OLD GM SHARES (GMGMQ) HALTED!
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Shares of Old GM (OTC: GMGMQ), which have traded up 39% today on news that that GM will emerge from bankruptcy, have finally been halted for trading.
The GMGMQ shares that have been trading in the market have nothing to do with the new emerged company.
Back on July 1st, GM management reminded 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. Despite this statement, traders have continued to buy the shares.
Today, StreetInsider.com contacted Pink Sheets, where the stock is traded, and was notified that FINRA makes the decision on delisting a stock. FINRA could not give us a direct response on who is responsible for halting a defunct stock, saying they would have to review the liquidation information.
As the stock was being halted, FINRA notified us of the halt but would not give us information on why it was halted. One must assume that the halt is not good for anyone trading in this stock.
It is our view that this stock should have been halted long ago. Because of the brand recognition, the exhausting media coverage, the controversial federal bailout, and 363 sale we feel many people that have bought the stock recently were led to believe they were buying the new, re-organized GM, which of course is not the case.
UPDATE: According to the OTC website, trading in GMGMQ was halted under a 'U3' halt code or "Extraordinary Events, " which they explain as such: Trading is halted because FINRA has determined that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC Equity Security or has caused or has the potential to cause major disruption to the marketplace and/or significant uncertainty in the settlement and clearance process.
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THANKS!
Just want to say thanks to Streetliner and all you folks. Had I not serached for articles about the GMGMQ hault, I would not have found this page and found out that the trading resumed this morning under MTLQQ. This information helped me limit my loss to 600 on a 2000 investment. Wish you all luckand thanks again!
GMGMQ
I was led to believe that gmgmq was the new stock symbol for GM I belived in GM new company I hope I willnot lose everything
Normal Trader
Thanks for taking a stand for those in a perdicament that you are not personally in, rare these days. Yes many Americans got it handed to them and it is funny how many roaches came out of the porta potties to laugh at their misfortune. Those same roaches are trying to figure out if I spelled perdicament correctly....as I speak. Funny, the roaches major in the minors, while the ones, who may have been duped, minor in the majors....a much better place to be indeed. I actually bought 10,000 shares last Friday, as I stated in my previous PULLED COMMENT, ,,,,I believe that is equivalent to like 6 months of a roach's salary!
gmgmq
Funny, I put in a comment and it was pulled within hours, funny, it refrenced Obama and that if he wanted to connect to the American people then he would certainly identify this injustice to the hard working, maybe a little nieve, public who were obviously duped into believing that on Friday the stock they were buying was The new GM not a worthless piece of paper, and shame on ameritrade for not warning their, THEIR, clients, I will be pulling my money from their firm. They have no problem placing a pop up box informing you that a particular stock you are positioning to buy has certain margain requirements, but they don't find it neccessary to put a pop up box for those who may believe that gmgmq is the new gm, ridiculous. And again why was my comment, only a few hours old, pulled from this site???? Was it the Obama comment or the ameritrade reference?
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MTLQQ
Fastlui on Jul 15, 2009 10:21 AMI dont Understand, how MTLQQ is trading? Is somebody buying it? will the people that keep the stock be liquidaded by GM later?