Isn’t it? The old GM stock stopped trading on the New York Stock Exchange on June 1, 2009, the day that GM filed for bankruptcy. Each share of GM stock became a share in Motors Liquidation. While it was widely reported that the shares were worthless, those shares still traded, then and now, over the counter.
What happened to GM shares in 2009?
The federal government’s sale of the remaining 73.389 million common shares it held in GM will close the book on the investment and the auto maker’s period of being derided as “Government Motors.” …
What happens to stock if a company goes out of business?
If it’s a Chapter 11 bankruptcy, common stock shares will become practically worthless and will stop paying dividends. The stock may be delisted on the major stock exchanges, and a Q may be added to the stock symbol to indicate that the company has filed for bankruptcy. (The vast majority of shares are common stock.
Is GM going broke again?
General Motors filed for bankruptcy early Monday, marking the end of an era for GM, as the troubled automaker now represents the largest bankruptcy in history. Once the world’s largest automaker, now the ailing giant will be forced to close more than 10 plants and cut more than 20,000 jobs.
Is the stock of General Motors still worthless?
Each share of GM stock became a share in Motors Liquidation. While it was widely reported that the shares were worthless, those shares still traded, then and now, over the counter. It was as though people just couldn’t believe GM shares could actually be worthless.
Can You claim a loss for your worthless GM stock?
Motors Liquidation shares are currently trading around 50 cents. In general, you can’t claim a loss on a stock unless you sell the shares. You then have a capital loss in the amount that your adjusted cost basis exceeds the sale price. What if the company in which you own shares goes bankrupt and its shares are not trading any more?
When did GM stock stop trading on the NYSE?
The old GM stock stopped trading on the New York Stock Exchange on June 1, 2009, the day that GM filed for bankruptcy. Each share of GM stock became a share in Motors Liquidation. While it was widely reported that the shares were worthless, those shares still traded, then and now, over the counter.
Why are GM shares still trading over the counter?
Each share of GM stock became a share in Motors Liquidation. While it was widely reported that the shares were worthless, those shares still traded, then and now, over the counter. It was as though people just couldn’t believe GM shares could actually be worthless. Thousands of investors, especially around Detroit, hung on to their stock.
