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UP strong after hours and 5% pre market already now..
I still stand by my suspicions it is either Warren Buffet or GE execs, both who thought they were going to steal this corp and did not!!
I know CIT and know people direct to CIT and even inside CIT and they all have stated there will be no BK, yet do talk about how Warren Buffet keeps comign at CIT wanting to buy at least part of it but he can never agree to various terms time and again since last year..
Maybe with AIG overdone on hype by media and Ford under investigation for stock manipulation, those investors will come into CIT and force this up and beyond hold of the MM's that is evident has been going on?
I am just wanting people to be careful is all as it is still OTC. I do not own PUDC any longer either.
But here is another example of an OTC corp many own or owned for a few years and this recent SEC release bewilders you still as to why their stock sits and does not move and has plenty of shares out there available (RBRM)
""This is what is amazing & weird regarding this firm. Despite US economy, this corp has seen continued strong sales and increased earnings & positive growth & cashflow month after month for over 2 years.
Receiving medicare licensing now is an extraordinary event for the medical industry as a whole as medical providers now can bill Medicare for the RBRM medical devices.""
Here is recent SEC filing:
http://pinksheets.com/otciq/ajax/showFinancialReportById
SEC filings positive AGAIN for RBRM...
This is what is amazing & weird regarding this firm. Despite US economy, this corp has seen continued strong sales and increased earnings & positive growth & cashflow month after month for over 2 years.
Receiving medicare licensing is ane xtraordinary event for the medical industry as a whole as medical providers now can bill Medicare for the RBRM medical devices.
Here is recent SEC filing:
http://pinksheets.com/otciq/ajax/showFinancialReportById
Let's just say let time prove me right or wrong here. ok?
I never shorted a stock as it goes against the logic of why one invests in part ownership of said corp.
I did own PUDC for a looong time and sold shares after the R/S news came out as it was too risky from past experiences to trust that move and stay in the stock as I saw it...
Today PUDZ is around 3.70 slowly falling day to day from its initial high introducing price 8/6/09 of 8.00 as I feared would occur and tried to warn many who got lured by this move earlier.. Check their Form 4's to validate what I have been concerned about happening...
Yeah, LOOK at AIG today and nearly 9.00 price rise from Fed helping them out with $186 Billion TARP funds and they STILL paid massive exec bonuses, refuse to repay TARP $$ yet, defrauded many consumers- yet CIT gets bad press and spamming for 4 weeks and turned away from Fed???
I went to Pink Sheets today and now this "warning" is gone for RBRM??
Yesterday again, another late day buy in and sell off end of day for RBRM which makes no sense to see??
My monies on CIT now actually long term..
Call it what you want but in over 20 years, what I see going on here, I and millions of others have witnessed by many former OTC's- so let's hope I am wrong and PUDZ doesn't pull a slick willy on current shareholders, ok?
GLTA
Yes and I own even more long term on that.
Yes and it is becoming beyond tiring to see such manipulation, and some say this occured since a few weeks back prior the bond deal when the Fed window scenario came to be, but some over greedy insider tried to leak it and the Fed window scenario was held up then- knowing it would eventually be opeened anyway which is what the letter posted herein indicates could occur any day now.
Will it happen? We can only wait and see, but they need to let this stock and the market do as it will and STOP the tight MM hold patterns we see day after day.
One thing for sure, David Faber of cnbc started all this negative BK talk crap and some speculate he bought tons of stock on the cheap when it initially was halted then resumed trading at that very low 34cent range...
Yes I received it in a mail yesterday afternoon and was going to post it here today. If Fed window is opened, CIT can get 0% funds immediately and clear out the 15% vulture loan from top bondholders' debt plus other debt and be riding high and ahead of most corps today in the market; especially major banks who are into TARP for $hundreds of Billions and CIT is not with only last fall's $2B which is lunch money...
Yes I said that BEFORE they came out with the R/S talk and SEC filing and I did some deeper looking and believed it was another ploy then as many in past; and as of today, I was right and the stock has now fallen like 80% from its price just over a week ago after reverse split and earnings out prove they are in trouble for a while and should NOT have done this RS.
They could have done what CDII or CPSL or hosts of other chinese corps did and are listed directly to regulated exchanges, instead of trying to do this RS "for future potential uplist" as they did as I believe it will work against them from here. PUDZ leaders now sound a lot like RBRM leaders over a year ago also wanting to uplist to NASDAQ promising shareholders then to hold out...
Yes Sean sad to re-read this again from Pink Sheets and RBRM now looks to me like LUMCQ...
What the hell is the reason for them (or any corp) to go through the trouble & loopoles to be a public traded stock OTC or other and seemingly not care about its shareholder value over time?? It has now been how many years that some of us put this intour portfolios long term toward retirement and now find we have been screwed again by another slick PR pumping CEO???
Are we going to be reading headlines in the near future the SEC/FBI raided their offices because of some dubious practices and reporting having been watched for 2 years?? This is just beyond sad and really disgraceful to see occur "again" with another corp who had a great product but affected many shareholders who believed in them taking all our hard earned monies in the process.
?? Many asking this who have stayed with them over 2 years now..
Their corp leaders deserve praise for making hard decisions to do what they did and were first to cut divis to get house in order 2 years ago August, and I was there, and today they are poised for even greater things IMHO.
I agree too and why we invested in this recently, but it is weird how this stock sits where it is and you see First Solar where it is and something just makes no sense..
If Monday closes above 2.00 there is no technical resistance all the way to 3.00+ and this stock should be above that level with over $60B in assets alone...
Something is messed up with this DJ article and many others from Barons to Bloomberg to Forbes where it seems there is cohorted efforts to still bring down the stock for short seller groups; BECAUSE I know people inside CIT and we have given them many resposnes on message boards and they laughed and said they have no idea where a lot fo this stuff is coming from in the media articles!
I am told there is NO talk of BK because it is not going to occur and business is better than ever and NOT ONE creditworthy customer of theirs who require their weekly cash advances against invoices has been turned down; now some who abused or ran up credit lines to threshholds did find caps and CIT is right for streamiling bad clients too who are bad risks, etc..
But we are told shareholders who are employees with decades of service and stock are told all will be well and share value restored and really no love would be lost if Peeks was ousted, but the company has and is moving forward with their plans to streamline costs and all has been going as planned.
It already would have been over 2.00 two weeks ago had it not been for manipulations by GS and a few priviledged who use high speed trading programs and are seeing and manipulating small investor moves controlling the stock and price for their gain only..
NOTHING is safe in any investment, especially a foreign stock which you cannot go to their corp offices or speak directly in office to anyone who matters.
Remember, these corps look out for themselves and their insiders first and Fox Petroleum and Rebuilder Medical are two that come to mind that said and did many things including many SEC filings and today many shareholders got screwed by the insiders selling out on the hypoed upmoves created.. The stocsk are worthless basically and dead and what is funny, in case of RBRM, is they have had stellar performance for over 2 years despite credit collapse and have made increased sales and cash absis with no debt and yet sharegholders who were lured lost all their millions of shares inevsted into..
Just be careful and take advice from an older guy that the SEC does not give a damn about Mom or Pop America and events of the last 1-2 years ought to prove that! Corp execs look out for themselves and have created a corproate welfare structure that rapes most workers and investors of all they entrusted to said corps. Bankruptcy is carved out to help insiders and maybe bond holders but definitely lawyers and shareholders gets crewed still again..
UNTIL Obama to Geitner to Barney Brank and company truly show ethics and truth and fairness exists in the markets for EVERY type investor (not just big boys) they speak about weekly, there will be no trust ever again nor people coming back into equities as they ahd generations before.. As long as the like of Goldman Sachs and a few privileged do as they do and not use the same rules we all must abide by, and not be allowed to use high speed program trading computer machines to manipulate prices and stock movements and "see" all our positions, will there ever be trust on a large scale for the markets by a majority of US citizens again after what happend a year ago...
GLTA it already has lost 50% of its reverse split price and if it does not stabilize my advice is to get the hell out fast or you will end up with a stock valued near a penny...
I won't be astonished as I have watched this occur countless times before from OTC stocks changing ticker symbols or splits, etc.. be careful.
tubby they (SEC) may but again (this has happened to many corps), and this is what occurs with OTC penny stocks and for all practical purposes this is still a penny stock that did a swift move to try to disguise itself as a larger cap regulated exchange stock. Might hurt some peoples' feelings but this reminds me so much of RBRM and what they lured so many (including myself) in with over 2 years ago and were supposed to uplist,e tc and today their stock sits at a penny..
Thing is RBRM and countless others were US based corps and screwed their long term shareholders;, PUDZ is a foreign corp. and so has even rgeater scrutiny IMO.
I hear you and it would be great if it occurred- But I last saw this same thing occur for RBRM by its CEO running over 2 years of PR and news about uplisting, etc and SEC filings, etc and they even have increased sales & earnings, but in the end, the stock ended at 1 cent where it is today and only the insiders of the company have made out..
Yes, and ENT who also ceased divis first 2 years ago ahead of credit market fallout too, have gone through a lot of work to reorganize operations and increase cash basis reducing debts (without outside Fed help) and they, as I see CIT in near future, will again reinstate new dividends for those who hold the common stock as well and investors will be very happy having invested long term in them..
Crap earnings for Puda.
I hope those who bought it at PUDC sold before the RS as it already has lost 50% of its high issue price in a week's time and as I have seen before over the years on these R/S efforts, and with today's very negative earnings problems for PUDZ, is this stock will become a day trader shorters' game to see how far and how fast they can drive it back to pre- R/S levels which basically can see this stock become much like LUMCQ or even RBRM or hosts of others..
I am telling you, CIT is NOT going to file BK (no need to) and people on inside I spoke with say they are NOT talking that either and have no idea why people are putting that out on any number of inevstment chat room boards too???
You got to remember, CIT is not like GM or others as CIT has a certain banking regulatory requirement to meet as a "bank" and thus they are bound to operate at certain cash/asset basis levels and so forth so whatever news the Fed is saying which is positive, cannot be compared to other corps who did or are on verge of BK as they are not part of the "banking world" as CIT is.
Yes and Buffet and GE (owner of cnbc) I believe both are pissed today knowing NOBODY can own more than 5% total of CIT stock to eliminate possibility to manipulate it or as I felt they were doing for weeks (BUffet/GE), employing board spammers to spread fear and wrong fatcs to drive prices so low so they could come in and get it at discount, and now with today's news from CIT, this cannot happen as CIT works hard going forward to do what they must and business is as usual with clients of theirs I have spoken for and NO delays in any daily capital advances CIT provides their invoicing needs...
CIT making excellent moves with Feds today::
August 13, 2009 09:15 AM Eastern Daylight Time
CIT Adopts Tax Benefits Preservation Plan to Protect Tax Assets and Enters into Written Agreement with the Federal Reserve
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that the Company’s Board of Directors has adopted a Tax Benefits Preservation Plan (the “Rights Plan”).
While the Rights Plan will not impede the Company’s ability to pursue restructuring or strategic opportunities, it is designed to protect the Company’s ability to utilize its net operating losses and other tax assets, preserving value for the benefit of all stakeholders. This value could be reduced if the Company experiences an “ownership change” under U.S. federal income tax rules, which occurs if one or more “5% shareholders” (as defined under U.S. federal income tax laws) have aggregate increases of 50% in their CIT ownership over a three year historic period. The Rights Plan reduces the likelihood that CIT experiences such an ownership change by discouraging any person or group from becoming a “5% shareholder.”
In addition, the Company announced that on August 12, 2009, it entered into a Written Agreement (the “Agreement”) with the Federal Reserve Bank of New York (the "FRB"), the principal regulator for its bank holding company. The Agreement requires regular reporting to the FRB, as well as the submission of plans and certain restrictions related to corporate governance, credit practices, capital and liquidity and the Company's businesses. The Agreement also requires prior written approval related to the payment of dividends and distributions, incurrence of debt, and the purchase or redemption of stock.
Details of the Tax Benefits Preservation Plan and Written Agreement will be filed with the SEC in a Form 8-K that will be accessible in the Investor Relations section of the Company’s web site at http://ir.cit.com and on the EDGAR section of the SEC’s website at www.sec.gov.
Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com.
About CIT
CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com.
THERE IS NO DAMN BK GOING TO HAPPEN SO WHO THE HELL IS SAYING SO??
IT IS NOT CIT THEMSELVES!
GO ASK CIT THEMSELVES IF YOU CARE ENOUGH AS AN INVESTOR IN THIS CORP LONG TERM AND QUIT SPECULATING; BECAUSE THEY ARE DOING FINE AND BUSIENSS IS AS GOOD AS EVER AND THEY ARE SUPPLYING DAILY CAPITAL FLOWS TO MANY COMPANIES..
Yes and it would be above 3.00 today had it not been for this campaign to spread fear & scare again and short it and NONE of this is coming from CIT internal itself- so who out there is doing this is the question??
Makes no sense as I know employees holding this in their plans are told recent financial audit done of the firm shows price of stock should be between 7.00-24.oo per share right now depending on minimum and maximum factors utilized in the analysis..
Reality sent to me by friend who deals with CIT daily::
"1st, I know people at CIT and went to CIT in Charlotte, NC and can tell you it is quiet there and business as usual and when asked why so many internet stock boards are going on about BK still and the stock being shorted, I am told they do not know where the heck this is coming from either as they are going through the restructuring they stated in the SEC filings weeks ago and all is on track as planend and NO talk of BK as far as they are concerned.
So who the hell is shorting this stock and putting out press saying they are going BK as it is untruthful and slanderous and someone needs to be held liable as CIT is doing exactly what they said they were going to do when the $3B facility was put in place and there is nothing bad going on.
And if it is worry because of some SEC extension so what?? This is nothing to fret about as many corps do so. CIT was not finished with all they were doing as far as new implementations stated weeks ago so they asked SEC for extension which is legal and normal and filed the appropriate form to do so as many corps in past have done and continue to do- But why so many are hell bent on wanting to see CIT fail is beyond me as the shareholders who work for CIT believe in them and are told their share values will improve and rebound to where they were before all this crap started going on from CNBC on down as CIT is going on daily and all is fine with their operations and the customers they provide capital streams to.."
PUDC is NOT an AIG and cannot be compared in any way! AIG is globally connected and diversified, PUDZ.OB is not.
The new ticker symbol is worrisome as they could have left the original, because now some may call it PUTTS which is a demeaning monicker...
I am in long haul, long term no matter what happens.
Willing to accept 100% downside risk but do not expect to ever see that from here; ONLY higher buying volume, BUT the damn SEC needs to cease GS and others from high speed computer program trading that is corrupting & manipulating this stock's price for the last 2 weeks, as it should already be above 2.00 mark as we speak...
They are keeping it in tight range and manipulating it on any new volume buying day after day..
$140 Million Net Profit increase 2Q2009 for MTL!
Also:
Mechel Announces Placement Completion Of Its 04 Series BondsLast update: 7/31/2009 8:37:02 AM
I am one of those large holders too..
Now that overall markets are turning higher and we are now back at last falls' highs (before election and Obama crisis talk daily dropped it much lower), I remember PR by Dr. Phillips then blaming short sellers and some banker of theirs who ruined the stock price, and in that PR he stated as soon as market turns around our stock will move much higher and gain respectable buying interest from funds and large investor groups, etc.
Well, we are now here and where is RBRM at??
I was on same thinking too and last night's earnings were not as good as hoped but were expected to be a negative biass.
They got money and they have decent market cap $$ and, well, their stock is just cheap at these prices...
LOL thank you. You got one colorful chart there and my old eyes could not take looking at it too long.
GLTA
Agreed and I have been in and out of this in the past 1-2 years but now watching market conditions temper after 2 years I am now investing heavier into CPSL and others from here as markets seem to be getting back to some sense of normalcy and no more 300-500 point swing days as we once used to have scaring people away from equities..
I believe we are at a time when there will be moderate gains in many sectors from here and CPSl will nnot be this low fo a price ever again.
I am an investor in finding this stock recently and another I like long term is ENT (Enterra Energy Trust) out of Canada..