that is a interesting post atticus. on the top of page 6 i toned down a little just to say "i would be afraid of default", you explained the situation better than i did. plus i was not as civilized in my discussion as i should have been. bgp
i was under the impression that it was secured debt. maybe i read that there isnt much in front of cit's bond's and just figured they would have first dibs on the cash that they gave. this still doesn't change how i feel about the deal. they still bot that mortgage book at 27 cents on the dollar, and have considerable pull over the company as a whole. what creditor is going to give cash like that if the company can just declare bankruptcy. i think maybe you have to read a little deeper into it. i dunno, i guess the future will only tell, but i just cant see cit getting themselves into this thing in the manner they did, unless they felt that they'd be calling shots in their favor.
Well, I can't imagine you read more than a headline before your pathetic attempt at schooling people on this thread. BTW, they own approx $400MM of common.