Franchise Lender CIT Emerges from Bankruptcy, $2.3 Billion Wiped Out
Franchise lender CIT has emerged from Federal Chapter-11 reorganization after only 38 days, but the US Treasury's TARP program (and taxpayers) had the entire $2.3 billion injection claim dismissed (and therefore lost) by Judge Gropper.
The New York Times reported at one point that CIT asked borrowers like Dunkin Brands how much money they needed on a daily basis, and tallied CIT's cash balance on a whiteboard in the CIT Boardroom.
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About John Gordon
Public Profile
John A. Gordon is Principal and founder of Pacific Management Consulting Group, which provides chain restaurant sales, profitability, earnings and economics research and special analytical projects to those in, or who need to know about the restaurant sector. Among others, we support franchisees and those supporting franchisees.
Gordon has a long background in chain restaurant operations and financial management roles, such as cost analyst, financial analyst, manager of planning and analysis and CFO, and has been consulting since 2000.
He is passionate in providing independent, creative, detailed and useful perspective, with no conflicts of interest. Email him or call (619) 379-5561.
