DislikedCarl Icahn lent them $1 bln on Friday (line of credit actually) knowing full well that
this news would hit on Monday. The Bond holders will receive about 70 cents on the dollar.
The common and preferred shares, along with the US Treasury's $2.3 billion
investment of Tarp funds will likely be wiped out. Goldman has arranged a deal
to protect a big chunk of the debt they hold on CIT, as well.
Overall, it likely wont be a cause for celebration on FTSE or NYSE come Monday morning.
Should atleast put some kind of damper on the festivities.Ignored
those who can, do. those who cant, talk about those who can