Been reading about this on zerohedge: http://zerohedge.blogspot.com/2009/05/gm-is-officialy-wiping-out-common.html 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.