When was gm stock worthless

Motors Liquidation has posted a warning on its website saying the stock will have no value, but the company cannot halt trading, said spokesman Tim Yost. That's well beyond the purview of any given company. The U. Securities and Exchange Commission and the Financial Industry Regulatory Authority, which regulates over-the-counter stocks, issued an "investor alert" on July 14 warning against buying or keeping the shares. Beyond that, SEC officials say they can't prohibit trading in the old stock, only warn against it.

They say there aren't grounds because the bankruptcy is widely known to the public, although FINRA says some stock promoters may have given out confusing and potentially misleading information. So even though the new GM has said it won't offer shares to the public until next year, there are those who still believe they are buying into the new company.

Ron Humenny, president of Starfire Investment Advisers, in the Detroit suburb of Southfield, said he has received calls about buying Motors Liquidation shares from Detroit-area investors who want to see GM succeed. A lot of times people will do that, more with their heart than with their head.

Some have seen Internet blog activity that incorrectly says Motors Liquidation is the new GM, he said. They can end up falling for an old scam of pumping up a stock on the Internet and then selling it. Even some well-known public trading sites offer descriptions of Motors Liquidation that could be confusing to investors. Scottrade and Ameritrade, for example, describe it as a company that makes and sells cars and trucks all over the world.

The language, spokeswomen for both sites say, came from a third party that they hire to provide content for the sites. But in the beginning of July, Motors Liquidation Company told investors that there most likely will be no value for its common stockholders in its bankruptcy liquidation process. He said the new GM is currently a privately held company, 60 percent owned by the U. So, can you get a tax deduction for this? It depends, Lynch said.

He suggests you speak to a good certified public accountant who can walk you through the options available to you. It has been on the index since and has stayed despite the dramatic fall in its stock price.

GM was first listed on the Dow in Journal editors removed it -- as they did more frequently back then -- adding it again in , and it has remained ever since. Only U. GE was an original component in and like GM was dropped for a period before returning to stay in