General Motors (GM) 01 (Jun 08 - Jul 10 )

[kennynah]

..................

[kennynah]

eh......is there something going on with gmgmq???

since 215 am.... my platform is like showing gmgmq at 1.14...and macam no more trades after that....???? wtf is happening???

i checked with my brokerage....they confirm it is still trading OTC...

or is it my trading platform is screwing me up here.....????


appreciate your response...

[kennynah]

a repetition...

but wtf....it halted trading as of around 215pm EST ?????

*****
July 10, 2009 - 9:56 AM EDT

General Motors exits bankruptcy

NEW YORK, Jul. 10, 2009 (Xinhua News Agency) -- General Motors (OOTC:GMGMQ) , once the world's largest and most powerful auto maker, exited Chapter 11 protection Friday after a 40-day reorganization.

The new General Motors emerged from the quicker-than-expected with 48 billion U.S. dollars in debt, down from 176 dollars when it sought Chapter 11 on June 1.

The auto maker, which is going forward with just four brand, Chevrolet, Cadillac, Buick and GMC, will cut another 4,000 white-collar jobs, including 450 top executives. The company expects to have 68,500 employees by the end of this year, down from 91,000 at the end of 2008.

GM's emergence from bankruptcy is expected to be announced by CEO Fritz Henderson and new Chairman Edward Whitacre Jr. at a news conference at the company's Detroit headquarters.

Source: Xinhua (July 10, 2009 - 9:56 AM EDT)

News by QuoteMedia

[kennynah]

July 10, 2009 - 12:21 PM EDT

1st LD: General Motors exits bankruptcy

Jul. 10, 2009 (Xinhua News Agency) -- 1st LD: General Motors (OOTC:GMGMQ) exits bankruptcy

NEW YORK?July 10 (Xinhua) -- General Motors exited bankruptcy on Friday with GM CEO Fritz Henderson promising that the automaker "will work hard to repay the trust and the money that so many have invested in GM."

"We recognize that we've been given a rare second chance at GM and we are very grateful for that. And we appreciate the fact that we now have the tools to get the job done," Henderson said at a news conference in Detroit.

The automaker completed its 40-day stay under court supervision far faster than expected and will repay 50 billion U.S. dollars in federal loans ahead of a 2015 deadline, said Henderson, who also is GM's president.

"It's an exciting day for General Motors," Henderson said. "We will work hard to repay the trust and the money that so many have invested in GM."

The new company arose Friday as the bulk of the the automaker's assets were transferred to a company controlled by the U.S. government.

Once the world's largest and most powerful automaker, GM is now rid of massive debt and burdensome contracts that would have doomed it without federal loans.

The U.S. government owns a majority stake in GM but the Obama administration says it has no plans to run the automaker.

The new GM is going forward with just four brands, Chevrolet, Cadillac, Buick and GMC. It also is cutting another 4,000 white-collar jobs, including 450 top executives.

Nick Reilly will be named executive vice president of GM International Operations, which will be based in Shanghai, China.

Henderson told reporters the new GM will be more customer-oriented. It will initiate a partnership with the online auctioneer eBay (NASDAQ:EBAY) for people to buy vehicles on the Internet and will launch more cars and trucks to consumers' tastes at a faster pace.

The new GM also is launching a "Tell Fritz" web site to improve customer communications.

"We need to listen to the people who matter most -- the people who own and drive General Motors cars and trucks," Henderson said.

GM noted that by the end of 2010, it will operate 34 assembly, power train and stamping plants, down from 47 in 2008. Workers for the company across the United States will decline from about 91,000 at the end of 2008 to about 64,000 at the end of this year.

A new board of directors will be in place by the end of the month, and some executive management changes were expected to be announced later this morning.

Source: Xinhua (July 10, 2009 - 12:21 PM EDT)

News by QuoteMedia

[kennynah]

hum chee paing already

*****

OLD GM SHARES (GMGMQ) HALTED!
July 10, 2009 2:38 PM EDT

Shares of Old GM (OTC: GMGMQ), which have traded up 39% today on news that that GM will emerge from bankruptcy, have finally been halted for trading.

The GMGMQ shares that have been trading in the market have nothing to do with the new emerged company.

Back on July 1st, GM management reminded 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. Despite this statement, traders have continued to buy the shares.

Today, StreetInsider.com contacted Pink Sheets, where the stock is traded, and was notified that FINRA makes the decision on delisting a stock. FINRA could not give us a direct response on who is responsible for halting a defunct stock, saying they would have to review the liquidation information.

As the stock was being halted, FINRA notified us of the halt but would not give us information on why it was halted. One must assume that the halt is not good for anyone trading in this stock.

It is our view that this stock should have been halted long ago. Because of the brand recognition, the exhausting media coverage, the controversial federal bailout, and 363 sale we feel many people that have bought the stock recently were led to believe they were buying the new, re-organized GM, which of course is not the case.

UPDATE: According to the OTC website, trading in GMGMQ was halted under a 'U3' halt code or "Extraordinary Events, " which they explain as such: Trading is halted because FINRA has determined that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC Equity Security or has caused or has the potential to cause major disruption to the marketplace and/or significant uncertainty in the settlement and clearance process.

[millionairemind]

Published July 13, 2009

Investors buy up worthless GM shares
They may have thought they were buying shares of the new GM


(NEW YORK) Shares in 'General Motors', the company says, are worthless. But many investors apparently have missed the message.

GM's stock, which now represents the company's bankruptcy estate, continued an improbable rise in price on Friday, prompting concern by company officials and securities regulators that investors are confused.

The stock, which trades under the ticker symbol GMGMQ, gained as much as 43 per cent on Friday, after GM announced that it had completed the sale of its assets to an entirely new company.

Nearly 75 million shares traded hands until the securities industry's self-regulator, FINRA, halted trading at 2:09pm, citing 'extraordinary events'.

The stock closed at US$1.15 a share, up 31.3 US cents, or 37 per cent, for the day, giving the bankrupt company a market value of US$702 million, up from US$512 million last Thursday.

'This certainly has all the hallmarks of market manipulation, but it's very hard for the SEC to prove,' said Peter Henning, a law professor at Wayne State University in Detroit. 'Someone made a lot of money here.'

GM has issued statements telling investors not to buy the shares because they are destined to become worthless.

The shares represent ownership in the old GM, now known as Motors Liquidation Co, which will be wound down in bankruptcy court.

It contains unwanted factories and equipment, and billions of dollars in unsecured claims related to asbestos litigation and product liability lawsuits. Proceeds from the wind-down will go toward repaying secured and unsecured creditors.

The new GM, formally General Motors Co, is privately held and will not seek a public listing until next year at the earliest.

In a letter sent to the Securities and Exchange Commission last Thursday, lawyers for Motors Liquidation said they had gone to great lengths to discourage trading in the stock.

The company said it 'strongly believes that stockholders will receive no value in the bankruptcy liquidation process' and has cited the bankruptcy court's decision, which calls the company 'hopelessly insolvent', several times in press releases and on its website.

For decades, GM traded on the New York Stock Exchange under the ticker GM. But after the company filed for bankruptcy on June 1, its listing moved to the over-the-counter bulletin board, becoming GMGMQ.

FINRA decided to halt trading in the stock after concluding that investors thought they were buying shares of the new GM. Over recent weeks, the regulator received numerous calls from brokerage firms and investors asking which company the securities represented, officials said.

Trading in GMGMQ shares can be halted for the next 10 trading days, and FINRA officials are expected to release an official notice to investors this week explaining exactly what the securities represent.

The regulator also plans to change the stock's ticker symbol before allowing investors to resume trading, officials said.

Between June 3 and June 24, an average of 60.6 million GMGMQ shares traded every day on the over-the-counter market.

Regulators say some investors may have been encouraged to buy the shares after receiving e-mail messages from several publications that provide tips on penny stocks.

For example, a company called Penny Stock Chaser, which runs a website that gives stock tips, issued a news release on Friday saying it expected GMGMQ shares to rise after surging 39 per cent 'as the company emerged from the remains of bankrupt General Motors Corp by taking over the best assets of the biggest US automaker'. -- NYT

[kennynah]

hence, my earlier comment...

hum chee paing already

[helios]

heng heng ...

[kennynah]

you calling our fellow forummer or you saying you lucky never buy into this counter??

[iam802]

wah..this move solid.

sure got many kena burnt.