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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (29350)	12/21/2007 5:39:15 AM
From: Madharry	Read Replies (1) of 78745

i wonder if you owned shares in finova way back. i just spent a few minutes reading the thread on that one and it was pretty scary. the company which was a large finance company started to spiral downward in 2000. the ceo / founder resigned at the stock price got cut in half following the bankruptcy of one of its large borrowers. at that time according to the thread there were still 17 buy recs on the stock. the stock kept tumbling as value players stepped in and bought and added as the stock dropped below book value, Insider purchases ensued, the stock kept dropping as they announced the hiring of investment bankers to pursue strategic alternatives. the stock kept dropping as buffet bought some distressed bonds. stock kept dropping as it was announced that luk was going to buy a piece of the company. Ultimately the company filed for bankruptcy. Im not saying this will happen to CIT, but it certainly makes me wonder whether anyone really knows whats going on sometimes.

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