I was thinking the best time to buy. June 1st is the deadline is it not????? For bankruptcy??? We'll see. I'm thinking of trying my hands at the stock market for the first time with GM
Penny stock is considers when it goes below $5.00 if i am correct. Stock could be worth $50.00 a share but when they declare bankrupcy the stock is worthless. Just a heads up.
this is what I was thinking too back when it was $1 to buy stock, and like said its risk and reward right now. If they turn around and do great it can really work out good for you.
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It could be as there is always money to be made when a stock is constantly moving 5-10 cents in either direction but the long term money will likely be made after the 'new shares' are issued once the Chapter 11 proceedings are finalized (they're saying it could take up to 3 months).
GM's future might be quite bright but the key word there is future, right now it's actually quite disastrous/chaotic for the company and any business directly or even indirectly affiliated with it (other than the law firms handling the bankruptcy LOL).
I just hope I'm dead wrong about what I'd once stated might ultimately happen in this great nation of ours if GM (or Chrysler or Ford) were to go under/close their doors.
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I've got a a good amount of experience trading and in my best advice is to not touch it at all. The stock is going to be WORTHLESS the second bankruptcy is declared on Monday. There is no risk or reward here...it's straight down the shitter. Check out Sonic Automotive if you're looking to invest (SAH).
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I've got a a good amount of experience trading and in my best advice is to not touch it at all. The stock is going to be WORTHLESS the second bankruptcy is declared on Monday. There is no risk or reward here...it's straight down the shitter.
Quote:
Originally Posted by 8ALTNG
no one should buy.....its a horrible idea
True...that is if the bankruptcy announcement happens of course. If anything other than that announcement is made on Monday that 75 cent stock will skyrocket to a whopping $2.00 in a matter of minutes!
But yes, I think we all know that reality isn't going to allow that to happen.
No more GM. It's Obama-Pelosi motors now. All the high perfomance electric cars you can ask for
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I've got a a good amount of experience trading and in my best advice is to not touch it at all. The stock is going to be WORTHLESS the second bankruptcy is declared on Monday. There is no risk or reward here...it's straight down the shitter. Check out Sonic Automotive if you're looking to invest (SAH).
Yeah I'm going to wait until after the bankruptcy announcement is made. Then I might consider a speculation move of $300 to $500 after the stock has dropped further. The one big thing that has me nervous is there has been some talk off GM splitting itself into two different companies prior to coming out. One company that would emerge and one that would would go chapter 7. If this route is taken during the bankruptcy I'm not sure what happens to the shareholders stocks when the company splits are they split between the two companies etc...
I got lucky with Ford and bought it when it was below 1.80 a share and would like to do the same with GM but I'd be patient and wait it out a bit.
Take it easy
Brewski
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well, if they are like the tesla, that woudlnt exactally be a horrible thing...
what would the performance forums for that car be like? people talking about changing out their capacitors instead of injectors?
but for real here... is GM at rock bottom? or can it get worse (besides them closing their doors, which I dont think would happen)
Tomorrow I'd call it bottom once they are de-listed from the exchanges. I'm not sure what they're going to call themselves once they re-emerge as an IPO. I'm not sure legally if the failed company keeps the GM name etc... The really big question will be once they re-emerge will they have products that people will want to buy. I'd thought car design/quality wise they'd managed to turn a corner some what when the Solstice, Sky, and redesigned Malibu were introduced.
Take it easy
Brewski
__________________ 1993 M6 T/A Mods: Strano springs, AGX shocks, Magnaflow cat & cat back, WS6 hood & air box, Nos w/MSD window switch
Future Mods: Mac mids, cam, and supporting valvetrain... Leadfoot mod installed at birth
“The GM that many of you knew, the GM that let many of you down, is history,” Henderson said.
General Motors CEO Fritz Henderson, who was placed in his position earlier this year by President Barack Obama, spoke to the media today about the automaker’s Chapter 11 filing, as well as government majority ownership. Henderson confirmed that, for the most part, GM will operate as a leaner company than before - even though the automaker plans to lay off about 21,000 workers.
Henderson confirmed that the automaker’s future product portfolio remains unchanged as the automaker goes through what it hopes will be a structured bankruptcy. The focus on GM’s four core brands in North America makes it necessary for the company to shed about 21,000 employees.
“The restructuring allows us to spend time where we should be spending time - products, customers and quality,” he said.
Product-focused
GM’s sales are likely to continue on a downward spiral - if Chrysler’s Chapter 11 filing is anything to go by. Henderson emphasized that GM’s “good” units need to emerge from bankruptcy quickly in order to reduce the inevitable further decline in market share that will likely result from the filing.
“Our product launches remain on track,” Henderson told reporters. “GM remains open for business.”
Quick bankruptcy goals
“We’re going to be moving fast through our bankruptcy progress,” Henderson said, although he did not specify a timeline for when GM expects to emerge from bankrupcty - marking a significant difference from the Chrysler bankruptcy that many see as a model. Chrysler took 30 days to emerge its “good” operations.
GM’s Chapter 11 filing only applies to its United States operations, meaning that business will continue as usual for the automaker’s overseas operations. GM signed a memorandum of intent with Canadian supplier Magna, which, combined with a Russian bank, will acquire a controlling share in Opel. Fiat, among others, continues to pursue GM’s Swedish and Latin American operations.
Change in ownership, management
Many critics have expressed concern that the U.S. government will become involved in the day-to-day operations of the automaker, but Henderson echoed President Obama’s assurance that the governments of the United States and Canada, which will collectively own almost 75 percent of the automaker, will remain only shareholders.
Henderson said that GM will finalize leadership changes over the next 60 days. The company will reduce its salaried workforce by about 22 percent. The CEO says the automaker it plans to remove executive levels to simplify the decision-making process.
“The GM that many of you knew, the GM that let many of you down, is history,” Henderson said.
GM = Penny Stock 
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If anything other than that announcement is made on Monday that 75 cent stock will skyrocket to a whopping $2.00 in a matter of minutes! 
