likely a big waste of your time but then it is only a phone call and how much time is that if you own millions of shares but then if you only own a few shares and only have a few dollars invested what the heck I wouldn't waste your time on it.

[DrHarleyboy]

Welcome to the stock market. You were told @ .60 they were going to be cancelled...derrrr???

[Bigstud is here]

That it only 512,800 traded on CITGQ today. Shareholders really got the axe on this one.

[I- B- N]

yes link back http://investorshub.advfn.com/boards/read_msg.aspx?message_id=44377244

[Stock]

Your broker can confirm it, but yes, CITGQ shares are worthless

[I am a cretin]

yup. sry u should have sold by end of yesterday per PR.All common shares were cancelled and i sold mine for small loss.

[twr1183]

i have some shares in CITGQ.PK ,,, are they worthless now ???

[Stock]

It's a freebie - can only see today's trades:

http://www.freerealtime.com

had to noodle around to get that information. You can show bids, asks and trades, or trades only.

http://quotes.freerealtime.com/dl/frt/S?&symbol=CIT&type=Time%26Sales&filter=1&IM=quotes&SA=quotes|Time%26Sales&lastTime=10-Dec-2009%2009:44:42&extra=1

[eddy2]

I'm doing my math here. How many shares you figured were cancelled and how many new common shares sold? Has anyone talked to the transfer agent after todays trading. The other thing is the financials are kinda old and I'm sure very outdated. My gosh it is hard to put a value to these shares at twenty some dollars a share. I would hate to be wrong at that share price and pay to much.

I think I will be selling my new shares tomorrow untill I get a better idea as to what is going on here unless some one else has some other way to value them that is more accurate then my information.

[Joe Stocks]

Thanks. That is just about what the Schwab rep told me.

Where do you get that info? Link?

[bull21]

what the hell happened here lol

[Stock]

CIT GROUP - NYSE: CIT

Time & Sales most recent next page

Rec. Time Action Price Volume

9:44:42 AM Trade 27.02 100
9:44:42 AM Trade 27.03 200
9:44:42 AM Trade 27.04 100
9:44:41 AM Trade 27.115 101
9:44:41 AM Trade 27.05 100
9:44:41 AM Trade 27.06 100
9:44:41 AM Trade 27.09 100
9:44:41 AM Trade 27.13 100
9:44:41 AM Trade 27.1 500
9:44:39 AM Trade 27 100
9:44:39 AM Trade 27 100
9:44:39 AM Trade 27 3700
9:44:39 AM Trade 27.05 5800
9:44:39 AM Trade 27.05 200
9:44:39 AM Trade 27.1 500
9:44:39 AM Trade 27 100
9:44:39 AM Trade 27 200
9:44:39 AM Trade 27 100
9:44:39 AM Trade 27 1000
9:44:39 AM Trade 27 1000
9:44:39 AM Trade 27 2000
9:44:39 AM Trade 27 5000
9:44:39 AM Trade 27 200
9:44:39 AM Trade 27 3000
9:44:39 AM Trade 27 2000
9:44:39 AM Trade 27.05 200
9:44:35 AM Trade 27.18 500
9:44:21 AM Trade 27.25 500
9:44:18 AM Trade 27.02 100
9:44:16 AM Trade 27.01 100
9:44:16 AM Trade 27.01 100
9:44:12 AM Trade 27.25 1000
9:44:12 AM Trade 27.25 300
9:44:12 AM Trade 27 916500 <<< opening trade

[eddy2]

I take the asset value of the shares and figure out the percent of profit per share for the last three months and add that percent profit per share on to the asset value of the shares for the comming three months and then in another three months do it again and if that figuire is met at any time in the three months I will sell the stock and if not and there is enough buffer below that value should things go wrong I will buy some more shares if I have the capital after checking my other investments the same way.

[Windfall Magic]

well I wish I wold have had that luck with LEARQ...I lost $25k because I didn't know it had emerged from bk a few weeks back...

even a blind squirrel finds a nut once in awhile.... but have lost some nuts along the way....

[Joe Stocks]

I could not get anywhere with Schwab. The new CIT symbol did not show up until early this am to even put in a order. I would have not known where it would start trading anyways until this am. My chart doesn't show trades until 9:44. You got one lucky fill and a sell at the high which normally would be a buy. Trading gods working for you this am. lol!

[Joe Stocks]

The old common shares were cancelled. The sharesholders received nothing.

[bigsage85]

Did CIT buy-out the old shares or did the former shareholders get screwed out of everything?

[Joe Stocks]

Thanks! That helps.

[Windfall Magic]

I had an order in 26 last night and fill this morning @ 25.55 don't know how..had a sell in @ 28.55 sold @ 28.65 don't know why that happened either. When I opened up this moring it had executed. was there pre-market buy/sell? perhaps?

[Windfall Magic]

It looks like right @ 9:34.24 sold @ 9:56 with limit @ 28.55 but sold @ 28.65 don't know why.

[FaithNspng]

I wish i can win 1 time in these stocks by taking a risk..... but now i realize it aint for me , im a college student and just need to focus on things that are more reasonable... also SPNG owned me as well... bunch of bullshit these days I didnt lose with them but from all the PRs and good product i just dont understand how the stock fell within secs... Anyways good luck to you

[godfather2008]

CIT's day low is 26.92. How did you buy less?