Tuesday, November 03, 2009

CIT Bankruptcy Hearing Today in Judge Alan L. Gropper's NYC Courtroom

Here's the judge's calendar showing CIT's hearing scheduled for today, November 3rd. I sincerely hope Judge Gropper throws out the agreement with creditors, saying the US Government failed in its fiduciary responsibility to taxpayers...of course, I'm not holding my breath...

Any readers in NYC who might stop by the courtroom to see what's happening, let us know and we'll try to link to your blog/twitter posts.

UPDATE: Bloomberg reports Judge Gropper isn't making any waves, approved the deals presented to him by CIT.
U.S. Bankruptcy Judge Allan Gropper in Manhattan today approved all of CIT’s routine “first-day” motions, allowing it to borrow an interim $125 million from a total $500 million “debtor-in-possession” loan from Bank of America Corp. CIT can also pay employees and vendors who supply critical services.

“We are on a very fast track,” Gropper said, setting a Dec. 8 date to consider both a rough outline of CIT’s so-called prepackaged plan, and a final confirmation order.
Not surprising, but disappointing...