I know - I said that I wasn't going to post on this topic anymore, but recent activity in the market and resulting traffic to this website made me change my mind.
General Motors emerged from bankruptcy today. The 'new' GM is owned primarily by the United States, with some shares owned by the Government of Canada, and the UAW. Its stock is not tradable on any stock market or over the counter market because it is no longer a publically traded company. If you have a hankering to own a piece of the new pie, there are indications that an initial public offering of stock may occur sometime next year.
Since the bankrupty declaration, the 'old' GM had been trading over the counter under the ticker symbol GMGMQ. Its purpose for trading was explained in here and here. I am bringing this to you attention again because it appears that many folks were purchasing these shares today with the belief that they were purchasing shares in the 'new' GM. Trading was halted in these shares mid-day and at of the time of writing, there is no indication of whether they will trade ever again - which of course would mean that they are worthless.
If you hold these shares, then it is possible that you are stuck 'holding the bag' - an unfortunate investment lesson indeed. If the shares do start trading again, I will inform you of such. Sorry to be the bearer of such news right before the weekend.
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