GM did go bankrupt - Saab General Bulletin Board - Saabnet.com
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GM did go bankrupt
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Posted by jeff '04 [Email] (more from jeff '04) on Thu, 24 Dec 2009 10:52:29 Share Post by Email
In Reply to: Better to go bankrupt?, JA, Thu, 24 Dec 2009 09:26:06
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As any GM stockholder will tell you, GM did go bankrupt. It has been renamed the Motors Liguidation Company and GM stock is worth nothing. It has never been clear to me who owns SAAB. Is it the Motors Liquidation Co. or the new zombie corp. "Vehicle Acquisitions Holding Co." recently renamed the new GM. The new GM is planning an IPO for July 2010, incidently.

GM July 10th 2009 announcement ti investors:

"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, management strongly believes all such claims will not be fully satisfied, leading to its conclusion that the common stock will have no value.

None of the publicly owned stocks or bonds issued by the former General Motors Corporation (now renamed "Motors Liquidation Company"), including its common stock formerly traded on the New York Stock Exchange under the ticker symbol "GM", are or will become securities of General Motors Company (the "new GM"), which is an independent separate company. All of these securities relate to Motors Liquidation Company, and will be treated in accordance with the provisions of the U.S. Bankruptcy Code and the rulings of the Bankruptcy court."

I presume that the SAAB unit was transferred to the new GM?

posted by 98.229.2...

http://en.wikipedia.org/wiki/General_Motors_Chapter_11_reorganization

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