CIT Group, Inc. New Common (CIT)

[I-Man]

After being away a long while here, I too have been out of CIT after what I saw occur 2 weeks ago with the common, and I sold all I invested in months before in the 2.00 range just hours before the big dump occurred. I was lucky, preserved my investment, made decent profit.. I know many others did not and are hurt now.. I knew somethign was up when CNBC staretd to pump CIT bonds and that PIMCO guy was one arly that day saying how they were doing well with their bonds....

However, I will add, I did have a far out open order to be filled initially on CIT-A preferred stock and was surprisingly filled and the reason for this is I believe CIT will exist down the road, but in what capacity and to what extent is anyone's guess now??

And in worse case scenario, the preferred get notice and are behind bondholders, but the common are always destroyed- either through prepkg BK or full liquidation. And still seeing a supposed strong institutional holding of CIT common yet (94%), what if behind scenes some deal is being made to convert the institutionals' common to preferred CIT-A??? I mean ahead fo what is expected to occur, so the institutionals do not lose their investment (when common is delsited/halted) and are still kept in the game holding preferred CIT stock now??

So this way I now have some ownership into CIT (on a higher degree), a company I once believed in as a small business owner myself, but also realize, we have a US President who does not care about small businesses in America, but his own ego and repaying unions who bought him his Presidency only...