The subject line speaks for itself. The news will come shortly. As TILB has predicted, the government won't have the balls to let CIT go, further affirming the worries expressed by our friends over at Directive 10-289.
We know the announcement has not yet happened, but we all know where this is headed. Quoting friend of TILB, CR, "I threw up in my mouth". Hopefully, at a minimum, they nuke the equity holders. Maybe they'll even go in senior to psuedo equity (converts, preferreds). Ideally they'll let nature actually take its course and We The People Will stop playing God with the gladiator style thumbs up or down for survival.