go to bloomberg.com
at the top in LARGE FONT it says “General Motors Corp. plans to file for Chapter 11 bankruptcy protection June 1”
Thanks for telling me what the website says but show me where the company offically announced it.
Everyone knows they owe a huge bondholder payment June 1, and the logical plan is BK.
All I know is I have 53 days to either take a buyout or stay.I wish they all would make up their minds.
Atleast they made it past your predictions
Barely…
man I was off by a day or two lol
The stock is down over 30% today, to 78 cents right now. I will be monitoring closely for a possible dead cat bounce play at Monday’s open.
They are filing on Monday. The world isn’t going to end. Everything will be fine.
any questions?
How much will the stock be worth on Tuesday?
I am considering buying a couple shares and having them send the physical share so I can frame it.
I’m hoping for an open at 10 cents or so. If so I am buying the shit out of it as it will at least double. Once they file Ch. 11 it will stop trading under the GM symbol and open under something with a Q on the end, like GMCQ.
Maybe that was the plan all along to give GM an advantage.
I’d buy the shares. I’ve bought quite a few because they are dirt cheap. I figure if I buy them cheap the risk is worth the reward.
make sure you dump them within the next couple weeks. the gov’t bankruptcy plan is for the current shares to eventually go to 0, with the option of possibly getting something from selling off all the “bad” stuff but probably not, and to start trading with new shares in a new company, where today’s common stockholders only get 1% of it.
Anyone know how soon the government claims it would like to sell it’s stake in the company?
once its stablized and would provide them a halfway decent return of their investment…no timetable given. It would have to be a while since obviously selling 70+% of the shares in an unstable company would tank its value.
as expected, trading suspended on the regular stock at 8 AM when they filed, at 55 cents. Watch the opening as a Q stock.
So much for the bailout, I guess you can’t stop the inevitable.
wat? this was planned by the gov’t as part of the bailout.
I thought the original intent of the massive loans we gave them was to try and fix their problems without going through bankruptcy although it seemed pretty clear that inevitably they would have to go through bankruptcy at some point or another.
The original intent was to stabilize the company and avoid it being liquidated from lack of cash to run day-to-day operations. They originally said they hoped to do it without bankruptcy but it would remain one option on the table, but it may have been a facade. Either way, a little while in they said that wasn’t going to work.
Everyone I listened to originally said that “bankruptcy was not an option” :gotme:
Just a quick search:
Nanci Pelosi - “I believe that an intervention will happen either legislatively or from the administration,” Mrs. Pelosi said. “I think it’s pretty clear bankruptcy is not an option.”
Financial Week
Ron Gettelfinger - “Chapter 11 reorganization – even a so-called “pre-packaged” bankruptcy – is simply not a viable option for restructuring the Detroit-based auto companies.”
Senate Testimony
I think facade it is 