CIT

Question

I own some CIT bonds coming due in Novemeber.  Contemplated selling them today at .67 on dollar but held on.  Should I ride this out or is CIT going under

PALLADIUM · Answer

I own some CIT bonds coming due in Novemeber.  Contemplated selling them today at .67 on dollar but held on.  Should I ride this out or is CIT going under

wallstreetcappers · Answer

Its like playing roulette.If they dont get help, those bonds being due could toss them into BK.

Vermeer · Answer

Exactly...and I suspect it has nothing to do with the economics of the matter, but the politics. Did they contribute to Biig O??? Is the grandstand act of letting them go under more valuable to the administration or is saving them likely to get better press?

MakinBacon · Answer

I have no knowledge of how the current administration views them but CIT, in my opinion, is a huge boost to retail operations because they fund many suppliers to the retailers.  I&#x27;d love to hate them because I find their business sleezy but if they go under it will be a serious damage retail...no one wants that right now.

SteelHop · Answer

Considering they support a ton of small and medium businessman I doubt they are many Democrats running around the CIT hallways unlike Goldman et al.

LeRinkRat · Answer

Considering they support a ton of small and medium businessman I doubt they are many Democrats running around the CIT hallways unlike Goldman et al.&#xD;&#xA; &#xD;&#xA;they are obviously NOT as politically connected as the Wall Street Weasels like GS.&#xD;&#xA; &#xD;&#xA;one item of interest I hear today on Cnn&#x27;s "Your Money" is that they are supposedly the biggest "cash flow" lender to minority owned companies that ship their products to to retail BUT in the same segment they also said they failed their "stress test" big time.&#xD;&#xA; &#xD;&#xA;I would suspect that with the current public disgust over the original bank bailout, their probably going to have a hard time getting any government funds

LeRinkRat · Answer

this sunday night on CNBC.com......&#xD;&#xA; &#xD;&#xA;https://www.cnbc.com/id/31997105&#xD;&#xA; &#xD;&#xA;CIT Group&#x27;s board is scheduled to meet on Sunday evening to consider a $3 billion financing deal from seven of the company&#x27;s top ten bondholders, sources familiar with the talks told CNBC.&#xD;&#xA;The liquidity facility carries a 2.5 year term and portions will be available immediately. The funds should help the company stave off a chapter 11 bankruptcy filing at least in the short-term, the source said. &#xD;&#xA;CIT is also planning a cash tender offer for outstanding senior notes in August as part of a broader recapitalization plan. &#xD;&#xA;The board is likely to approve the deal tonight.&#xD;&#xA; &#xD;&#xA;will see what happens monday BUT it should be a big &#x2B; for them

rubberneck · Answer

I should had bought some @ .29

wallstreetcappers · Answer

Down 30% after being halted this morning.

wallstreetcappers · Answer

So are you going to tender?Looks like the offer is for 82 cents if before the 31st to 80 cents by early next month.

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