What happens to stock if the company goes bankrupt but then comes back into business?

The company that went bankrupt do not exist any longer. The "new" CIT is a different company with a different ticker.

Sorry…

Why did you buy it at 30 cents? It was a zombie stock, the living dead. Everybody knew that the reorganization would ***** anyone dumb enough to own the stock when it happened.

You don't have any stock any more. The old stock is canceled by order of the court. Then the court issues new stock to the holders of the corporate debt in full payment of their claims. This is why trading penny stocks is a bad idea.

The reason that the new stock is trading where it is is because the company no longer has any debt.

The creditors got about 0.70 in new stock for each 1.00 in old debt.

Your question is a good one. Asking it after you purchased the stock is just plain………

As a newbie to stock investing/trading you have one main job….. learn the basics before you invest.

How many more mistakes will you make because you didn't know basic things about investing. You're paying a high price to learn things you can get in some basic books. What's worse… you're playing with Penny Stocks! This is a great place to trade… after you have 3-5 years of very successful investing. It's the last place a newbie should be trading in.

Protect your capital. Protect it from you. Knowledge will save you. Spend 6 – 12 months learning the basics……. it will save you a lot of money.

BTW: You've lost every penny you put into CIT.