CIT (CIT) Collapsing On Possible Chapter 11

Posted in pre-market 
September 30th, 2009

CIT (CIT) is down over a third on news that bondholders may take over the company or it may declare Chapter 11.

The stock moved up 40% to $2.20 on a rumor that a hedge fund manager might salvage the company.

This morning it is down to $1.26.

Douglas A. McIntyre

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