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GM stock to sink to 1 cent???

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posted on May, 6 2009 @ 10:16 AM
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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.




posted on May, 6 2009 @ 03:59 PM
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reply to post by mrmonsoon
 


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]



posted on May, 6 2009 @ 04:10 PM
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You have no choice but to feel sorry for the average working class guy who had money invested in this company or similar companies and expecting to use that money for retirement. Now many of these guys may have to work longer than expected and may never to get to see retirement.

Could a lot of this been government's way of fixing social security?



posted on May, 7 2009 @ 07:20 AM
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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]



posted on May, 9 2009 @ 09:49 PM
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This is amazing. Why didn't the stock sink by 99% last week when this news came out.? Right now GM has 610 milllion shares outstanding so 60 Billion is a hundred times as much!!!!



posted on May, 9 2009 @ 10:15 PM
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Originally posted by Make Speed Limit 45
This is amazing. Why didn't the stock sink by 99% last week when this news came out.? Right now GM has 610 million shares outstanding so 60 Billion is a hundred times as much!!!!


You make an excellent point.


When there is even a storm anywhere near oil refineries, the prices goes up 20%.

I would think that unless there is something we don't yet know (hint hint), that this announcement should have sent the stock prices into a death spiral with people dumping the stock before it drops even more in value.



posted on May, 9 2009 @ 10:18 PM
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It's because they want to convert it all to common stock and screw the tax payer over.



posted on May, 9 2009 @ 10:52 PM
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IF GM stock goes to .01 a share.....I'm taking a gamble and buying $100 in stock. IF they can get back up to just 2 dollars a share.....I will buy a house!



posted on May, 9 2009 @ 10:52 PM
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reply to post by mrmonsoon
 


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



posted on May, 10 2009 @ 05:44 AM
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I really do not understand this GM deal.
Is Obama trying to make this company's stock so cheap that every working person in America can buy some?

60 Billion shares? It will drop to 0.0002
!!!



posted on May, 18 2010 @ 06:25 AM
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off-topic post removed to prevent thread-drift


 



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