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TMFEditorsDesk (< 20)

GM's now a buy?!?!?!

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July 10, 2009 – Comments (6)

At least that's what the market's saying. The old bankrupt shares (GMGMQ...i.e. not shares in the "new" GM) are up over 30% so far today to over $1.  Unless we're missing something, these shares are worthless. GM's said so itself...quoting from the LA Times last month:

GM has said unequivocally that the stock will be worthless after the government, the United Auto Workers and the company’s bondholders take their pieces of the restructured company. But we’ve seen this movie before: Traders often will play with a worthless stock for as long as they’re able.

6 Comments – Post Your Own

#1) On July 10, 2009 at 11:13 AM, TMFEditorsDesk (< 20) wrote:

I've got Jordan's disease...forgot to sign off...that was Anand.

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#2) On July 10, 2009 at 11:52 AM, outoffocus (22.84) wrote:

I was going to ask the same thing. Glad you beat me to it. I thought all of a sudden the rules of bankruptcy had somehow  changed. There shares should be up .0000000000000035% and trading in micropennies, not 35%.

 

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#3) On July 10, 2009 at 12:08 PM, TMFEditorsDesk (< 20) wrote:

Stay tuned...fellow Fool Joe Magyer will be writing about this on the site later in the day.

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#4) On July 10, 2009 at 12:15 PM, TMFLomax (46.81) wrote:

Yet another news topic that makes me feel like I'm reading The Onion instead of the real news. (Looking forward to Joe's article.)

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#5) On July 10, 2009 at 3:23 PM, TMFEditorsDesk (< 20) wrote:

The promised article:

http://www.fool.com/investing/general/2009/07/10/gm-this-stock-is-worthless.aspx

-Anand

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#6) On July 10, 2009 at 5:32 PM, alberta911 (75.53) wrote:

I am still laughing after reading this

Finally bought my 1st shares of GMGMQ.PK shares today

 

 

WOW, I have been following this stock for a long long time and I decided NOW was the best time to buy. I was lucky I bought my shares before the market closed today, I was worried I would miss out since it has been steadily climbing all week.
My Mom has all of her retirement in GM stocks and she was getting a little worried, but this morning I told her "Don't worry Ma, it's gonna be OK. GM is out of bankruptcy and you will start to get your dividend checks very soon." And it can't be soon enough. Ma needs a new hip. She broke it about 10 years ago after test driving a Pontiac Aztec. It was just too low to the ground for her.
So anyway, to make a long story short, I cashed out the rest of the remaining equity line on my house today and bought shares. Never mind that I am underwater on my first mortgage (damn interest only loan), but I figure with what I make off this stock, I will be just fine. My broker wasn't too thrilled and tried to discourage me. I am guessing he just didn't want me to get in on a good thing. I mean come on....he works behind a desk at a bank, and not a very good bank either (formerly WAMU) so what does he know.
So the way I am figuring, by the time this stock soars, I will have made enough money to buy a 2010 or 2011 Hummer H3. It's higher off the ground, so Ma can get in it easier (on account of her bad hip). I am just happy gas prices are back down below $4 a gallon FOR GOOD now too (thank you Mr. President).
I am just SO SO excited that I was able to get in on this deal in time........gosh, I just don't know what to do next. Maybe I will buy a time-share in Detroit.

 

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