Replies to post #239 on Cit Grp. Pfd A (fka CIT-A)

[Stock]

the common citGQ canceled with nothing. no value.

the preferred shares cancelled with "contingent value rights" to be determined some time around February 11, 2010.

this stock doesn't trade any more, so you can't quote it.

those that have it in their account basically have a CUSIP that has no public trading market, and until the CVR is known, has no known payout value.

if there are CVR, the payout could be NEW shares, could be cash, or donuts, left over Christmas cookies, could be anything. don't know what will happen. will just have to wait until February.

[Apophis]

CIT recieved 4 billion in tax payers TARP money and this is being closely watched by washington. The government did not just hand out this money, companies had to sign for it. They have the right to step in and fire SR management and be entitled to 75% of the common stock. The media will go ballistic if the Gov. pfd gets nothing for its shares.