CIT Group Chapter 11 (CIT)

Posted in pre-market 
November 2nd, 2009

CIT Group Inc. (NYSE: CIT) is down sharply on the common stock after the company did go ahead and file a pre-packaged bankruptcy protection.  Shares traded are only 380,000 at 8:35 AM EST although it appears that there are no specialist shares trading hands.  We have the stock down 42% at $0.418 after closing at $0.72 Friday.  We can’t say that the common stock will disappear immediately or ever with 100% certainty, but these pre-packaged bankruptcies almost always wipe out the holders of common stock in favor of debtors and creditors.

JON C. OGG

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