posted
So what do you savy invetors think? Good long term hold or what?
crazytrade
posted
the GM stock trading with the Q is not the new GM. the new GM is not publicly traded yet. The Q stock has the remaining assets to be liquidated to pay creditors. they expect common shares to be worthless. still good for trading but no real value. all the info is on the GM website.
IWISHIHAD
posted
Thanks Crazytrade i have been trying to figure out what each one is at this point. There is also gpm and grm.
glassman
posted
quote:Originally posted by crazytrade: the GM stock trading with the Q is not the new GM. the new GM is not publicly traded yet. The Q stock has the remaining assets to be liquidated to pay creditors. they expect common shares to be worthless. still good for trading but no real value. all the info is on the GM website.
the short sellers will sell you allt he stock you are crazy enough to buy, they never have to cover.
i've made quite a few good Q trades in the past, but there is one i wish i'd never seen...
it's like musical chairs- only all the chairs disappear at some point and you never know when.
IWISHIHAD
posted
I was assuming they had to drop the shares before they came out of bankruptcy.
Been following it for awhile, but forgot what the normal process was.
No way i would touch one again, to easy to get burnt.
I learned the hard way.
derek111c
posted
Same thing happened with Delta Airlines. When they emerged from bankruptcy they canceled all their old shares which became worthless.Holders of old shares got nothing when Delta opened with a new symbol. History lesson to me.
crazytrade
posted
quote:Originally posted by derek111c: Same thing happened with Delta Airlines. When they emerged from bankruptcy they canceled all their old shares which became worthless.Holders of old shares got nothing when Delta opened with a new symbol. History lesson to me.
That's the standard process in 99.99% of cases.
poorman
posted
not trading at all today. I made a few bucks flipping this for a few days. As to its value as a long term hold I don't know yet. it will depend on how much it comes out for. It won't go away the gov. has to much invested in it at this point
Lockman
posted
Last one out close the door and turn off the light.
crazytrade
posted
quote:Originally posted by poorman: not trading at all today. I made a few bucks flipping this for a few days. As to its value as a long term hold I don't know yet. it will depend on how much it comes out for. It won't go away the gov. has to much invested in it at this point
Of course the company is not going away, the old common stock is going away with nothing left for shareholders. the common in the new company is held by the US GOV, Canadian Gov, UAW and some bondholders. You can find all the info on the GM website.
T e x
posted
Hedzup!
quote:SEC, Finra Warn Against Buying Old GM Stock
By Sarah N. Lynch Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- Securities regulators on Tuesday issued a joint alert warning investors against buying or retaining over-the-counter shares of the now-bankrupt General Motors Corp.
The alert, sent out by the Securities and Exchange Commission and the Financial Industry Regulatory Authority, said there is "widespread misunderstanding by investors" that the stock in the bankrupt GM company is related to the "new" General Motors Co. that emerged from bankruptcy last week as a new entity that will belong in part to the U.S. and Canadian governments.
"Motors Liquidation Company and the 'new' GM are separate and distinct," the alert said. "The new GM currently has no publicly traded securities, and none of Motors Liquidation Company's publicly owned stocks or bonds are or will become securities of the new GM."
The alert added that "Motors Liquidation Company is currently winding its way through bankruptcy court - and there is a real possibility that stock holders will receive nothing from these proceedings."
Finra, the self-regulatory group for the brokerage industry, halted over-the-counter trading in old GM stock under the GMGMQ ticker symbol last Friday. A new ticker symbol - MTLQQ - will be issued for the old stock to avoid having it confused with the new GM, which does not have any publicly traded securities. Over-the-counter trading using that new ticker symbol is slated to resume Wednesday.
The SEC and Finra both said that bankrupt companies like GM have often been the subject of rumors about stock tips.
"Unfortunately, investors may have received confusing, potentially misleading, information about the old GM," the alert said. "As recently as last Friday, newsletters and other promoters have touted the purchase of the stock."
The alert added that investors are often confused by the fact that a company's securities may continue to trade after bankruptcy even though the common stock of that company is likely to be cancelled.
"When a company files for reorganization under the federal bankruptcy laws, investors are often tempted to buy or hold the company's common stock," the alert said. "The reality is, however, that when companies emerge from bankruptcy, the common stock of the 'old' company is usually worthless."
-By Sarah N. Lynch, Dow Jones Newswires; 202-862-6634; sarah.lynch*dowjones.com
T e x
posted
quote:Originally posted by T e x: Hedzup!
quote:SEC, Finra Warn Against Buying Old GM Stock
By Sarah N. Lynch Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- Securities regulators on Tuesday issued a joint alert warning investors against buying or retaining over-the-counter shares of the now-bankrupt General Motors Corp.
The alert, sent out by the Securities and Exchange Commission and the Financial Industry Regulatory Authority, said there is "widespread misunderstanding by investors" that the stock in the bankrupt GM company is related to the "new" General Motors Co. that emerged from bankruptcy last week as a new entity that will belong in part to the U.S. and Canadian governments.
"Motors Liquidation Company and the 'new' GM are separate and distinct," the alert said. "The new GM currently has no publicly traded securities, and none of Motors Liquidation Company's publicly owned stocks or bonds are or will become securities of the new GM."
The alert added that "Motors Liquidation Company is currently winding its way through bankruptcy court - and there is a real possibility that stock holders will receive nothing from these proceedings."
Finra, the self-regulatory group for the brokerage industry, halted over-the-counter trading in old GM stock under the GMGMQ ticker symbol last Friday. A new ticker symbol - MTLQQ - will be issued for the old stock to avoid having it confused with the new GM, which does not have any publicly traded securities. Over-the-counter trading using that new ticker symbol is slated to resume Wednesday.
The SEC and Finra both said that bankrupt companies like GM have often been the subject of rumors about stock tips.
"Unfortunately, investors may have received confusing, potentially misleading, information about the old GM," the alert said. "As recently as last Friday, newsletters and other promoters have touted the purchase of the stock."
The alert added that investors are often confused by the fact that a company's securities may continue to trade after bankruptcy even though the common stock of that company is likely to be cancelled.
"When a company files for reorganization under the federal bankruptcy laws, investors are often tempted to buy or hold the company's common stock," the alert said. "The reality is, however, that when companies emerge from bankruptcy, the common stock of the 'old' company is usually worthless."
-By Sarah N. Lynch, Dow Jones Newswires; 202-862-6634; sarah.lynch*dowjones.com
*bump*
crazytrade
posted
that info was has been available on the GM corporate website for quite a while now. people still don't do their homework when it comes to Q stocks i guess.
poorman
posted
MTLQQ (new ticker) lost 30% yesterday. might be ok for a flyer. Think I'll pick up a couple of thousand