GM bankruptcy question?
As I understand it in this bankruptcy, "old GM" is gone and its assets legally sold to new corporation "new GM".
Also as I understand it "old GM" has lost about 35 billion over the last 5 years.
The question is; Who owns those losses and tax write-off? If it is "old GM" it is a 9 billion dollar tax write - off divided among 631 million "old GM" shares, or $14./share currently trading at $.75/share.
Second question; Could a company with profit, such as a Google, buy "old GM's" losses as a tax write-off from "old GM" making those shares worth a little more than $.75?
Or does "new GM" get the write-off included as an asset?
Just wondering how this works.