View Full Version : GM stock hit by bankruptcy report
BudSooner
4/13/2009, 01:21 PM
US carmaker General Motors has seen its shares fall sharply after a report that the US government wants the firm to start bankruptcy proceedings by 1 June.
http://news.bbc.co.uk/2/hi/business/7996898.stm
The New York Times said the Treasury Department wants a court-led reorganisation, but the firm wants to reorganise without going to court.
Shares in the ailing firm shed 17.6% to $1.68 in morning trade in New York.
It was bound to happen, sooner or later.
Part of me thinks there is no way the government will let GM collapse and now would be a great time to buy their stock.
The other part of me likes my money.
tommieharris91
4/13/2009, 01:38 PM
Part of me thinks there is no way the government will let GM collapse and now would be a great time to buy their stock.
The other part of me likes my money.
Wait a few days I'd say.
olevetonahill
4/13/2009, 01:39 PM
If I unnerstood Chuck right . If they Go Bankrupt then stock holders lose all their Cash .
Now I gots a ? . If they do the Reorganization, Are the Stock holders protected in some way ?
TheHumanAlphabet
4/13/2009, 03:35 PM
My bet is that they void all outstanding issues and re-issue new preferred stocks certs and make people buy new ones to bring in money.
Oldnslo
4/13/2009, 05:53 PM
Part of me thinks there is no way the government will let GM collapse and now would be a great time to buy their stock.
The other part of me likes my money.
I thought that it was time to buy when a democrat got elected because there was no way he'd let GM go down the swirlies.
I bought in at 6.
Sold at 3.
The end.
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