If GM files for a bankruptcy reorganization on or about June 1st, 2009, I think the GM stock may follow the pattern of FNM or FRE when they were placed into conservatorship of the FHFA. FNM and FRE still trade but were wacked down pretty hard on the announcement. I expect GM to be knocked down below $1. Right now I'm short some GM June 1 Calls. If GM makes a Chapter 11 announcement, I expect these calls to follow the stock lower and there is a good chance that they could expire worthless on or around June 20th. Agree or Disagree and why?