whytestocks
4 years ago
NEWS: $CIT SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of CIT Group Inc. (NYSE - CIT)
BALA CYNWYD, PA / ACCESSWIRE / October 16, 2020 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of CIT Group Inc. ("CIT Group" or the "Company") (NYSE:CIT) for possible breaches of fiduciary duty and other violations...
In case you are interested CIT - SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of CIT Group Inc. (NYSE - CIT)
whytestocks
4 years ago
News; $CIT (CIT): Johnson Fistel Investigates Proposed Sale of CIT Group Inc.; Are Shareholders Getting a Fair Deal?
(CIT): Johnson Fistel Investigates Proposed Sale of CIT Group Inc.; Are Shareholders Getting a Fair Deal? PR Newswire SAN DIEGO, Oct. 16, 2020 SAN DIEGO , Oct. 16, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigat...
Find out more CIT - (CIT): Johnson Fistel Investigates Proposed Sale of CIT Group Inc.; Are Shareholders Getting a Fair Deal?
ITMS
6 years ago
CIT Group Inc $CIT Slides, Watch This Trade Level
CIT Group Inc (NYSE:CIT) is a leading provider of financing, leasing and advisory services to middle market companies in a range of industries in North America. Today, the stock is falling lower by $2.42 to $52.82 a share. This decline breaks the recent uptrend in CIT stock. Very often, sharp declines like this will lead to further downside in the near term. Traders should note that the stock has support around the 200-day moving average which is currently around the $50.00 area. Unfortunately, CIT stock trades less than a million shares a day on average, this tells me that we have to compensate for overshoot and look lower. The next major support level for CIT would be around the $48.00 area. This level is where the stock broke out in November 2017 and should be solid support when retested.
Nicholas Santiago
InTheMoneyStocks
Timothy Smith
12 years ago
CIT Energy
CIT Energy provides value-added financing products and advisory services to higher growth, entrepreneurial companies throughout the energy and power sector. By combining extensive industry experience, structuring expertise and underwriting capacity, we create comprehensive energy project financing solutions to our clients’ most critical strategic and funding needs. CIT Energy currently manages a large, diverse portfolio, which includes investments in all asset classes across the energy sector.
Our Energy Project Financing Products and Services
Key areas of focus:
Power
Power plant construction and acquisitions
Energy infrastucture
Renewable/alternative energy projects
Energy Services
Oilfield services
Equipment manufacturers
Midstream
Transmission
Gathering & services
Storage
Exploration & Production
Oil and gas production financing
Our Energy Project Financing Products and Services
Senior first lien debt, unitranche
Construction and term project finance
Reserve Based Lending
Leveraged Finance
Capital markets and syndication support
Bid support
Asset-based Lending
Advisory
http://www.cit.com/products-and-services/corporate-finance/energy/index.htm
Bart Myers
13 years ago
Compass Point LLC lowered its CIT Group (NYSE: CIT) rating from Buy to Neutral and maintained its CIT $46 price target in a research report published today.
In the report, Compass Point LLC states, "We continue to believe the long-term risk/reward in owning the stock is favorable; however, we see limited upside in the more intermediate term. Catalysts that have propelled the stock to the current level are now diminishing (repayment of high cost debt, issuance of new lower cost notes and lifting of the cease and desist), and we do not expect a sale of the company in 2011."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/05/1090887/compass-point-lowers-cit-rating-to-neutral-maintains-46-#ixzz1MiK1ihGI
Poor_But_Happy
14 years ago
Security Violations
Here is what happened with CIT last year when they Bankrupted:
- In October of last year, they released the "offers" where the "exchanges" showed equity getting a few percent, yet the "Pre-Pack" option had equity being canceled.
- Icahn gets involved and pushes for the Pre-Pack option (you can read up more about what he did in this doc:
http://works.bepress.com/cgi/viewcontent.cgi?article=1002&context=jonathan_lipson
which starts around page 15)
- On Friday Oct 30th, just before the Bankruptcy is announced Icahn gives an interview with Fox news in which he states when ask about the equity "I think they get a couple percent, but it is something they worked out".
- On the following Monday the bankruptcy is announced. The first judge assigned to the case is replaced within hours with Mr Gropper, who then quickly issues a press release saying "this is going to be a quick bankruptcy!". This effectively removes any chance of equity having a say in the matter, as equity's only play is to somehow delay the bankruptcy to go over the "evaluation" in more detail.
- No equity committee was assigned, yet there was significant amount of equity showing on the books before and during the bankruptcy proceedings.
- While TARP was not present in the bankruptcy hearing, other large financial organizations were (Citi's lawyers attended). BAC alone owned $7.5B in CIT debt, which because of the quickness of the bankruptcy has now currently recovered by more than $2.3B. By a lucky coincidence they (and Citi and friends) are able to pay off their TARP loans faster.
- During the bankruptcy confirmation trial, the judge is asked why the 60 days on the CVRs, and his reply is "it is something they worked out". Surprisingly enough, TARP is not in the court room, and is not represented by any legal entity (other than indirectly via Citi's lawyers). We never really find out who "they" are, but it is rather apparent.
- After CIT emerges from bankruptcy over $1.6B in student loans are written off. This fits in nicely with the new administration's student loan agenda:
http://www.buzzle.com/articles/obama-student-loans.html
- Because of the ownership change, the tax losses that CIT has built up in the previous years is reduced, which the government directly benefits from.
- TARP issues a press release shortly after their CVRs expire stating "that we treated this like any other investor would".
What is even more surprising to me is that the current administration is coming down so hard on the "little guys":
http://blogs.wsj.com/deals/2010/12/16/employees-of-flextronics-amd-arrested-for-insider-trading/
yet it is readily apparent (without resorting to wiretapping, just reading press releases) that a massive security fraud was committed by TARP and others in the current administration with CIT's bankruptcy.
As a previous preferred holder, I now realize there is not going to be any recovery at all. The government has already recovered indirectly (and directly) its $2.3B investment, and since they committed fraud they really do not want this to be "reopened" in the coming years. They would much rather it just slip silently below the radar.
Trenderman
14 years ago
It´s very important that everyone send their letters to Judge Allan Gropper to this address: One Bowling Green New York, NY 10004-1408 asking for monetary compensation as soon as possible from the court of new york, if they don´t want to return send another letter to the same address to the judge Arthur J. gonzalez requesting the same or at least put in order that brodel. I like to finish by quoting a phrase that came out of the sucker mouth of Judge Allan Gropper: "If a company that has fundamental value, as I'm assured this one does" then this fucking judge has already confessed. He said that the company has a fundamental value then if that value is essential why the court accepts the request of cit group? Why not just change the company's market if the judge was so sure that the bank had all the fundamental value? With the only purpose of removing the existing shareholders as soon as possible? and lastly I want to ask to the pimp arthur j. gonzalez why he take the case to the judge robert e. gerber and gives to Gropper after advanced the process? They are a robery band. The purpose of Chapter 11 is not theft, is that both parties recover one´s own and it worked well until it entered the prostitution to the UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK.
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
_________________________________________
CIT Group Inc., : Case No. 09-16565 (REG)
: Chapter 11
DEBTOR :
_________________________________________ :
REASSIGNMENT
The above-referenced chapter 11 case number 09-16565 has been reassigned from Judge
Robert E. Gerber to Judge Allan L. Gropper.
/s/ Vito Genna
Clerk of Court
Date: November 2, 2009
cc: Judge Robert E. Gerber
Judge Allan L. Gropper
US Trustee
Automation Specialist
Supervisors
Case Administrators
Courtroom Deputies (REG) (ALG)
Trenderman
14 years ago
We have to deliver the executives of CIT GROUP BANK and the judge Allan Gropper to TEXAS. I want their heads on a silver plate, or maybe the electric chair, but not the lethal injection because those bastards will not feel much pain. If CIT Group bank does not return the capital to the old shareholders as soon as possible ALL WALL STREET WILL BE GO TO THE SHIT as the shit where it came from this bank. Fucking corrupts. I have reliable information that the judge received bribes from executives of Cit. All the world have to move and nationalize the banks of CIT Group in Europe: Spain, Austria, Germany, England, France, Holland, Italy, Ireland, Sweden in Latin America: Brazil, Chile, Colombia and Mexico then take it to Texas and seek capital punishment to these bastards. YES WE CAN.
Stock
15 years ago
...Mr. Thain’s hiring was cleared by CIT’s regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation and the Treasury Department, which still has a say over the company’s executive compensation despite the loss of the bailout investment.
Mr. Thain’s pay at CIT will be lower than he has made in years, according to regulatory filings. He will receive a $500,000 base salary, along with $5.5 million worth of restricted stock, much of which must be held for one to three years. He will also receive an additional discretionary payment of $1.5 million in restricted shares, which will vest over two years...
http://dealbook.blogs.nytimes.com/2010/02/07/after-turmoil-at-merrill-thain-will-lead-the-lender-cit/?partner=yahoofinance
Stock
15 years ago
CIT Names Director Peter J. Tobin Interim Chief Executive Officer
CIT Group Inc. (NYSE:CIT), a leading provider of financing to small businesses and middle market companies, today announced that its Board of Directors has appointed current Board member Peter J. Tobin (64) Acting Chief Executive Officer. For an interim period until a new CEO has been appointed, he replaces Jeffrey M. Peek, whose resignation as Chairman and CEO was effective January 15, 2010. Mr. Tobin will continue to serve as a director of CIT. During his long tenure with CIT’s Board of Directors, Mr. Tobin has held several leadership roles, including Chairman of the Audit Committee, Chairman of the Risk Management Committee, and Lead Director
The search for a permanent CEO continues to progress as the Board seeks to fill this position in an expeditious manner. Once appointed, the CEO will also serve on CIT’s Board of Directors
Mr. Tobin has been a director of CIT since July 1, 2002, and previously from May 1984 to June 1, 2001. He retired from St. John’s University in May 2005, after serving as Special Assistant in Corporate Relations and Development to the President of St. John’s University since September 2003, and previously as Dean of the Peter J. Tobin College of Business at St. John’s University since August 1998. From March 1996 to December 1997, Mr. Tobin was Chief Financial Officer of The Chase Manhattan Corporation and served as Chief Financial Officer of Chemical Banking Corporation from January 1992 to March 1996. Prior to 1992, he held a number of executive positions at Manufacturers Hanover Corporation
Stock
15 years ago
Deal to hire Thain could also include Nelson Chai-source
* Thain and CIT CEO Peek both worked at Merrill Lynch (Adds background on CIT restructuring plan)
By Dan Wilchins and Elinor Comlay
NEW YORK, Jan 12 (Reuters) - CIT Group Inc (CIT.N), a commercial lender that recently emerged from bankruptcy, has talked to former Merrill Lynch & Co Inc Chief Executive John Thain about him taking the company's reins, according to two people familiar with the matter.
A deal to hire Thain could also include Nelson Chai, who worked with Thain at Merrill and also NYSE Euronext (NYX.N), one of the people said.
Thain would follow another former Merrill Lynch executive, Jeff Peek, who retires as CIT's CEO on Jan. 15.
The search for a replacement for Peek is progressing, a CIT spokesman said. He declined to comment on the report, citing a company policy not to comment on market rumor or speculation.
A spokesman for Thain also declined comment.
Thain was fired from Bank of America last January, a few weeks after the Charlotte, North Carolina-based bank bought Merrill. He told Reuters in November he was looking for a job in private equity or with a public company. The MIT and Harvard-educated executive joined Merrill at the end of 2007 from the New York Stock Exchange. Before heading to the NYSE, Thain spent nearly a quarter century at Goldman Sachs Group Inc (GS.N), where he became No. 2.
COMEBACK
CIT is looking to reestablish itself as a lender to small and medium-sized businesses after a disastrous foray into subprime lending earlier this decade.
The lender filed one of the five largest bankruptcies in U.S. history on Nov. 1 after a debt exchange offer failed. One of the biggest financial sector victims of the credit crisis, in December CIT became the only major company in the sector to emerge from bankruptcy.
CIT is looking to move some of its best businesses, including vendor financing and factoring, to its bank, where it can fund them with deposits.
Any new chief executive will need to work hard and negotiate with regulators to put this plan into effect, one person familiar with the business said.
Separately, the company named three new directors on Tuesday, completing a planned reshuffle of its board.
CIT shares closed down 21 cents, less than 1 percent, at $33.55. (Reporting by Elinor Comlay; editing by Tim Dobbyn, Andre Grenon and Bernard Orr)
Joe Stocks
15 years ago
>>How did those shares get out to the public? Did they not have an public offering that "raised money" for the company or did that money just disappear after those shares sold? Is that not like a loan? <<
If you go to Best Buy and buy a TV you then own the TV. If you go to the stock market and buy a piece of BestBuy you then own the shares. In theory if the money you invested in your company is still sitting as money in the bank you still own part of it. Now to run the company all you buyers of the company, you shareholders, now vote to elect directors to oversee the operation of the company and to safe guard your investment. They in turn HIRE a Chief executive officer to be in charge of operations. All of this is nothing like loaning the company gave it to them as an investment, you gave it to the company and by doing so you now OWN part of that company.
At some point YOUR company may need to borrow money and go out looking for a loan. Remember, you elected a director that in turn hired someone for you company to do that. In the process of some making a loan to your company an agreement is made that you will pay them back. The collateral is company.
At some point your company (and mine, CIT, could not see themselves being able to comply with that loan agreement. Those lenders, the bondholders then have the right to force the company into bankruptcy to collect on their loan.
What happened to the equity that was there? Well, the directors you elected decided that the equity was not really there if they were forced to liquidate quickly. They would only receive "fire sale" prices for their assets. They thought it was best to keep the company whole and give it to the bondholders. Of course the only way they could do this legally was through the bankruptcy courts and YOUR company officials convinced a judge that this was the best alternative to settle the debt with the bondholders.
Personally I think the directors were to loose with my money. I don't agree with everything that was done. My point is basically to you the point that you did not loan the money to CIT. You exchanged that money for equity interest in CIT. The bondholders loaned money to CIT in exchange for an agreement basically saying that if you don't pay me I can take payment through bankruptcy proceedings.
If any one screwed us over it wasn't the bondholders. It was the directors we voted for and the bankruptcy judge that accepted their plan.
Joe Stocks
15 years ago
>>Did both not "lend" money to the company in one way/shape/form?<<
Both did not lend money. The shareholders invested in the EQUITY of the company. There is no "lending" agreement. No different than if you took that $1000 and started a business of selling pencils on the street corner. You own the assets of the company. The only way you can get your money back is to sell those assets (or equity) to someone else. By investing in the company you have unlimited upside potential.
On the other hand, a bondholder lends money to the company. You as a shareholder have asked them to loan you money. The collateral is the assets you own in the company. If your company files bankruptcy and the bondholders are not paid back the money you lent them, they they have rights to collect on there collateral.
There is no little people and and big people. YOU, and I mean you, could have just as easily lent the company money and become a bondholder yourself. In fact, the internotes that CIT offered were designed for smaller mom & pop lenders.
Now keep in mind the lenders (bondholders) may have less risk, but the potential reward is limited to interest payments. You deny the people that lent you as a shareholder money then they have every right to find recovery in the assets that you pledged.
So again, you as a shareholder did not lend the company money - you as a shareholder ARE the company.
JMO.
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