cit bankruptcy stock
What does it mean when CIT stated after reorganization, all existing common stock will be cancelled?
Is this the first day of trading after filing for bankruptcy?
Typically the shares are worth zero and only the bondholders and other debt holders will get some cents on the dollar.
When I heard that Carl Icahn was giving them $1 billion for a prepackaged bankruptcy on Thursday night, I bailed my remaining shares Friday morning. CIT had run up tp almost $2 per share so there was time to take some off on the way up or on the way back down.
