Old GM creditors take on U.S. Treasury in bankruptcy court over who is entitled to the fruits of $1. [AutoNews]
The now-bankrupt GM's stock price is up almost 100% this week from speculators and short-sellers, forcing the automaker to make a statement reminding people it's, essentially, a worthless piece of paper and shouldn't be bought. Sad, sad press release below.
Yesterday, CNBC inter-spliced their GM bankruptcy coverage with happier moments from the General's past (i.e., the 1950s). Either they were mocking GM or Kudlow was having another coke-fueled fantasy of Erin Burnett in an apron baking lasagna. [CNBC]
As part of GM's Chapter 11 filing today, you the taxpayer now own 60% of General Motors. Congratulations. But who owns the rest of the "New GM?"
As part of GM's bankruptcy, fourteen plants across the country will be closed or placed on "standby." We've put together this map of locations and dates when the axe falls for each.