I had previously stated that CIT was going to do everything in their power to keep Carl Icahn out of their restructuring plan.  Based on their public “calling out” of his statements it appeared things were going to get out of control.  Today; however, the story took a very strange twist.

CIT has received a $1B loan from Icahn – AND – he has agreed to support the CIT restructuring plan.

This is a very odd twist.  Actually, it is one that makes someone ask “What is in it for Carl?”  As he stated there is more money to be made with his plan I suspect he CIT has provided him with an offer he could not refuse.  How he Icahn makes out in this situation will be made clear in coming days, I’m sure.

Also, in the coming days, I’m still expecting the bankruptcy.

Related posts:

1. Icahn's CIT Proposal Lacks Details
2. Icahn attempts to get small CIT bondholders on his side
3. CIT speaks out on Icahn
4. CIT still might face bankruptcy after debt swap
5. Credit Rating agency, Egan-Jones, Urges Rejection of Icahn backed $6B loan for CIT Group