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February 8th, 2010, 05:06 PM
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#2301
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Floor Trader
Join Date: Jun 2009
Location: VA
Posts: 813
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
Originally Posted by ShaggsTheStudd
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I'm in on the class action lawsuit, someone who knows something about anything go get one started and tell me where to sign!
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lol  count me in.
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February 8th, 2010, 05:07 PM
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#2302
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Analyst
Join Date: Sep 2009
Location: Baltimore MD
Posts: 381
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
We have all been tempered by this play. I have personally learned a lot of what to do and what not to do and the excellent amount of research done by MSB members is astounding!
Thank you all for the ride.
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Holding: ATVI, BEXP, CAAS, ERTS, GE, VZ
Want: DIS, NTGR
Watching: GGB, LVS, MGM,
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February 8th, 2010, 05:11 PM
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#2303
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Analyst
Join Date: Aug 2009
Posts: 52
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
So CIT essentially screwed the government.........AWESOME! They should love that! Or maybe they will just sweep it under the rug like they have so far and tout about how much of a success TARP was......... RAOFLMFAO
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February 8th, 2010, 05:12 PM
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#2304
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Floor Trader
Join Date: Jun 2009
Location: VA
Posts: 813
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
So the dream of buying more CPRK after this play turns out is not possible  ... this play had ripple effects of not allowing us to buy more CPRK
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February 8th, 2010, 05:14 PM
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#2305
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Power Broker
Join Date: Jul 2009
Location: Pittsburgh
Posts: 182
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
well...ive learned to not invest in things that i dont fully understand. atleast i have some losses to offset all of those CPRK gains later this year....yeah.....gains....
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tman is a recovering HEB addict. any help is greatly appreciated.
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February 8th, 2010, 05:15 PM
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#2306
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Floor Trader
Join Date: Jul 2009
Location: San Francisco, USA
Posts: 929
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
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February 8th, 2010, 05:25 PM
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#2307
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Market Maker
Join Date: Jun 2009
Location: Nanaimo
Posts: 2,040
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
100000 sold @ 4:55 $31.23 Seems like someone likes we and the American ppl are extinguished.
Reading the news again after the initial disappointment I am a bit upset. This cash they have in their holding company. IDK seems like everyone just bent-over and gave it to the lenders without a fight. Besides us here (although I never did write a letter) You would have thought the Treasury would have wrote one.
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February 8th, 2010, 05:30 PM
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#2308
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Floor Trader
Join Date: Jul 2009
Location: San Francisco, USA
Posts: 929
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
Originally Posted by Dog
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100000 sold @ 4:55 $31.23 Seems like someone likes we and the American ppl are extinguished.
Reading the news again after the initial disappointment I am a bit upset. This cash they have in their holding company. IDK seems like everyone just bent-over and gave it to the lenders without a fight. Besides us here (although I never did write a letter) You would have thought the Treasury would have wrote one.
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I have a company who's stock you might be interested in: PCFK. Pitchfork Inc.
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February 8th, 2010, 05:36 PM
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#2309
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Analyst
Join Date: Jun 2009
Posts: 122
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
$250 lottery ticket.
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February 8th, 2010, 05:45 PM
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#2310
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Power Broker
Join Date: Jun 2009
Location: TN
Posts: 259
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
They filed an 8-K on the calculation:
Calculation of Fair Market Value of Class 8 – 11 Securities
Contingent Value Rights Value Analysis
(Amounts in USD millions except per share data)
Measurement Date 2/8/2010 Class 8 Allowed Claims $1,042 Class 9 Allowed Claims 25,595 Class 10 Allowed Claims 320 Class 11 Allowed Claims 3,100 Total Class 8-11 Allowed Claims $30,057 Total Common Shares Outstanding 200,035,561 Share Price (10-Day Volume-Weighted Average) $31.46 New Common Interests Issued to Class 8-11 Allowed Claims 182,029,152 Market Value of Common Shares Issued to Class 8-11 Allowed Claims $5,727 Face Value of Series A Notes Issued to Class 8-11 Allowed Claims $21,040 Weighting 2013 Series A Notes Trading Value, cents on dollar (10-Day Average) 10% 92.1 2014 Series A Notes Trading Value, cents on dollar (10-Day Average) 15% 89.2 2015 Series A Notes Trading Value, cents on dollar (10-Day Average) 15% 87.5 2016 Series A Notes Trading Value, cents on dollar (10-Day Average) 25% 85.9 2017 Series A Notes Trading Value, cents on dollar (10-Day Average) 35% 85.2 Series A Notes Trading Value (Weighted Average) 100% 87.0 Aggregate Market Value of Series A Notes Issued to Class 8-11 Allowed Claims $18,308 Aggregate Recovery to Class 8-11 Allowed Claims $24,035 % Recovery 80.0% New Common Interests Issued to Senior CVRs 0 New Common Interests Issued to Junior CVRs 0 New Common Interests Issued to Preferred Stock CVRs 0
(Sorry formatting didn't post right look at the jpg!)
Last edited by rawly; February 8th, 2010 at 05:48 PM.
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5 out of 5 members found this post helpful.
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February 8th, 2010, 05:51 PM
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#2311
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Market Maker
Join Date: Jun 2009
Location: Nanaimo
Posts: 2,040
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
Originally Posted by ShaggsTheStudd
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I have a company who's stock you might be interested in: PCFK. Pitchfork Inc.
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LOL
I am looking at PAPA
Moving on ppl moving on
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February 8th, 2010, 05:57 PM
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#2312
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Floor Trader
Join Date: Jul 2009
Location: San Francisco, USA
Posts: 929
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
Originally Posted by Dog
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Moving on ppl moving on
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You only lose once you have moved on
Half a joke, half true.
Btw, anyone who wants to sell me their CVR's and all associated rights, etc, I might be willing to buy them from you for a few pennies
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February 8th, 2010, 06:47 PM
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#2313
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Analyst
Join Date: Nov 2009
Posts: 59
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
I like your persistence shag! Something is telling me that this is not over yet (although CIT and their bondholder friends think so). If the stock gets over $56, then class action time!
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February 8th, 2010, 06:52 PM
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#2314
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Analyst
Join Date: Jun 2009
Posts: 68
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
I am still in shock!
I knew that 0 was a very likely outcome but I can't believe they didn't throw us a bone. Give the gov something good to say like "Treasury recovers 1.3 Billion for CIT as part of TARP". I would actually be a little disappointed with $1/CVR but satisfied.
Here is the icing on the cake:
" Directors has authorized the voluntary prepayment of $750 million on its $7.5 billion first lien credit facility. The Company will prepay this high cost debt out of its available holding company cash position, which is in excess of $5 billion."
How is it that they have "no money" to pay us as legitimate debtors?
The gov probably doesn't care as really its not their money but maybe we can start a movement to make them care.
Bring on the Class Action Suit against the rich old suits with $160k toilets!  
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2 out of 2 members found this post helpful.
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February 8th, 2010, 06:59 PM
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#2315
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Floor Trader
Join Date: Jul 2009
Location: San Francisco, USA
Posts: 929
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
Originally Posted by Poor But Happy
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I like your persistence shag!
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It's all an F'n game to squash those who are willing to be squashed. Don't make it so easy for them, I say! It's worth my time to give them hell, I will die happier, dammit, and that is what is most important in life.
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February 8th, 2010, 08:21 PM
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#2316
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Super Moderator
Join Date: Oct 2009
Location: Where I come from it’s Parishes and the "Land of Louis"
Posts: 749
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
Originally Posted by Dog
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... Moving on ppl moving on
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Good point Dog...
But not before thanking EVERYONE for their time and effort put into this thread. I appreciate all of the posts here. It was a great learning experience. I just wonder how many hours went into this thread.
If whatever doesn't kill you, makes you stronger... We should be able to move mountains. 
I hate that we aren't all celebrating and raving about what we would buy with all of our profits, but I'll see you all in the next thread.
Thanks to ALL 
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To avoid criticism, do nothing, say nothing, and be nothing
- Elbert Hubbard
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2 out of 2 members found this post helpful.
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February 9th, 2010, 01:32 AM
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#2317
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Floor Trader
Join Date: Jul 2009
Location: San Francisco, USA
Posts: 929
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
Man I need trants back. Between this second heartbreak of CIT, this Bear Blip, and my silly lack of attention to CTIC, it's been a tough little blip. I need that glimmer of hope, the hope that the stock market can be a place with GOOD stocks, full of bright potential.
That guy leaves and all the demons come out penny stocks, straight through purgatory (the BK stocks), and are inching through the S&P and the DOW.
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February 9th, 2010, 02:52 AM
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#2318
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Floor Trader
Join Date: Jun 2009
Location: Belgium
Posts: 725
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
It's a shame this play turned out this way. It's a shame for those who lost money incl me. But it has been a lesson learned the hard way. Thanks all for the support and research done. Was a "fun" ride.
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February 9th, 2010, 09:40 AM
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#2319
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Floor Trader
Join Date: Jun 2009
Location: VA
Posts: 813
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
I can still see CVRs in my account... will they vanish tonight? Did any ones account got updated
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February 9th, 2010, 09:44 AM
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#2320
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Analyst
Join Date: Sep 2009
Location: Canada
Posts: 81
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Re: CITBQ (CIT Grp Pref A) He's Back! But he has brought gifts!
I can still see mine as well. May take a few days to process.
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