Who is buying GM stock??

[wimpy77]

you file for bankruptcy you stock gets pulled, i think there's a 18 month wait before you can relist it again after a company emerges from bankruptcy. paulie or toro could tell you for sure. obtw the judge in the chrysler case has ok'd the sell to fiat.

 

[Paulie]

you file for bankruptcy you stock gets pulled, i think there's a 18 month wait before you can relist it again after a company emerges from bankruptcy. paulie or toro could tell you for sure. obtw the judge in the chrysler case has ok'd the sell to fiat.

I actually don't know the specifics about listing. If I had to guess, I would think they could probably keep their stock listed and trading by going to OTC or Pink Sheets if they REALLY wanted to, but I could be wrong. The waiting period after bankruptcy might be a DJ and NYSE rule, but not necessarily the same rule on OTC.

I'd have to look it up, and frankly it's not really that important to me. I'm just glad they're at least doing the bankruptcy. They should have done it MONTHS ago before they wasted billions of our tax dollars on something so obviously frivolous.

 

[NOBama]

Corporate Bankruptcy

This article does not mention the time line and I'm not sure what it is. Like Paulie, that would require to much research for me because I don't have a vested interest.

 

[Paulie]

What's crazy, is that one could have potentially flipped GM today for a 100% gain.

.50 at open, and around 1.00 high before closing around .70.

If I'd have been home today, I probably would have. Oh well.

 

[tigerbob]

Bankruptcy is all but certain and the shareholders are going to be wiped out and GM is up 10 cents or 7% right now. Who the hell is buying this crap?? Buy Ford, they don't need one dime of our money and their cars have received extremely positive reviews lately. For the life of me, I think there are more "boiler room" scammers out there who are in this to make a quick buck and then completely devalue a stock when the time is right than there are honest traders.

Investments - sometimes you have to laugh at the irony.

On the negative side....

We decided to go with GM instead of Ford in October - how we're kicking ourselves. We only bought about $500 of GM (wanting to support Michigan, etc.), but yesterday's news wiped that out. Investing in Ford would have seen $500 become about $2000. Ah well.

We dumped Siemens and RMM in February, and now both are up about 20%. Another $2k missed. Bummer.

And of course living in Michigan probably means our house value has dropped like a stone.

However.....

Glad we held onto Apple, and wish we'd bought more. Only just over 50 shares, but it's up 60% in the 6 months we've held it so that offsets pretty much all of the losses on GM, RMM and Siemens. It's still rated a buy.

The GM news has meant that our municipals have backed off a bit, but that's a very long term thing and we're still up about 7% since jumping in.

On the other hand, some clouds have a silver lining. The announcement of GM's Ch. 11 took the shackles off the market and we made 5% on our mutuals yesterday alone.

Overall in the last 6 months we were 10% down in January, and we're 10% up now. But the housing market probably cancels that out, and maybe more.

The more you think you have learnt about investing, the more you realize you know very little.