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CIT Group Inc., 5.189% Reset Rate Non-cumulative Preferred Stock, Series B
Ticker Symbol: CITQO* CUSIP: 125581306 Exchange: OTOTC
* NOTE: This security is no longer trading as of 12/10/2009
Security's Distribution is Suspended!
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QUANTUMONLINE.COM SECURITY DESCRIPTION: CIT Group Inc., 5.189% (initial rate) Reset Rate Non-cumulative Preferred Stock, Series B, liquidation preference $100 per share, redeemable at the issuer's option on or after 9/15/2010 at $100 per share plus declared and unpaid dividends, with no stated maturity, and with initial noncumulative distributions of 5.189% ($5.189) per annum through 9/15/2010 paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the 15th calendar day prior to the payment date or on the date fixed by the board, not more than 60 days or less than 10 days prior to the payment date. After 9/15/2010 the annual dividend rate will be reset each quarter to 1.125% plus the highest of the 3-month LIBOR, the 10-year Treasury CMT and the 30-year Treasury CMT. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. The 5.189% (initial rate) Series B preferred shares were issued on 7/28/2005 and are not expected to be listed on any securities exchange other than the Other OTC.
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Go to Parent Company's Record (CIT*)
Notes: Plan of bankruptcy effective ? Per the Other OTC on 12/10/2009. ____________ November 1, 2009: -- CIT Group Inc. filed for the fifth largest bankruptcy by assets in U.S. history Sunday as part of a reorganization plan that has the support of an overwhelming majority of debtholders. In a statement, the company said it is asking the U.S. Bankruptcy Court for the Southern District of New York for a quick approval of the prepackaged plan. CIT said none of its operating subsidiaries would be affected by the filing, allowing them to continue operations. ____________ From the 8/7/2009 News Release -- CIT also announced today that the Company’s Board of Directors has decided to suspend dividend payments on its four series of Preferred Stock in order to improve liquidity and preserve capital while restructuring efforts are ongoing. Payments on the Company’s Equity Units (NYSE: CIT PrZ) are not affected by this decision.
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IPO - 7/28/2005 - 1.50 Million Shares @ $100.00/share.
Link to IPO Prospectus
Market Value $150.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 505 Fifth Avenue, New York, NY 10017 |
| Main Phone Number |
212-771-0505 |
| Fax Number |
973-740-5527 |
| Investor Relations
Ken Brause
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212-771-9650
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| Toll Free Phone Number |
866-542-4847 |
| CEO - Jeffrey M. Peek |
CFO - Joseph M. Leone |
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