Motors Liquidation Discloses 23.1% Ownership in General Motors (GM)
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In an SEC 13G filing after the close on General Motors (NYSE: GM), old GM or Motors Liquidation Company (OTC: MTLQQ), disclosed a 422,727,270 share stake in the company.
Motors Liquidation was the shell company left to settle past liability claims of GM after its bankruptcy. Shares are essentially worthless and quoted on the pink sheets at $0.06 per share. It is the Company's strong belief that there will be no value at all for common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenario.
Motors Liquidation Company's ownership is broken down as follows:
- 150,000,000 shares of Common Stock;
- 136,363,635 warrants each exercisable for one share of Common Stock at an exercise price of $10.00 per share (Warrant A);
- 136,363,635 warrants each exercisable for one share of Common Stock at an exercise price of $18.33 per share.
In addition, Motors Liquidation Company may be eligible to receive, under certain circumstances, up to 30,000,000 additional shares of Common Stock.
Motors Liquidation Company percentage ownership in GM is 23.1% based on a total of 1,833,470,329 outstanding shares, which is the shares count after the warrants are exercised. Before the warrants, GM has 1,560,743,059 shares of Common Stock outstanding.
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Motors Liquidation was the shell company left to settle past liability claims of GM after its bankruptcy. Shares are essentially worthless and quoted on the pink sheets at $0.06 per share. It is the Company's strong belief that there will be no value at all for common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenario.
Motors Liquidation Company's ownership is broken down as follows:
- 150,000,000 shares of Common Stock;
- 136,363,635 warrants each exercisable for one share of Common Stock at an exercise price of $10.00 per share (Warrant A);
- 136,363,635 warrants each exercisable for one share of Common Stock at an exercise price of $18.33 per share.
In addition, Motors Liquidation Company may be eligible to receive, under certain circumstances, up to 30,000,000 additional shares of Common Stock.
Motors Liquidation Company percentage ownership in GM is 23.1% based on a total of 1,833,470,329 outstanding shares, which is the shares count after the warrants are exercised. Before the warrants, GM has 1,560,743,059 shares of Common Stock outstanding.
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General Motors (?????)
Ty Houghton on Apr 1, 2011 02:18 PMMark as Spam
What is GM?
The real GM went 'bankrupt,' that is the truth of it. Wrap it any way you want, one of the most powerful and biggest companies in United States history went belly up. Investors lost billions and billions!! I would know!
Now it is all being covered up, everybody thinks all of General Motors Coorporation was saved. Hello, that did not happen. The old company is worth like 4 cents a share now, down from almost $100 a share. What a loss! To assist with the confusion, this new business is given the ticker symbol for the 'real General Motors,' GM. While the 'real General Motors' is shifted to this rediculous MTLQQ.PK ticker symbol.
And, then to complicate things billions of tax payer money was wasted on this.
And, to complicate it even more. Ford needs to try to compete against this government subsidized/owned company.
What a mess.