GM was headed for REORGANIZATION which is what 95% of all bankruptcies are of such magnitutde as GM and their asset structure.
NONE of the creditors wanted GM to go under.
But they got fucked by the politics of Obama. First time EVER they gave union folk priority over secured creditors.
Think about how that affects the stock price. Who wants to go long on GM when the facts are GOVERNMENT can stick their hand in it?
NONE of the creditors wanted GM to go under.
But they got fucked by the politics of Obama. First time EVER they gave union folk priority over secured creditors.
Think about how that affects the stock price. Who wants to go long on GM when the facts are GOVERNMENT can stick their hand in it?