Cit.

[96pills]

Anyone have any clear idea what is going on with CIT. It looks like a post CITIGROUP collapse style scenario to me. When it went down to this 1.20-30 level and stayed there for a while, had a sh*t load pumped into it and restablised higher up. Is this a good entry point for CIT?

 

[experienced_it_all]

Anyone have any clear idea what is going on with CIT. It looks like a post CITIGROUP collapse style scenario to me. When it went down to this 1.20-30 level and stayed there for a while, had a sh*t load pumped into it and restablised higher up. Is this a good entry point for CIT?

I bought in at $1.02 yesterday (Aug. 6). It closed at $1.39 and the push probably came from the news that they have secured their short term funding/bond situation and there may be a profit taking pullback, but I think it still has a lot of upside potential.

I also bought Freddie Mac (closed at $0.80) and Fannie Mae (closed at $0.74) which I think are ripe and ready to run.

Anyone have any insight or thoughts on CIT´s long-term situation as far as staving off bankruptcy?

 

[96pills]

wow you got in at good levels... if you hear anything tell me

 

[96pills]

you are on a good number, they are all up massively in the pre market as well

 

[experienced_it_all]

you are on a good number, they are all up massively in the pre market as well

Not sure if you´re still interested but right now CIT-PA (or CIT.A - preferred A) are trading quite cheap. Par-Value is $25 so if there is a restructure/buy-out these shares would probably get 80-90% par-value ($20 or above).

Trading at around $2.30

Preferred C is trading at bit of a premium but they have delisting protection at 9.0909 common conversion or 4X1 common conversion at any time and a $50 par-value. You would make less on a restructure/buyout at todays trading price but you have more protection in case of BK.