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Adams Tight

Tight Lies Fairway Woods or Nickent Hybrids?

I have been using Adams " Tight Lies" fairway woods for the last few years. I usually hit them well but I do have the occasional "worm burners" and "hooks" I was told that they are good clubs but are outdated and that I should switch to hybrids . I like the Tight lies but I also was thinking that if I switched to hybrids I could eliminate the 3 iron and 3 wood with only one 3 hybrid and the same for the the 4 iron and 5 iron and 5 wood. I mean can I actually lighten my bag and play well by eliminating the tight lies 3 wood , 3 iron , 4 iron , tight lies 5 wood , and the 5 iron and just getting a hybrid 3 , 4, 5,....? Do I need to change my swing for a hybrid ??? what should I do, keep the tight lies woods or go with the hybrids?

To be honest with you hybrids arnt very impressive. Ive been golfing for about 10 years and ive always stuck with irons and woods, no hybrids. Stick to what works for you or go to a demo day and try some diff clubs out.

CIT Pursuing Financing Alternatives-Through Investors Amid Tight Credit Markets-

CIT management announced that its Board of Directors and management, in consultation with their advisors, are continuing to evaluate alternatives to improve the Company’s liquidity. CIT is in discussions with potential lenders to secure financing. The Company is continuing to serve customers. CIT appreciates the strong support it has received from many of its 1 million small business and middle market customers, industry associations and dedicated employees. NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT).

According to Allibaba.com -Many of CIT Group Inc's largest bondholders are holding an emergency conference call on Thursday afternoon to discuss their options, as the large lender to small and mid-sized businesses teeters on the brink of collapse, a person familiar with the matter said. About 10 to 15 bondholders, each with at least $500 million of exposure, are participating in the call. Among the participants is Pacific Investment Management Co, the unit of German insurer Allianz SE led by prominent bond fund manager Bill Gross, the person said. The person requested anonymity because the conference call is not open to the public.

According to Pierre Paulden, Linda Shen and Caroline Salas at  Bloomberg News ,CIT Group Inc. bondholders were holding calls yesterday to discuss whether to swap some of their fixed-rate securities for stock in the company to help reduce its debt, according to a person familiar with the situation.

CIT late Wednesday said talks with the government to bail out the New York-based company have ended. Its shares fell 75 percent on Thursday and its bond prices also plummeted.  

CIT stock fell 75 percent yesterday amid a possible bankruptcy filing, which likely would wipe out the  bond holders.

CIT is "continuing to evaluate alternatives," the company said in a statement.

Pacific Investment Management Co., CIT's largest bondholder based on regulatory filings, hosted a conference telephone call, and debt owners are considering hiring financial and legal advisers, said the person, who declined to be identified because the discussions are private. CIT, a troubled lender to small- and medium-sized business across a broad swath of the U.S. economy, has not yet proposed an exchange offer.

CIT is running short of cash and may need as much as $6 billion to avoid filing for bankruptcy protection, after the federal government on Wednesday declined to give the firm a second bailout, CreditSights Inc. analysts said.

CIT, which has reported $3 billion of losses in the last eight quarters, received $2.33 billion in funds from the U.S. Treasury in December and hasn't been given access to the Federal Deposit Insurance Corp.'s debt-guarantee program.

"CIT indicated that it needs at least $2 billion of rescue financing in the next 24 hours or it would likely file" for bankruptcy, CreditSights analysts Adam Steer, David Hendler and Pri De Silva wrote in a report. "We believe the figure is in the range of $4 to $6 billion-plus, making outside capital sources shy away."

The company's shares fell $1.23 yesterday to close at 41 cents on the New York Stock Exchange.

CIT's $1 billion in floating-rate bonds that mature next month fell 22.5 cents to 61.5 cents on the dollar, according to data from Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Credit Rating Cut Fitch Ratings slashed CIT's credit rating seven grades to C yesterday, saying in a report that "default of some kind appears imminent or inevitable."

If CIT fails, the effect would be felt almost immediately by retailers that are about to stock up on inventory for back-to-school shopping, Al Ferrara, head of the retail practice at accounting and consulting firm BDO Seidman L.L.P. said yesterday. CIT lends to many retailers so they can buy their goods.

David Adams, Blackwell Capital & Advisory   

www.blackwellca.com

 

CIT's Reach

A select list of the industries to which CIT Group provides loans and other financial services.

Aerospace

Brodacasting

Energy

Entertainment

Gaming

Healthcare

Information services

Publishing

Retailing

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Adams Tight

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