Now that CIT filed BK what happens to my shares. I understand that I can sell the Pink slips but if I were to just keep them. Will they be worth anything some day as they are not going out of business or do they just disapear?
The shares that are trading in the pinksheets will eventually be canceled and worthless. Those investors will lose everything. When they emerge from bankruptcy a new issue of stock will be trading which shareholders will have to buy all over again if they want it. Its sort of like a car thats been totaled. Salvage it for parts and throw the rest away and get a new one.
You bought stock in this company without understanding all the possibilities???????
Never buy a stock without understanding what you're buying. Don't buy a penny stock (any stock under $5) until you've got years of successful trading and money management skills behind you.
CIT stock will be worth nothing... not even a penny... if you hold on to it....... (OK.... there's a .000000000000209% chance it may go over a penny).............
junk