Yes and "HAD" GM not gotten into bed with Obama's administration and used a normal public bankruptcy process, there "MAY" have been some hope for common shareholders to recoup some invested losses- but as with any investment, there NEVER was implied success or gain in buying GM stock regardless so many thought they were too big to fail...
EVERYONE who bought Friday, understand, this former major DOW corp will be wiped out on paper as it was known prior, all shares disappear basically, and in time a new corp with new shares and posisbly ticker symbol will emerge but it will have NO positive impact on anyone holding old GM shares- Kind of like those old railroad stock certificates from days gone by that can only be used as wallpaper today...
GM coming off DOW listing too and a new corp is going to be added in their place on the DOW.
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