I would toss 'em and take the loss. In BK, I suspect they will be worthless,
to a few pennies per share at most, while trudging through the BK process.

I used to own some nice GM Bonds; paid 7%, and was an option to buy
the stock, which I exercised back in the $20s and then flipped/sold off.
A sad ending to GM and, its reformed "co" will have hard rows to hoe, imo.
GL,mD

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Ol'UncleMotor
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Aren't they paying bondholders 10 cents on the dollar? I'm guessing you won't get more than that.

Depends on Obama Motors. He'll do anything to put unions in front of stockholders.

MotorDavid has a point. Do you really want stock in a company run by the gummint?

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Did they halt trading on the stock yet? If not, dump it.

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You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist.

Lambeau, I am in the same GM stock boat with you.

Based on what I have read in the past couple of days:

1) All signs point to a Chapter 11 bankruptcy, although it ain't over for us shareholders "officially" until Obama sings.

2) Chapter 11 is NOT a liquidation, but a re-structuring with protection against creditors. But even though Chapter 11 is a "milder" form of bankruptcy, shareholder value gets fully wiped out in the vast majority of Chapter 11 filings.

3) If Chapter 11 does proceed next week, current shares would be wiped out, and Shares in the "new improved" GM would be issued as follows:

Uncle Sam = 72.5%
UAW geezer fund = 17.5%
GM bondholders = 10%
Current Shareholders (i.e. me and you) = 0%

4) As of 5 PM Friday May 29th, I have not seen a single article in any of my searches saying that GM can can avoid Chapter 11. Having said that, I bought my shares on the low end ($1.12), so I'm going to hold on for the "death ride" and keep hoping against hope that they will not file. If they do, I'm prepared to take the loss and move on.

Whatever you can get.
It will be finally off the DOW list.

The common shareholders will get close to nothing once they announce BK. It will trade under a new symbol like GM.PK (or something close) until they find a way to restructure and issue brand new shares. Lehman shares are still trading at 4 cents, LEHMQ.PK

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probably too late to do anything now. they are BK as of monday. Dump half at market open and hold on to the rest as a lottery ticket.

P.S. Hold on long on your positions until dow gets near 9400's or if i breaks below 8100

Near worthless in the event of a BK. Hold onto them until you need some losses for tax purposes.

I held onto my Lehman stock as a reminder not to bottom fish for low-priced stocks.

It worked. I held off buying GM.

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