GM stock to sink to 1 cent???, page

It seems GM is going to issue "60 BILLION" new shares...

Yes, you read that correctly, 60 BILLION new shares.

That should be enough to drop the current share price of about $1.87/share.

Market ticker

This will result in a 100-1 split.

The vast majority of this new stock will go to the government to pay GM's debt.

reply to post by mrmonsoon

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No one seemed to catch this one or how important it is. Chances are GM drops to a penny stock overnight. You're witnessing the end of the car business in America. By the time this is over, it's possible only Ford will be left.

Basically right now if you hold any stock with 'bailed out' entities, you should be pooping yourself looking at this. It's worse than a normal bankruptcy. Next up tomorrow -- fleeing from BAC, C, WFC, etc?

Why would you stay in any of them when Uncle Scam could force a 100:1 split on your stock on a whim? Seriously folks. Why hold your money in any of those institutions now as it could simply not be there tomorrow?

It's going to be an interesting day tomorrow on the markets to be sure.

[edit on 6-5-2009 by Not Authorized]

On Thursday May 7, 2009: GM posts $6B 1Q loss, spends $10.2B in cash

DETROIT (AP) -- General Motors Corp. posted a $6 billion first-quarter loss and said it spent $10.2 billion more cash than it took in during the first three months of the year as revenue plummeted by $20 billion.

source: finance.yahoo.com...


[edit on 7/5/09 by blackcube]

reply to post by mrmonsoon

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Wow I can buy some GM penny stocks? Cool but I wouldnt want to lose my 10 cents.

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