GM Court Docs Emerge: Bankruptcy Petition, What GM Owns
Thanks to our main man, Justin, for providing these documents. History buffs may want to save a copy of this, General Motors’ C11 filing. Beyond that, here’s a list of GM’s assets. Needless to say, after 83 years on the New York Stock Exchange, GM has now been de-listed. “The parlous state of GM has left us with no choice but to remove it from the Dow,” said Robert Thomson, managing editor of the Wall Street Journal and editor-in-chief for all of Dow Jones. “A bankruptcy filing immediately disqualifies a stock regardless of a company’s history or its role as a cultural icon.” Parlous. How quaint. Anyway, Cisco Systems Inc. has replaced the automaker on the Dow 30 Industrial Average, which also punted Citigroup (which will be replaced by former division Travelers).
Why do they list so many dealers on there? Any idea of why some are on there and some aren't?
@Redbarchetta I bet the people buying GM stock today are the ones covering short positions - their bets that the GM stock would go lower from the point at which they made such bet. Don't feel too bad about them - they must have made good money on the no-loose bet.
No mention to General Motors Venezolana C.A. :) Local branch is right now stopped because of currency problems. But the Colombians got fubard. And so the Brazilians and Argentinians...
GM Automotive UK is very probably the old Daewoo sales operation, which now sells "Chevrolets". That is, GMDaewoo cars, with Chevy bow ties. Interesting that GM could not parse out the Chinese operations before all of this. As for where Holden is, I have no idea. GM owns 100% of Holden, and it is actually Holden which owns part of GMDaewoo on behalf of GM. As for whether the Chinese JV's (joint ventures) are held directly by GM or an intermediary subsidiary, I have no idea.