Tag: Old GM

By on December 14, 2015

GMMaryBarra01.JPG

General Motors victims compensation fund is paying for injury claims older than the company’s 2009 bankruptcy and, in some cases, for injuries sustained by drivers who were drunk or weren’t wearing their seatbelts, according to the New York Times.

The newspaper reported the findings by attorney Kenneth Feinberg, who was hired by the automaker to manage the company’s fund to pay for victims of its faulty ignition switch that killed 124 people.

According to the report, 128 claims — roughly one-third of the claims against the automaker — were for injuries before the company’s 2009 bankruptcy. GM fought successfully this year to protect itself from lawsuits against “Old GM.” In April, a judge protected “New GM” from many of those lawsuits. (Read More…)

By on April 16, 2015

Recalled GM ignition switch

Per a bankruptcy court ruling Wednesday, General Motors won’t be on the hook for pre-bankruptcy claims linked to the February 2014 ignition recall.

(Read More…)

By on April 8, 2014
rogerhuyseen
A reader writes: 
I have a 2007 Pontiac G6 coupe which, up until last fall, had been a pretty decent car.
By on January 19, 2010

Can't say no? (courtesy:allengenitski.com)

Shortly after GM’s bankruptcy, we wondered why so many people were still trading “old GM” stock. After all, old GM stock is in a liquidation company with no chance of ever emerging from bankruptcy.  In order to clear up any confusion, the SEC forced GM Liquidation (then GMGMQ) to change its ticker to MTLQQ. Apparently that didn’t work. CNN Money reports:

On Jan. 11, the first day of the big auto show in Detroit, about 41.6 million shares of MTLQQ exchanged hands. To put that in perspective, that’s more than the volume of Apple (AAPL, Fortune 500), Google (GOOG, Fortune 500) and IBM (IBM, Fortune 500) combined that day.

Holy fiduciary responsibility, Batman! The report goes on to note that MTLQQ is the ninth most-researched stock of 2010 at CNN Money, beating stocks like Microsoft and ExxonMobile. TTAC has expressed skepticism in the past about GM’s forthcoming IPO on silly grounds like the firm’s lack of profit, turmoil in overseas divisions, weak sales and questionable strategy. Frankly, this news makes us question whether any of these things matter. If a 70 cent (but worthless) stock in a company that has no bearing on New GM can rack up that kind of trading volume, clearly there are some unfathomable dynamics at play. Maybe a $60b GM IPO market cap is possible after all!

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