Despite its June 1st Chapter 11 bankruptcy filing, many investors are still trading General Motors stock. As one would imagine, the Detroit automaker’s stock is essentially worthless at this point, leading GM to chime in on the subject.
GM warned investors to steer clear of its stock last month but has now issued a second statement covering the same subject. “GM management has noticed a recent elevation in the volume and price of its common stock. While GM does not control the market or its stock price, GM management strongly believes that any recovery for the common stockholders in the Chapter 11 bankruptcy process is highly unlikely, even under the most optimistic of scenarios,” GM said in a statement.
“Stockholders of a company in Chapter 11 generally receive value only if all claims of the secured and unsecured creditors are fully satisfied.”
Despite being traded over the counter, GM’s stock had an average daily volume of 85.1 million shares in June, according to Automotive News. GM’s stock hit $1.16 in recent weeks, but sank to 91 cents per share shortly after GM released its statement.
07/02, 3:56 PM
posted by:
Bubs Solo
Headline should read…. GM warns buyers to steer clear of dealerships:
07/02, 4:12 PM
posted by:
trantz
Hahaha, you are sooo funny. I like how you twisted the headline and turned “stock” into “dealerships”. Very original; never could have come up with that myself. I think I peed my pants.
PS: New Equinox is quite impressive in person. Doesn’t even look like a GM inside. Their new stuff is pretty nice.
07/02, 4:24 PM
posted by:
TL
ROFL.
Good point “Bubs Solo.”
07/02, 5:03 PM
posted by:
Bubs Solo
GM is having trouble north of the border too. 1st Chrysler was #1 in Canada a couple months back and now Ford is in June.
http://finance.sympatico.msn.ca/investing/news/breakingnews/article.aspx?cp-documentid=20627817
07/02, 5:04 PM
posted by:
nickkop
yeah good thing i bought ford stock a few months back !! WHERE IS NEED MORE OIL FOR GM LUTZ’ PEN1S, I MEAN FOR GM? funny how he has no comment on this post !
07/02, 5:25 PM
posted by:
Bankruptcy2009
Bubs I can’t believe it was 1959 in Canada when Ford was #1 last. Yes 1959 a Redliner date in History that is when I inventeed time travel lol
07/02, 5:28 PM
posted by:
leftwingagenda
ford has been a good play, up until about april, where it’s held steady since and probably will for several quarters until the real “recovery” begins that we’re all waiting for…which may never happen, but that’s beside the point…you won’t see ford at 20 bucks a share while sales are still negative…
if you’re in gm stock now you’re probably just trying to ride the waves as this bloated corpse of a company bobs along…sell on wave crests and buy on dips…not really a smart move at this point anyway…
07/02, 5:35 PM
posted by:
hummah
What does GM know I wonder that they’re telling us this. Are they planning on not fully paying the creditors and liquidating… I think that will be the case. They are saying “hey dumbass don’t buy our stock because after we welch on our loans, it ain’t gonna be worth d*ck.”
07/02, 5:43 PM
posted by:
mayer_ray_nagin
Steer clear of GM cars.
07/02, 5:50 PM
posted by:
idrinorbarsaku
everyone should avoid gm PERIOD!!!!!!
07/02, 6:30 PM
posted by:
Dante_JoseCuervo
And…. NMOFGM once again disappears.
07/02, 6:48 PM
posted by:
The Stig
Which financial genius thought they could short-circuit the process?
07/02, 6:52 PM
posted by:
Borat
Lefty, there is nothing to ride with GM. Stock holders are screwed if bondholders are screwed. Government Motors will be gifted to UAW just like Chrysler. I wonder how many morons are holding to used toilet paper called GM stock. BTW, buy Ford stock now if you planning tax write off.
07/02, 7:55 PM
posted by:
SoCalFiveO
HAHAHAHAHAHA I DONT SEE NEED MORE OIL FOR GM POSTING ON THIS ONE ROFLMAO!!!!!!
07/02, 8:10 PM
posted by:
idrinorbarsaku
SoCalFiveO,
I know!!! It’s god damn hilarious!!!!!
07/02, 10:07 PM
posted by:
aggie531
lol where the helk is nmofgm
07/02, 10:26 PM
posted by:
johnnycanuck
I’ll bet the Captain of the Titanic wishes he’d had a similar warning.
07/02, 10:47 PM
posted by:
Bubs Solo
nmofgm won’t be around for a little while. It appears he is suffering through a case of dehydration… because he never fuking shuts up.
07/03, 3:47 AM
posted by:
sprockkets
He shouldn’t be posting anyhow because all of GM and its employees are shut down due to bankruptcy.
07/03, 9:19 AM
posted by:
Bankruptcy2009
NFMOGM this means you go don’t go loading up on GM Stock because its almost at zero. It does not mean its a good buy lol
07/03, 9:26 AM
posted by:
ricky_b
I think this was a case of too little too late. I hope Ford management pushes really hard right now. This is their chance to convince America that they’re still in the car game. This will be theirs to win or lose (I hope win with some of the cars I’ve seen coming over the horizon).
07/03, 9:38 AM
posted by:
Bankruptcy2009
Yeah I think this is the Time too Ricky_ B that Ford can finally be Number 1 again and hold onto to it. IF and that is the operative word if they work hard at it. Their is no let up at this point. Every other manufacturer is vying for the number 1 slot. You have not just Toyota but VW with all its brands under one roof plus it does have alot of great vehicles they have come out with as well.
But I think Ford as long as the Kids don’t manage and put in place a system whereby the very best Engineer leads Ford and has a limited tenure like Toyota; then Ford Motor can be a Formidable Competitor. It won’t happen putting BS artists like Mark Fields in positions of authority @ Ford with no sense of real direction. That is why it is important that Fresh Ideas are flowing through new Engineers minds that are the CEO. No Sales and Marketing or Accounts , or definitely no a Law Graduate leading the company. Besides they don’t design ****. Lawyers are some of the biggest problems America has.
So Ford a 4 or 5 years system at the top of Keeping your Engineer CEO fresh is the best system. Get only the Best but the Brightest as well.
07/03, 5:07 PM
posted by:
ConceptVBS
Hey, where is “Need More Oil for GM”?
GM, An American Stagnation.
07/03, 8:51 PM
posted by:
SoCalFiveO
NMOFGM one word……………….*****OWNED*****
07/03, 11:12 PM
posted by:
E32landyacht
Priceless!!…. Meanwhile, NMOFGM is somewhere curled up in a ball, crying and sucking on his thumb.
07/05, 8:39 PM
posted by:
Bankruptcy2009
I would own GM stock if I were you NFMOGM. Get it out of your Hands now- that’s an order!
07/05, 8:40 PM
posted by:
Bankruptcy2009
I mean I would NOT own GM stock , dump it now NFMOGM its a SELL!