CIT Group, Inc. New Common (CIT)

[marayatano]

Forgot to mention that preferreds are approx. 10 cents on the dollar. If this conversion to common happens, and they follow Citi Group/Citizens Repub, them preferred shareholders get full (or near full) par value in common. That is how the 8 to 10 bagger comes in to play.

So if preferreds trade at 10 cents on the dollar, and the conversion happens, CIT-A with a par value of $25 per share, converts to $25 of common.

Right now, CIT-A trades at a discount to CIT-C (par value of $50).

IMO