Has GM officially wiped out equity yet?

Discussion in 'Wall St. News' started by texrex2002, May 7, 2009.

  1. Been reading about this on zerohedge:


    Cliffs notes: GM effectively diluting itself 99%, giving shares to govt & UAW. Since treasury will be biggest holder, they're the only ones needing to approve it.

    It sure didn't make a lot of news...

    Maybe it's still awaiting treasury approval?

    Interesting that the board would have gone along with this. Also interesting that no-one's suing.