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Still Boatless :-(
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Discussion Starter #1
I don't get this...what am I missing?? According to todays paper, the BK will re-organize with the following ownership....

60.0% to US Gov
12.5% to Canadian Gov
17.5% to the United Auto Workers
10.0% to unsecured bond holders

100% total..........

What do the common stockholders get?? What am I missing??

610,000,000 shares times $00.61 per share (todays closing) equals........$372,100,000. what happens to that??

Pretty shitty way to treat all those investors in the common stock of one of America's former greatest companies.

Sign of things to come with the Obama crowd!

:mad:
 

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See, that is how the largest corporation in history, was stolen by the lefties, and given to the unions ( another word for lefties). Think about it, this entire BK, never want in front of a Judge ( like US law dictates). We are a nation of laws, and right now, Obama and his cronies are wiping their ass with those laws.

I know how the Romans felt, as their Empire crumbled around them, and they could do nothing.



Darrell.
 

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I think the common share holder is out of luck. GM doesn't trade anymore. Somebody let me know if i'm wrong.

This country just doesn't feel the same anymore:|err The gov. is killing us one law at a time.
 

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I think the common share holder is out of luck. GM doesn't trade anymore. Somebody let me know if i'm wrong.

This country just doesn't feel the same anymore:|err The gov. is killing us one law at a time.
I think they're out of luck I had 3000 shares of Movie Gallery stock and when they went into BK the value went to ZERO and has not come back. The brokerage still lists me as having 3000 shares but the value is ZERO
 

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Now that Gov Motors has filed Bk do they have to honor racing contracts like Robby Gordons Dakar Hummer Program and Nascar teams.I wonder what will happen to Mercury Racing all there motors are GM based aren't they.
 

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Nine pieces of Eight
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Now that Gov Motors has filed Bk do they have to honor racing contracts like Robby Gordons Dakar Hummer Program and Nascar teams.I wonder what will happen to Mercury Racing all there motors are GM based aren't they.

I think that GM is pulling out of racing all together. Ford vrs Toyota. Oh Joy. At any rate zero monies to infuse into the sport.

Here:

http://insiderracingnews.com/Writers/LV/040109.html
 

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I think the common share holder is out of luck. GM doesn't trade anymore. Somebody let me know if i'm wrong.

This country just doesn't feel the same anymore:|err The gov. is killing us one law at a time.
The common stock holders where going to lose no matter what...and should because that is the way BUSINESS works.

The people getting screwed by the Govt. in this deal are the bond holders because they hold SECURED debt. They could have forced liquidation (no more GM) to get as much as possible back on their investment, but they (stupidly in my opinion) accepted a deal that gives them so much stock in the new company.

The Unions are making out like a bandit because GM owed them money that they hadn't put into the health care trust fund...by law, GM when they went bankrupt could have said...ya...tough shit, but instead the Govt. basically gave them the company, which is such unbelievable bullshit, I can hardly fathom it.
 
R

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I think its now GMGMQ.PK

At least thats whats showing up on my Ameritrade.
I got hosed real bad, but at least its still there...for now anyway.
 

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Islander Moho Trash
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I think its now GMGMQ.PK

At least thats whats showing up on my Ameritrade.
I got hosed real bad, but at least its still there...for now anyway.

Yep, trading on the pink sheets. Thats never a good sign. Hate to say it but It'll probably go to .01 real soon from .57
Maybe you should pull off life support and let it die.
JMHO
 

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I can honestly say I don't feel bad for those who continue to hold GM stock. This stock has been on the DO NOT BUY and SELL SELL SELL lists for over a year now.
 

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No Longer Recovering
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LOL... I made $1 trading GM last week. And not $1/share... had $1/sh nailed but was playing boats and missed my mark :)st
 
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Yep, trading on the pink sheets. Thats never a good sign. Hate to say it but It'll probably go to .01 real soon from .57
Maybe you should pull off life support and let it die.
JMHO
I'm gonna keep it, who knows.

I can honestly say I don't feel bad for those who continue to hold GM stock. This stock has been on the DO NOT BUY and SELL SELL SELL lists for over a year now.
No need to feel sorry for me, I knew the risk I was taking.
And yes, I love Vegas :D
 

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Islander Moho Trash
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I'm gonna keep it, who knows.



No need to feel sorry for me, I knew the risk I was taking.
And yes, I love Vegas :D
You are a braver man than I.
New common probably won't be issued till 2010 at the earliest essentially wiping out the old common.
Good luck on your hold.
 

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Islander Moho Trash
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I tried the same thing on Washington Mutual before the government gave that away too.
Yep me too. Lost on Wachovia. It went from 5 bucks to the pink sheets in 2 days.:|err

I never had time to wipe my ass on that one.
At least the GM holders have known for months it was going to zero.
 

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As in any BK, the common equity holders will be wiped out. In BK debt holders have preference over equity holders. So they typically negotiate to convert debt to equity in BK.

the US treasury became a majority debt holder so they become majority shareholder.
 

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It's chap 11.
I could be wrong but from what I understand stock trading halts. The company reorganizes and stock gets reissued seeing the bond holders and others will now covert to equity it may have the effect of watering down the price even more. At the end of the day if you bought at 62 cents a share and GM comes back you could still get rich.

If they come back to some reasonable position think about it you bought GM at 62 cents a share. With $100K at .62, $5 a share it would get you $800K. Not unreasonable, GE went from 5 to 13 on it's own over the past 4 months. I just don't have the man balls to risk it, some one will and they will have the waterfront place in Parker an not me.
:D
 
R

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It's chap 11.
I could be wrong but from what I understand stock trading halts. The company reorganizes and stock gets reissued seeing the bond holders and others will now covert to equity it may have the effect of watering down the price even more. At the end of the day if you bought at 62 cents a share and GM comes back you could still get rich.

If they come back to some reasonable position think about it you bought GM at 62 cents a share. With $100K at .62, $5 a share it would get you $800K. Not unreasonable, GE went from 5 to 13 on it's own over the past 4 months. I just don't have the man balls to risk it, some one will and they will have the waterfront place in Parker an not me.
:D
Parker riverfront is still way over $1M. Guess no one told those people we're in a recession and real estate is in the toilet :D
 
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