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GM reminds investors that common stock will have no value after sale
By Caroline Salls
Pittsburgh, July 1 - General Motors Corp.'s management reminded investors Wednesday that it strongly believes that there will be no distribution to common stockholders in its bankruptcy liquidation process, according to a company news release.
The company said its management has noticed a continued high trading volume in GM common stock at prices in excess of $1.
However, even under the most optimistic of scenarios, the company said all of its secured and unsecured claims will not be fully satisfied, leading to its conclusion that GM common stock will have no value.
GM, a Detroit-based automaker, filed for bankruptcy on June 1 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-50026.
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