Posted on 05/05/2009 9:34:14 PM PDT by Kartographer
You didn't/don't hold the stock, did you?
If so, I hope you sell tomorrow, assuming it opens over 2 cents/share.
Seriously.
No really, I'm not kidding.
In a filing with the SEC late this afternoon it was disclosed that the GM "restructuring" would:
Increase the number of authorized shares to 62 billion (!) Reduce the par value to one cent. Effect a 100:1 reverse split for the existing shareholders.
(Excerpt) Read more at market-ticker.org ...
Some need it taken from them ‘for the common good’ to actually see and feel his work in action. Just my opinion, of course.
Related thread:
GM details plans to wipe out current shareholders
http://www.freerepublic.com/focus/f-news/2245096/posts
Ouch... How’s that for “change you can believe in”?
How many points do you think the DOW will lose?
2 cents is change isn’t it? ;-)
The Dow will probably go up on this news. GM is irrelevant. Kind of like if the janitors go on strike in the NYSE building.
The jokes on you America. You voted for a figment of your imagination and you ended up getting us all screwed. Thanks a lot stupid fu#$s.
I’m glad I was smart enough not to own any of that stock.
Thank you for the information.
“How many points do you think the DOW will lose?”
I don’t think the market gives two hoots about GM at this point. Perversely, it may express a positive reaction to the removal of uncertainty.
The market is hugely overbought, so it may weaken after one of the largest and fastest runs of all time. If it does, it does, but I seriously doubt GM could legitimately be cited as a catalyst. JMHO.
indicating maybe a -90 to -110 point DJ open manana, but a lot can change between now and then.
I don’t consider this much of a big deal; we’ve had a jaw dropping run since the March lows. I’d bet I could find 500 stocks that have doubled, 50-75 that have tripled, and half a dozen that have been 5+ baggers without working up too much of a sweat. These last 2 months have literally been the run of two lifetimes. I’m not saying it has done LT holders all that much good, I’m saying that some of the pctage gains since the bottom have been astronomical.
Billion is the key word.
“Increase the number of authorized shares to 62 billion (!) Reduce the par value to one cent. Effect a 100:1 reverse split for the existing shareholders.”
Good gosh.
I’m not terribly knowledgeable about these matters, but has there ever been a split that big before?
Run after the drop completes the picture.
I don’t understand a reverse split and then turn around and print more shares. It’s either one or the other as a rule.
Now that you’ve told them, will they be guilty of “insider” trading if they sell out?
Someone correct me if I’m wrong, but I would guess that a lot of UAW workers and retirees hold GM stock. This can’t please them.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.