Silobreaker: CIT, Icahn Feud Intensifies

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Friday, November 27, 2009 9:51 PM

Published 10/28/2009 by ABF Journal

CIT, Icahn Feud Intensifies

The showdown between CIT and billionaire investor Carl Icahn over the future of the troubled commercial lender stepped up a notch on Tuesday, October 27 with Icahn offering smaller bondholders debt protection if they agree to back his alternative restructuring plan.

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UPDATE: CIT Obtains Extra $4.5 Billion As It Pr...

(Updates with information about CIT's board of directors, no comment from Icahn and CIT closing stock price.)Of DOW JONES NEWSWIRESNEW YORK -(Dow Jones)- Brushing ... - [10/28/2009 - Nasdaq]

Investors Fret Over Housing

The fragile economic recovery was back in focus after monthly sales figures painted a worrisome picture for Wall Street.The losses continued on Wall Street Wednesday ... - [10/28/2009 - Forbes.com]

Icahn Outlines His Plans for CIT

After announcing a $6 billion loan offer to ailing CIT, Carl Icahn, one of the firm’s bondholders and a longtime corporate rattler, has begun putting a fine point ... - [10/28/2009 - BusinessWeek]

Icahn's CIT Offer Shows Weakness, Bondholder Ad... - [10/27/2009 - DealBook]

CIT Sets the Record Straight - [10/27/2009 - EON]

Icahn says offering small CIT bondholders "... - [10/27/2009 - Reuters: Deals]

BRIEF-Carl Icahn says certain affiliates commit... - [10/27/2009 - FinanzNachrichten.de]

Market Report -- In Play (CIT) - [10/27/2009 - Briefing.com via MSN Money]

Carl Icahn Says His Affiliates Committed To Pro... - [10/27/2009 - RTTNews.com]

Market Report -- In Play (CIT) - [10/27/2009 - Briefing.com via MSN Money]

Quotes

...he is seeking to "neutralize the variety of scare tactics designed by CIT to coerce noteholders into supporting the company's plan."

CIT, Icahn Feud Intensifies [ABF Journal - 10/28/2009]

"Mr. Icahn is seeking to convince smaller bondholders to vote against the company's proposed restructuring plan now in exchange for his ill-defined promise that some of Mr. Icahn's unidentified 'affiliated entities' will eventually deliver on that vague promise" CIT said. 'Mr...

CIT, Icahn Feud Intensifies [ABF Journal - 10/28/2009]

...CIT said. "Mr. Icahn has also misrepresented the fundamental economics of the company's restructuring plan."

CIT, Icahn Feud Intensifies [ABF Journal - 10/28/2009]

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Blogs

sort by: Date \| Relevance
CIT Accepts $1 Billion Loan from Icahn [DealBook - 10/30/2009] The CIT Group on Friday said it has settled its dispute with the financier Carl C. Icahn, who will provide a $1 billion loan from his Icahn Capital. ...
CIT Takes $4.5 Billion Loan, Shunning Icahn Offer [DealBook - 10/28/2009] The CIT Group on Wednesday said that it had accepted a $4.5 billion loan from a group of investors that includes some of its biggest bondholders, shunning a similar ...
Icahn Makes Appeal to Small CIT Bondholders [DealBook - 10/27/2009] The billionaire financier Carl C. Icahn said Tuesday that he would provide some protection to smaller bondholders of the CIT Group who vote with him to reject the ...
Icahn's CIT Offer Shows Weakness, Bondholder Ad... [DealBook - 10/27/2009] The chief adviser to several of the CIT Group's largest bondholders derided Carl C. Icahn's pitch to small investors in the company as one of desperation and an ...
CIT spurns Icahn, accepts loan [FT Alphaville - 10/29/2009] CIT Group, the stricken US commercial lender, on Wednesday said it had received a $4.5bn loan from a "diverse group" of lenders and had turned down a competing offer ...

Audio/Video

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CIT Group Files for Chapter 11 Protection [Associated Press - YouTube - 11/02/2009]
Charles Expects U.S. Taxpayer Losses on CIT Ban... [Bloomberg - YouTube - 11/02/2009]
Egan Says CIT Bankrupcty Filing May Help Bondho... [Bloomberg - YouTube - 11/02/2009]
MarketWatch's Take On Tech For October 26 [Marketwatch Take On Tech - 10/26/2009]
WSJ What's New Late Edition, October 30, 2009 [Wall Street Journal What's News - 10/30/2009]

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CIT, Icahn Feud Intensifies