CIT Group (CIT)

Billionaire investor Carl Icahn offered to underwrite a $6 billion loan to CIT Group Inc. on Monday, complaining that a proposed solution hammered out by the cash-strapped century-old commercial lender and its largest creditors is too expensive and detrimental to CIT's smaller bondholders.
In a blistering letter to CIT's board, dated Oct. 19, Icahn, who refers to himself as CIT's largest creditor, said the company is "shamelessly" offering to sell certain large bondholders $6 billion of secured loans "well below their fair market value."

Oct 19 · 12:05:00 PM · Source: Wall Street Journal
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by Larry Etter