Replies to post #2036 on CIT Group, Inc. New Common (CIT)

[Joe Stocks]

Dave, The preferreds will be cancelled. I do not disagree with that one bit. When Mirant came out of bankruptcy their common was cancelled but the shareholders still exited with some warrants in hand.

The pre organization plan that CIT had holders voting called for the preferreds to get 'contingent value rights'.

The was the new plan in attempt to get more people on board. The old plan had no such language.