Traders Buying 'Old GM' (GMGMQ)... Again

Traders are buying shares of 'Old GM' (OTC: GMGMQ) on the news that GM will emerge from bankruptcy. Shares of GMGMQ will likely be canceled and worth "zero" but traders are still playing it on the "fools bet" trade.

GMGMQ is up $0.30, or 35%, to $1.13. As long as they can trade it, they will.

Back on July 1, 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. 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.

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