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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Smiling Bob who wrote (211365)	7/21/2009 12:32:41 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 306849

Walking the CIT minefield... 2009 bonds trade ahead of the tender offer (which is 82.5%) while debt insurance is still upfront and requiring 46% there. Common Stock is being pushed around but no longer a factor... Says: "A lot of people out there think this could be just a band-aid," said Christopher Munck, a high-yield bond trader at B. Riley & Co in Los Angeles. "These guys aren't out of the woods yet, and I don't think anybody believes they are." Keith Wirtz, president and chief investment officer of Fifth Third Asset Management, said, "We think every day the odds of bankruptcy are substantially higher. "They are fighting a huge uphill battle, and all the efforts ... to source temporary funding are having little reception."