CIT Group, Inc. New Common (CIT)

[JimsZ]

How did those shares get out to the public? Did they not have an public offering that "raised money" for the company or did that money just disappear after those shares sold? Is that not like a loan?

Did these same shareholders which lost everything here have choices on the company shafting them? Could they not have been r/s and allowed to keep 15% of the total shares post creditor issued?

Last I saw in the bk filing was there were $71 billion assets and only $64.9 billion liabilities. I'd look at this like there was $6.9 billion left in equity per per Bloomberg regarding the pre-arranged filing. How is a company with positive equity able to cancel all equity and give the same equity which common shareholders owned to bondholders? How is this legal without them selling $6.9 billion worth of assets to pay toward equity holders?