joe, what is the benchmark they have to hit and sustain for the 10 days for the old pref to see cvr's worth anything? and what would that worth be a percentage or full payout?
Just a guess, but it looks like all the bondholders are converting and dumping shares, and the prospects for the new CIT Group common seeing an elevated enough level to help us out much here is grim.
If today's selling rampage was an indication, I doubt the new common will see $40 any time in the 60 day window.
Yet more proof that bond traders rule, and equity traders drool.
Class 15 - Old Preferred Interests 125581207 Series A Preferred Stock Yes 125581306 Series B Preferred Stock Yes 125581603 Series C Preferred Stock Yes NA Series D Preferred Stock Yes
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