I am now proud owner of CIT-A shares for first time; and as a former CIT common holder who was lucky enough to get out before massive con game was revealed 2 weesk ago on that Friday (around time PIMCO also sold bonds), I had an open order surprisingly filled for CIT-A now... As I am very surprised to see the preferred A's this low and I now am invested into them, so will see what comes between now and Oct 27th...
No matter which way it goes, common seems to be destroyed, and at least, preferred A's will be behind bondholders in worse case scenario; but I do believe this company will survive long term but in what capacity or what manner is anyone's guess as it is apparent there have been lies and manipulation through press in past, and now look at one of the major bondholders (PIMCO) and how they screwed CIT even when they were not to ever sell the very bonds they utilized as collateral for the $3B loan months ago!!!
