CIT files for 5th largest U.S. bankruptcy

somdrenter

Sorry, I'm not Patch...
Now that's $2.3B well spent....

CIT files for 5th largest U.S. bankruptcy

Small business lender seeks court approval for a debt reorganization that has approval of bondholders.

NEW YORK (CNNMoney.com) -- CIT Group Inc., one of the nation's leading funders of small and medium-sized businesses, filed for the fifth largest bankruptcy by assets in U.S. history Sunday as part of a reorganization plan that has the support of an overwhelming majority of debtholders.
CIT files for bankruptcy as part of reorganization plan - Nov. 1, 2009
 
I wonder why the government is choosing not to subordinate the law in this case in order to make sure that taxpayers get their $2 Billion back.
 
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