Cit Grp. Pfd A (fka CIT-A)

[Joe Stocks]

FWIW, >>>What Does Contingent Value Rights - CVR Mean?
A type of right given to shareholders of an acquired company (or a company facing major restructuring) that ensures they receive additional benefit if a specified event occurs. A contingent value right is similar to an option because it often has an expiration date that relates to the time the contingent event must occur. Investopedia explains Contingent Value Rights - CVR
For example, shareholders of an acquired company may receive a CVR that enables them to receive additional shares of the target company in the event that target company's share price falls below a certain level by a specified date.

Another example of a CVR would be for a target company to set aside a large sum of money that would be transferred to the shareholders of the acquired company in the event that the price of the target company's shares do not meet a certain target or fall below a specified price. <<<<

My thinking is that CIT will not go to the preferred shares holders and offer 1 penny for every $1.00 in preferreds you hold. I think there will be some kind of option or warrant that has value in excess of 1 cent.