GM is to 2009 short squeezes as Volkswagen was to 2008 short squeezes. Up 42% today and almost 150% since BK.
Tomorrow’s treasury auction is going to sink this ship.
Makes perfect sense that GMGMQ is still trading at $1.30: GM cautions common shareholders on share value SAN FRANCISCO (MarketWatch) – Bankrupt automaker General Motors Corp. cautioned recent purchasers of its common stock late Wednesday that they will realize value for their shares only after “all claims of the secured and unsecured creditors are fully satisfied.” GM made the statement following a recent rise in its stock price since filing for Chapter 11 bankruptcy protection June 1. “While GM does not control the market or its stock price, GM management strongly believes that any recovery for the common stockholders in the Chapter 11 bankruptcy process is highly unlikely, even under the most optimistic of scenarios,” the company said in a statement. http://www.marketwatch.com/story/gm-cautions-common-shareholders-on-share-value?siteid=yhoof2
JohnThainsLimoDriver Wrote: ------------------------------------------------------- > Makes perfect sense that GMGMQ is still trading at > $1.30: > > GM cautions common shareholders on share value > SAN FRANCISCO (MarketWatch) – Bankrupt automaker > General Motors Corp. cautioned recent purchasers > of its common stock late Wednesday that they will > realize value for their shares only after “all > claims of the secured and unsecured creditors are > fully satisfied.” GM made the statement following > a recent rise in its stock price since filing for > Chapter 11 bankruptcy protection June 1. “While GM > does not control the market or its stock price, GM > management strongly believes that any recovery for > the common stockholders in the Chapter 11 > bankruptcy process is highly unlikely, even under > the most optimistic of scenarios,” the company > said in a statement. > > http://www.marketwatch.com/story/gm-cautions-commo > n-shareholders-on-share-value?siteid=yhoof2 Give it up already. You were wrong and your option will expire worthless.
^idiot
GM finally getting the sh!t kicked out of it today. Up 50% on my short call position but still only back to breakeven from when I first put on the trade.
“The market can stay irrational longer than you can stay liquid” is always one of my favorite quotes. This is probably why most options expire worthless. Oh well. Hopefully this closes out in your favor.
Found out why the stock it taking a greased plunger stock in the @ss today. Apparently GM reminded its shareholders that they’re a bunch of idiots: GM warns about bankruptcy implications on stock 2:30pm 7/1/09 General Motors Corp., which is operating under bankruptcy protection, warned investors again Wednesday that it believes there will be no value for common stockholders once the court process has concluded. In typical cases, existing shareholders are wiped out once a company emerges from bankruptcy. That was the case when Delta Air Lines Inc., the world’s biggest airline operator, emerged from Chapter 11 protection in 2007. GM said it has noticed continuing high trading volume in GM’s common stock at prices in excess of $1. “GM 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,” the automaker said in a statement. “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.” it said. “In this case, GM management strongly believes all such claims will not be fully satisfied, leading to its conclusion that GM common stock will have no value.”