Actually, I have stopped looking at CIT Group a few days after it filed BK and couple of flips. I did not have a chance to look through everything because of work. I have been swamped since it is near the end of the year.
So we would have to look at the reorg plan to see if there is any mention of it.
Sorry, I could not help you further. I am work right now.
60 days after the company emerges from BK, that will be the 'Measurement Date'. If on that date, the value of the common stock (in the market) is high enough that the unsecured senior debtholders get more than 30% of par from the common they receive in the BK, there will be 'excess value' created.
That 'excess value' will then be allocated via CVR to the Senior subdebt, then once they get 100% of par, to the Junior subdebt...then once THEY get 100% of par, it will allocate shares to the preferred CVR.
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