kaitlyn c asked:
I bought some shares or GM awhile back and stop paying attention to the market when I started school.
I bought some shares or GM awhile back and stop paying attention to the market when I started school.
As of now GM has gone bankrupt and they keep sending me a letter but in all honesty I am not sure what i am suppose to do.
It says all transferred and trades must be approved or something,
But any how what do I do,
Better yet what am I allowed to do with bankrupted stock?
I don’t have a broker,
Will it be the same if I do it myself?
Ask your stockbroker what to do.
Personally, I would just line my birdcage with the shares.
Just hang on to it right now and see how things ride out.
In a corporate bankrupcy proceeding the government steps in and
reorganizes or liquidates the company. I think in GM’s case they are going to be reorganized. You should get more info on the proceeding. I think you should wait till GM is back on its feet again and the stock is viable again.
tells you more about it.
VC is wrong, the stock will not be viable again. It will soon be cancelled – worthless. So put in a sell order with your broker now. As soon as the 10 day SEC ordered trading halt period is over make sure you broker sells it.