I lost about $3,000 today. :(

[Oneslowz28]

The stock I owned in GM (most of it inherited) became worthless today when GM filed for bankruptcy. I Invested about $1000 of my own last year when it hit $6 a share. I'm kinda bummed out right now. When I inherited the bit from my grandfather it was worth about $14k and I should have sold it at the first sign of trouble but I thought "how can the largest auto corporation in the world fail" "it will rebound and rebound big. Then I will cash in" so I like many others chose to stay on the sinking ship in hopes of something turning around and making it float again.

So if I want to do the math I actually lost $15,000 if I count what it was worth when I got it. To stay sane I will stick with the current value loss of $3,000:(

[Airbozo]

Well actually you are only down $1k as the rest was a gift.

I know how it goes though, I lost quite a bit on SGI and SUN.

[BuzzKillington]

I would have bailed on it back in November. Government Owns 75% of GM now.

I could only imagine how you feel... my gut is churning just thinking about it. Sorry to hear the bad news man.

"GM's creditors would also stand to suffer. The company has $31 billion in long-term debt, most of it due in 2023 and beyond. Of $34 billion in cash, $15 billion is in a fund earmarked for health-care liabilities. Who knows how much will be left in a few years? Fitch Ratings analyst Mark Oline says GM will have to spend some cash to pay for its announced restructuring and could still have to pitch in to help its former auto parts arm, Delphi Corp. (DPHIQ )." Business Week. (http://www.businessweek.com/magazine/content/05_50/b3963114.htm)

[gaz_the_chav]

its a shame but unfortunatly its the way the world is going atm

-gaz

[SXRguyinMA]

this is why I stay out of the stock market

[Omega]

It's not %75, it's 60%, but still majority

Government Motors, what?

I woulda ditched those stocks a LONG time ago.

[BuzzKillington]

60%, you're right. I read somewhere "nearly three quarters" which one would assume 75%


http://www.newspapertree.com/opinion/3892-the-government-owns-gm-now-what

Hang on to those stocks though. Hopefully you'll get some cash out of them down the road.


Related: http://answers.yahoo.com/question/index?qid=20090220111923AATvakm

[Oneslowz28]

I am under the impression that once a company files bankruptcy all the shares held by investors becomes null and void.

[Omega]

yeah, GM dropped out of the stock market. GM and Citi left the DOW Jones today, iirc.

Besides, 60% stake in the gov't, second highest stake will be Fiat... I wouldn't count on GM stocks being worth it.

[Oneslowz28]

yeah, GM dropped out of the stock market. GM and Citi left the DOW Jones today, iirc.

Besides, 60% stake in the gov't, second highest stake will be Fiat... I wouldn't count on GM stocks being worth it.

Actually Fiat bought chrystler.

Roughly 70% of gm is split between USA and Canada Something like 60-10 and the other 30% is between the UAW, and other people. Its sad because I have been buying GM vehicles since I graduated high school. Both my current vehicles are gm products, my moms 2 cars are gm products and both my uncles, own several gm vehicles. I also plan on buying a new camaro if it sticks around another 2 years when I will have my truck paid off.

[SXRguyinMA]

my truck will be paid off at the end of the summer, but i'll keep it for another few years, it'll be nice to not have a $400/month payment anymore. after that I'm gettin a Subaru :)

[nevermind1534]

You can partially blame Obama for that. Ford was smart not to take the stimulus money. The government is going to own more than half of GM. I live in Michigan. I couldn't imagine losing that much money. I probably would have done the same thing that you did, though.

[Oneslowz28]

Actually the only person I blame is myself for not getting out when the getting was still good. Here is a great read that holds much truth. http://www.camaroz28.com/forums/showthread.php?t=690838 Its long but you will see why this is better for gm and all of us Americans and ultimately the world. If GM were to file bankruptcy outside of a recession they would more than likely be liquidated. That would put 600,000 GM workers out of a job and over 2,000,000 (yea 2 million) workers world wide out of jobs (mostly US and Canada based) because they would no longer be making parts for gm vehicles. This would also cause the pension fund the government has to go bankrupt and all of the US workers with pensions would no longer be protected. GM being liquidated would cause Michigan to cease to exist economically speaking and would most certianly cause the USA to go from recession to DEPRESSION. Life as we know with all of our luxuries such as plenty of food, jobs, etc would be gone. The government did the right thing here. GM did the right thing by not fighting it. I did the wrong thing by having faith in the company when it was failing. Read the link above and you will find out a lot about the bankruptcy and why it was necessary. The guy who posted it is a gm insider in upper management IIRC.

[Drum Thumper]

I feel your pain as well. I lost roughly the same amount back in 2003 with Albertsons. And look at them now--no longer publicly traded due to the fact that they got bought out a few years ago by Supervalu.

[Oneslowz28]

Its the risk we take I guess. I still have about 9k tied up in the market (most of it inherited) and have moved a few things around. If the market turns around to 2004 levels I may be able to pay cash for that new camaro.

[BuzzKillington]

General Motors Corp. has a tentative agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China

[nevermind1534]

Actually the only person I blame is myself for not getting out when the getting was still good.

I meant for them going bankrupt, not losing your money. Some of it was also their fault and their competition's fault (not providing health benefits, no unions, etc. for many of the other foreign car companies). In my opinion, this was partially (the forcing them to file and how it is being handled) the government's way of getting their new fuel standards into effect. I'm not sure I like the idea of the government running GM, seeing as they don't do a good job with many other things.


General Motors Corp. has a tentative agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China

Not sure I like that, either (selling it to a Chinese company), but they pretty much had to get rid of it one way or another.

[Luke122]

In my opinion, this was partially (the forcing them to file and how it is being handled) the government's way of getting their new fuel standards into effect. I'm not sure I like the idea of the government running GM, seeing as they don't do a good job with many other things.


Did you read the link posted by OneslowZ28 a few posts back? The gov't will be getting 1 (ONE!) seat on the board of directors for GM. One of 12 IIRC. :)

After reading that link, I'm totally onboard with the gov't bailout of GM, AND the bankruptcy!

[nevermind1534]

Did you read the link posted by OneslowZ28 a few posts back? The gov't will be getting 1 (ONE!) seat on the board of directors for GM. One of 12 IIRC. :)

After reading that link, I'm totally onboard with the gov't bailout of GM, AND the bankruptcy!

One seat, but they still have 60%.

[Oneslowz28]

Yes but that 60% still only buys them 1 seat on the board and its a finance seat not a production or day to day opps seat. The same with the UAW and Chrystler. They also only got 1 seat.