CITBQ Here is why everyone looking to pay CIT should look at CITBQ preferred A's. CITGQ will be heavy diluted again before long this why no bounce yet.
Under the terms of the Company’s 8.75% Non-Cumulative Perpetual Convertible Preferred Stock, Series C (the “Series C Preferred Stock”), as a result of the delisting of the Company’s common stock, each share of Series C Preferred Stock is immediately convertible into 9.0909 shares of the Company’s common stock. Due to the automatic stay in connection with the Chapter 11 Cases, the Company is prohibited from paying cash in lieu of any fractional shares.
They all might have received 9.0909 shares in lieu of their holdings! 9*20 cents = 1.80 $$
So eventually 500 MLN of CIT-PC is gone! What is left is Treasury prfds (2.1 BLN) and CIT-PA's(14 MLN)!!
CIT-PC will not trade any more, all of them will be converted to common shares!
