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Agree with you completely - this company has all upside on the burner. The more exposure that we get, the more bid-whackers & flippers will enter the arena. ~IMO
Sorry - see it was already posted multiple times. Anyways, new here to this board and the stock. GLTA
Guess who else is in Bentonville, Arkansas? Can you say Sam Walton?
Posted by Generic on another board:
CIT, Filing Statistics, Crusader, Charter: Bankruptcy (Update1)
By Bill Rochelle
Nov. 3 (Bloomberg) -- The prepackaged Chapter 11 filing by CIT Group Inc. left non-bankrupt subsidiaries at risk of being called in default on their own obligations. To prevent an erosion in value and allow subsidiaries to remain outside bankruptcy, CIT is calling on the bankruptcy judge to stop some creditor actions against a leasing subsidiary as though the subsidiary too was in bankruptcy reorganization.
CIT’s efforts won’t go unopposed.
In papers filed soon after the Chapter 11 petition on Nov. 1, CIT sought a temporary restraining order against parties to some railcar leasing transactions of non-bankrupt subsidiary CIT Group/Equipment Financing Inc.
CIT says there are 41 transactions where other parties to the complicated leases could declare a default against the subsidiary. CIT says the actions “would likely destroy the going-concern value of the railcars,” bringing on “the needless loss of up to approximately $680 million of value” in the railcar business.
The parent’s bankruptcy filing was an event of default, theoretically allowing other parties to the leases to take control of the railcars and demand direct payment from the operators of the equipment. Some of the parties also could demand payment of so-called stipulated loss value under the leases, including the value of the equipment and other damages, such as adverse tax consequences.
Some defendants in the suit filed papers yesterday objecting to the scope of the injunction CIT seeks. John Hancock Life Insurance Co., Northwestern Mutual Life Insurance Co., and Teachers Insurance & Annuity Association of American called on the bankruptcy judge to insure CIT will pay stipulated loss value for the equipment in December despite an injunction. They also want aircraft to be excluded specifically from the proposed injunction.
Other defendants in the suit include affiliates of Siemens AG, Fifth Third Bancorp, and Wells Fargo & Co. The lawsuit will test whether the bankruptcy judge can or will grant the subsidiary the same relief it would enjoy were it too in Chapter 11.
New York-based CIT, the sixth-largest commercial and industrial lender in the U.S., is also the third-largest in the leasing of railcars and aircraft. It listed assets of $71 billion and debt totaling $64.9 billion in the petition.
The reorganization plan, already accepted by all affected creditor classes, is to reduce debt by $10 billion. The plan provides full payment for some structurally senior noteholders while senior unsecured creditors are projected to have a 94.4 percent recovery from new notes, equaling 70 percent of their existing holding, plus common equity.
Subordinated debt holders are predicted to have a 50 percent recovery by receiving new common equity and contingent value rights.
Junior subordinated creditors are expected to see an 8.1 percent dividend through new equity and contingent value rights. Existing common shareholders receive nothing, while holders of existing preferred equity are to be given contingent value rights.
The case is In re CIT Group Inc., 09-16565, U.S. Bankruptcy Court, Southern District New York (Manhattan).
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a7Gm8cp8MzP8#
Posted by Generic on another board:
CIT, Filing Statistics, Crusader, Charter: Bankruptcy (Update1)
By Bill Rochelle
Nov. 3 (Bloomberg) -- The prepackaged Chapter 11 filing by CIT Group Inc. left non-bankrupt subsidiaries at risk of being called in default on their own obligations. To prevent an erosion in value and allow subsidiaries to remain outside bankruptcy, CIT is calling on the bankruptcy judge to stop some creditor actions against a leasing subsidiary as though the subsidiary too was in bankruptcy reorganization.
CIT’s efforts won’t go unopposed.
In papers filed soon after the Chapter 11 petition on Nov. 1, CIT sought a temporary restraining order against parties to some railcar leasing transactions of non-bankrupt subsidiary CIT Group/Equipment Financing Inc.
CIT says there are 41 transactions where other parties to the complicated leases could declare a default against the subsidiary. CIT says the actions “would likely destroy the going-concern value of the railcars,” bringing on “the needless loss of up to approximately $680 million of value” in the railcar business.
The parent’s bankruptcy filing was an event of default, theoretically allowing other parties to the leases to take control of the railcars and demand direct payment from the operators of the equipment. Some of the parties also could demand payment of so-called stipulated loss value under the leases, including the value of the equipment and other damages, such as adverse tax consequences.
Some defendants in the suit filed papers yesterday objecting to the scope of the injunction CIT seeks. John Hancock Life Insurance Co., Northwestern Mutual Life Insurance Co., and Teachers Insurance & Annuity Association of American called on the bankruptcy judge to insure CIT will pay stipulated loss value for the equipment in December despite an injunction. They also want aircraft to be excluded specifically from the proposed injunction.
Other defendants in the suit include affiliates of Siemens AG, Fifth Third Bancorp, and Wells Fargo & Co. The lawsuit will test whether the bankruptcy judge can or will grant the subsidiary the same relief it would enjoy were it too in Chapter 11.
New York-based CIT, the sixth-largest commercial and industrial lender in the U.S., is also the third-largest in the leasing of railcars and aircraft. It listed assets of $71 billion and debt totaling $64.9 billion in the petition.
The reorganization plan, already accepted by all affected creditor classes, is to reduce debt by $10 billion. The plan provides full payment for some structurally senior noteholders while senior unsecured creditors are projected to have a 94.4 percent recovery from new notes, equaling 70 percent of their existing holding, plus common equity.
Subordinated debt holders are predicted to have a 50 percent recovery by receiving new common equity and contingent value rights.
Junior subordinated creditors are expected to see an 8.1 percent dividend through new equity and contingent value rights. Existing common shareholders receive nothing, while holders of existing preferred equity are to be given contingent value rights.
The case is In re CIT Group Inc., 09-16565, U.S. Bankruptcy Court, Southern District New York (Manhattan).
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a7Gm8cp8MzP8#
Finally connected to the right 'page' (GRIN). Thanks Z.
Thanks - finally found it under a 'pages' search of John Bordynuik.
CIT Board of Directors Approves Proceeding with Prepackaged Plan of Reorganization...
http://www.businesswire.com/portal/site/home/email/alert/?ndmViewId=news_view&newsLang=en&newsId=20091101005053
CIT Board of Directors Approves Proceeding with Prepackaged Plan of Reorganization...
http://www.businesswire.com/portal/site/home/email/alert/?ndmViewId=news_view&newsLang=en&newsId=20091101005053
Welcome to the Cit Group Preferred Z (CIT-Z) board.
Welcome to the Cit Group Preferred C (CIT-C) board.
I was not accepted as a friend, and cannot find where I can become a 'fan' of him. Is there another link that I am missing?
Good stuff Z! His email explains who currently builds the machines:
"Who makes the P2O machine? The processor is highly optimized and is much simpler for us to build –"
"Who supplies P2O processor? More than one vendor supplies components now."
"Staff is in all weekend (including me) to assemble the processor."
Sounds pretty straight-forward to me.
Now that is a hoot!
"We started and remain the world's premier tape data recovery firm." this is underestimated, imo.
Severely underestimated...
"JBI is the only company on the planet with this capability. Some of our bigger customers include MIT, Harvard, U.S. Army, United Nations, and we are Sole Sourced by NASA for all thier magnetic tape recovery needs, all their microfilm, as well as thier microfieche. For more information on how we can recover your company's data, click on the Tape Data Recovery tab on the menu above."
Taken from the new 'global' website.
The cheerleaders on this board are enough to scare any new investor away.
Have no prob with that either...
I have no problem adding at the current ASK.
What PR are you expecting to see?
May have to step-up to the plate if you want the home run. ~IMO
Just updated my previous reply to you...
I was referencing the "global" site:
http://www.jbiglobal.com/
(edit)
...and you are correct in that some of the hyperlink destinations still may reference "310holdings".
Here, Here - and I am drinking to that! (GRIN)
The new 'global' site is great! Hat's off to the Webmaster.
May need to reach a little bit higher...
Took 3.4 min to fill 3500 @0.15 bid.
Thu Oct 29 14:18:29 2009 Buy 3500 LEHJQ Executed @ $0.144
I wonder this myself. JBI has stated that with their catalyst then can generate oil for the equivalent of $10/barrel. They also state that without the catalyst, it's "not profitable".
I have been told that the "other" process has an excessive amount of down-time contributory to process waste stated as an ash-sludge mixture which requires either an extremely higher temperature to convert, or to truck it off.
Have no knowledge to what the effect of the catalyst will have in the reduction of this type of process waste, but I believe it to be significantly less.
Thank you for the info.
Did the same thing, but my 10mil took almost 50 minutes to sell. However, it did sell all at once. GLTA
They are still keeping it held down. Did anyone see this one get posted?:
Wed Oct 28 11:14:34 2009 Sell 100000 IGSM Executed @ $0.0054
I am learning and buying...
Anyone buying today?
The end-game is looking sweeter and sweeter!
It is possible that the statute of limitations has expired.
Well, did u girls ever call him?
Looks like the same place.
We shall see what Hotdog comes up with. All of those cars you see are parked though. At least 20 from what I can remember from looking at it. Could be a corporate office with warehouse space...maybe someone else can check too - the Pak-It corporate address is:
4201 Torresdale Avenue, Philadelphia, PA 19124
If Google Maps is correct, then this looks like the place:
Thanks! Seems like the best approach.