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CIT Shares Fall After Initial Public Offering Launch

Shares of CIT Group Inc. fell 4% Tuesday, a day after Tyco International Ltd. spun off the finance unit to pay down debt. CIT Group is parent to CIT Commercial Services, the United States’ largest provider of factoring and related...

Tyco to proceed with CIT Initial Public Stock Offering

Tyco International Ltd. has decided against selling its lending division and will instead spin it off in an initial public…


CIT Group’s Chief Executive Speaks Out

CIT Group Inc.’s chief executive Albert Gamper, pitching the company's planned US$5.8 billion stock offering, says Tyco International Ltd.'s ownership…

#CIT#CIT Commercial Services#international


Former Tyco International Director Frank Walsh Comments on Litigation...

Tyco’s former International Director, Frank Walsh commented on Monday about the litigation filed by Tyco’s board of Directors. He said:…

#acquisition#CIT#financial services


HPSC Inc. Discovers Employee Defalcation Involving Transactions with Factoring...

HPSC Inc. announced today that it has discovered that an employee of the company's asset-backed lending subsidiary, American Commercial Finance…

#AMEX#bank#commercial finance


Tyco Former Executive Being Sued for Receiving US$20 Million...

Tyco has filed a suit against former director Frank Walsh. The company said that the Mr Walsh received an improper…


CIT Files Amended Registration Statement for Initial Public Offering

CIT Group Inc. announced that an amended registration statement has been filed with the Securities and Exchange Commission by CIT…


Resource Bank’s Factoring Division Defrauded by Construction Firm

A federal grand jury on Wednesday charged that Michael R. Agnew, president and sole owner of AGM, and Barbara M.…


CIT Sale Delayed as Tyco Experiences Legal Problems

Tyco said the sale of its CIT finance unit could be delayed a week. The company had promised to complete…

#CIT#CIT Commercial Services#international


iBX Group Announces National Strategic Alliance With Sun Capital...

iBX Group, Inc., a publicly held Florida corporation, on Wednesday announced the establishment of a national strategic alliance with Sun…

#capital requirements#financial services#management


Bay View Announces Sale of Factoring Unit

Bay View Capital Corporation announced yesterday the sale of its San Mateo-based factoring business with approximately US$25 million in factoring…


Asta Funding Acquires US$490 Million of Distressed Consumer Receivables

Asta Funding, Inc., a leading consumer receivables asset management and liquidation company, today announced that the company has acquired three…

Tyco to Go Ahead with CIT IPO after Lehman...

Tyco International Ltd will go ahead with an Initial Public Offering of its financial services unit CIT Group after talks…

#bank#CIT#CIT Commercial Services

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