Got to give it to the man, he can be rather creative. In an attempt to prevent a pre-packaged bankruptcy, Carl Icahn is providing a 30 day, 60% value, offer to small bondholders if they support him and his efforts.
Billionaire investor Carl Icahn in a statement Tuesday morning said he is giving downside protection to smaller CIT Group Inc. noteholders, in the form of a 30-day tender offer at 60% of par value, if they back his opposition to the company’s prepackaged bankruptcy plan.
Icahn is only looking out for Icahn (and the buck he can make), he is not looking out for the common shareholder. I still believe, based on his open letter to the board, his intent is to obtain control and sell off the assets of CIT.
Related posts:
- Icahn's CIT Proposal Lacks Details CIT has a number of questions for Carl Icahn and...
- CIT speaks out on Icahn This is exactly what I was talking about – when...
- Carl Icahn Issues Open Letter to CIT Bondholders I just ran into this – Icahn issues an open...
- A surprise "Wow!" in the CIT story I had previously stated that CIT was going to do...
- Credit Rating agency, Egan-Jones, Urges Rejection of Icahn backed $6B loan for CIT Group Another group throws their comments in on CIT Group: “Forget...
Related posts brought to you by Yet Another Related Posts Plugin.