Motors Liquidation Company = The Old GM
Motors Liquidation Company
GM filed for Chapter 11 Bankruptcy on June 1, 2009 and GM officially changed its name to Motors Liquidation Company.
On June 1, 2009 Motors Liquidation Company (formerly General Motors Corporation) and certain of its subsidiaries filed a voluntary petition seeking relief under Chapter 11 of the Bankruptcy Code.
For bankruptcy court documents, please visit www.motorsliquidationdocket.com.
If you are accustomed to looking at the GM stock price you will find Motors Liquidation at MTLQQ
Some Not So Fine Print
Management continues to remind investors of its strong belief that there will be no value for the common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenarios. Stockholders of a company in chapter 11 generally receive value only if all claims of the company’s secured and unsecured creditors are fully satisfied. In this case, management strongly believes all such claims will not be fully satisfied, leading to its conclusion that the common stock will have no value.
July 10th, 2009 Motors Liquidation Sells Assets
On July 10, 2009, Motors Liquidation Company sold substantially all of its assets to a new and independent company pursuant to the provisions of section 363 of the Bankruptcy Code.
Please Note: None of the publicly owned stocks or bonds issued by the former General Motors Corporation (now renamed “Motors Liquidation Company”), including its common stock formerly traded on the New York Stock Exchange under the ticker symbol “GM”, are or will become securities of General Motors Company (the “new GM”), which is an independent separate company. All of these securities relate to Motors Liquidation Company, and will be treated in accordance with the provisions of the U.S. Bankruptcy Code and the rulings of the Bankruptcy court.
Stock Slide
Viewing the 10 year GM stock price chart is about like a dropping a $90 per share asset in a 10 year low gravity environment. It hits the bottom and the value is “0”.
Motors Liquidation stock price when this post is written shows that the stock closed at $0.83 and the daily range was between $0.79 an $0.90. Quick math for 10 years of stock value calculates to 1%.
