GM Comments on Stock Price, Volume: Reminds Investors That Common Shares Will Have No Value in Bankruptcy
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GM (OTC: GMGMQ) management has noticed the continuing high trading volume in GM's common stock at prices in excess of $1. GM management continues to remind investors of its strong belief that there will be no value for the common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenarios. Stockholders of a company in chapter 11 generally receive value only if all claims of the company's secured and unsecured creditors are fully satisfied. In this case, GM management strongly believes all such claims will not be fully satisfied, leading to its conclusion that GM common stock will have no value.
UPDATE: shares have now sunk on management's comments. Prior to the release, the stock was down about 10% but has now added another 6% onto the intraday decline. Shares of GM most recently traded at $0.91.
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