CIT. Don't worry, bulls will buy tomorrow

colderdown

and uncle Sam will bail it out later. Buy buy buy.
http://www.marketwatch.com/story ... ders-wsj-2009-09-29

PS. I am a chicken feet.

kang_wang

This is big players robbing small people...evil

牛二买刀

The chart of CIT is interesting. It is the 5th time it played the reversal.

trueself

1# colderdown

yaobooyao

今天盘后$1.6.

happylux

3# 牛二买刀

这是有大庄在托盘。

无双

还托盘？很明显今天早上放的卫星是骗小散上钩大户逃跑。明天看0.3-0.4。

无双

无论是debt exchange还是Chapter11，都外婆。

superxy

无论是debt exchange还是Chapter11，都外婆。
无双 发表于 2009-9-29 22:16

解释一下为什么？

buddha

幸好看了一眼, 在昨天高点时处理了. 不然就白玩了.

liu4392

jjhk

幸好看了一眼, 在昨天高点时处理了. 不然就白玩了.
buddha 发表于 2009-9-30 07:34

厉害，能及时逃跑是本事

kang_wang

CIT finalises debt exchange plan
By Henny Sender and Saskia Scholtes in New York

Published: September 30 2009 23:04 | Last updated: September 30 2009 23:04

CIT Group, the US commercial lender, was on Wednesday finalising a last-ditch attempt to avoid a bankruptcy filing with a restructuring plan that would offer bondholders a “take-it-or-leave-it” debt exchange.

The company would apply for pre-packaged Chapter 11 bankruptcy ­protection – and default on $800m in debt due in November – unless bondholders agreed to specific concessions, according to a proposal being readied by advisers to CIT’s largest creditors.

EDITOR’S CHOICE
Peek gets more time at CIT - Sep-05.CIT gains breathing space to restructure debt - Aug-17.CIT gives New York Fed oversight of restructuring - Aug-13.Scramble to avoid default delays CIT results - Aug-11.CIT sweetens offer on $1bn debt - Aug-04.CIT to provide $1bn to trade finance unit - Aug-01..The plan would ask bondholders to agree to an exchange offer that would reduce the company’s $30bn of gross debt by between 30 per cent and 40 per cent. If CIT fails to win the necessary votes for the plan, the company would automatically switch to the bankruptcy option, under which bondholder losses would probably be far larger.

Exchange offers usually consist of a combination of carrot and stick but analysts say this plan has a particularly big stick.

“It is an innovative, total solution,” said one large creditor. “It is also an either-or situation. The offer can’t be amended and there can’t be any side deals.”

As the market began to focus on the implications of the exchange offer, the price of debt due in November sank to 80 cents on the dollar on Wednesday, down from 87 cents on Tuesday. The proposal gives creditors ­virtually all the equity in the ailing CIT and requires a bigger cut in the price of the debt, especially for longer-dated paper, than many creditors expected.

The structure of the exchange offer borrows heavily from game theory in an effort to compel creditors to go along with the offer. Holders of short-dated debt will get about 90 cents on the dollar, if enough sign on. But if the critical level of support is not secured, they will probably be looking at recoveries of no more than 70 cents on the dollar in bankruptcy. The plan is also structured to discourage lenders from using a common tactic in exchange offers – hoping their peers would support the offer and then pay remaining holdouts 100 cents on the dollar to go away.

Both the debt exchange offer and the prepackaged bankruptcy would aim to provide a comprehensive restructuring of CIT’s balance sheet. The company then hopes to win regulatory approval to transfer business lines from the parent to the bank holding company, and then try to attract cheap deposits to fund the business.

CIT ran aground when its funding model of borrowing cheaply in the short-term wholesale markets broke down. The company secured $3bn of rescue finance from a group of bondholders in the summer but this is more expensive than the money it charges its own borrowers. The terms of that finance require the company to file a restructuring plan by Thursday.

adp

and uncle Sam will bail it out later. Buy buy buy.
http://www.marketwatch.com/story ... ders-wsj-2009-09-29

PS. I am a chicken feet.
colderdown 发表于 2009-9-29 20:17

If only CIT crashed one day later, some happily living ladies would suddenly lose their husbands and become widows.

happylux

还托盘？很明显今天早上放的卫星是骗小散上钩大户逃跑。明天看0.3-0.4。
无双 发表于 2009-9-29 09:14 PM

托盘的目的很多，虽然我不知道大庄的最终目的是什么：要么是大庄该跑的没跑完、需要人来接棒；要么是有避免恐慌的、如PPT。我可没说过托盘是认为这股要涨。一般托盘是讲势头是向下，有人逆势作市。

CIT is very risky, don't wanna touch.

adp

Cramer Plays With Fire and Gets Burned (CIT, C)

September 30, 2009 10:11 AM EDT

Yesterday, market pundit Jim Cramer made a ridiculously awful call on embattled lender CIT (NYSE: CIT). Cramer made a call to buy CIT stock yesterday. Well today it is down 40% on reports a deal with bondholders will wipe out the current common shareholders.

Here is what Cramer said on CIT yesterday.

"Because no one forced CIT into bankruptcy, it can live to play again, and when I read in the New York Post that Paulson owns CIT debt, I realized that he's powerful enough to save this company, particularly because he is one of the investors in IndyMac and knows his way around the bottom of the debt barrel.

These two stocks represent lottery tickets that are no longer rip-ups because they have made it out of the "critical care" stage and are recovering.

I would buy them both."

The other stock Cramer was talking about was Citigroup (NYSE: C). Citi is another volatile situation that most investors should not be involved with.

It appears Mr. Cramer has not learned from past mistakes and is back to his old antics of going out on a limb on situations that he clearly doesn't understand. Due to Cramer's lack of caution and diligence, mom and pop investors are getting hurt.

anderson1206

16# adp

I agree with Cramer, but I would wait for a shake up before buying Citi bank, and CIT

CIT is risky, but at current price 1.18, I'll take a chance. For CIT, the odds of a upperward movement is higher, simply because the bondholders will lose less if they accept CIT's offer.

xz214