GM stock
Le Mans Master
Joined: Apr 2007
Posts: 7,353
Likes: 72
From: Graceland in a Not Correctly Restored Stingray
From all of us in the housing industry, let me extend a great big thanks for telling people not to consider buying a house. Not to be confused with pragmatism, such pessimism only serves to further undermine confidence in our economy, and in particular the sector in which I live or die financially. I, for one, would appreciate if you would keep your negative vibes to yourself. Don't forget, we're all in this boat together and that someone might get the wise idea to throw you overboard next.
As for being crazy to buy GM, how did you feel about Kmart when it was at $.08?. Shoulda, woulda, coulda...
TSW
Burning Brakes
Joined: Feb 2006
Posts: 1,223
Likes: 4
From: Regina Saskatchewan
Kmart stock will long serve as a warning to investors.
Kmart shares are worthless. Kmart, the store, exists today and is part of Sears Holdings (SHLD), the same company that owns Sears. But Kmart, the stock, is a different story.
The Kmarts in filed for Chapter 11 bankruptcy protection in 2002. Alleged fraud by the management team at the time, along with poor business decisions, forced the company to crumble.
Owners who held on to the common stock, were essentially wiped out. Shares of the old Kmart, which traded under the ticker symbol KM, expired with no value on May 6, 2003.
What makes this so hard for Kmart shareholders to digest, is that the company exists today and is part of Sears Holdings. Sears Holdings' shares have done rather well, largely due to the sale of much of Kmart's real estate.
Assets were purchased by a new owner in the bankruptcy process; they no longer belong to original Kmart shareholders.
Kmart shares are worthless. Kmart, the store, exists today and is part of Sears Holdings (SHLD), the same company that owns Sears. But Kmart, the stock, is a different story.
The Kmarts in filed for Chapter 11 bankruptcy protection in 2002. Alleged fraud by the management team at the time, along with poor business decisions, forced the company to crumble.
Owners who held on to the common stock, were essentially wiped out. Shares of the old Kmart, which traded under the ticker symbol KM, expired with no value on May 6, 2003.
What makes this so hard for Kmart shareholders to digest, is that the company exists today and is part of Sears Holdings. Sears Holdings' shares have done rather well, largely due to the sale of much of Kmart's real estate.
Assets were purchased by a new owner in the bankruptcy process; they no longer belong to original Kmart shareholders.
Last edited by couperdecar; Feb 21, 2009 at 05:10 AM.
Race Director
Joined: Aug 1999
Posts: 11,117
Likes: 671
From: SE Pennsylvania
St. Jude Donor '03 thru '26
Oldtimer
From all of us in the housing industry, let me extend a great big thanks for telling people not to consider buying a house. Not to be confused with pragmatism, such pessimism only serves to further undermine confidence in our economy, and in particular the sector in which I live or die financially. I, for one, would appreciate if you would keep your negative vibes to yourself. Don't forget, we're all in this boat together and that someone might get the wise idea to throw you overboard next.
As for being crazy to buy GM, how did you feel about Kmart when it was at $.08?. Shoulda, woulda, coulda...
TSW
Later over a campfire, his second in command whispered to Kennedy: "You didn't know there was an island here did you?" Kennedy said back to him, "NO, but you felt better thinking that I did, didn't you?" So if we continue to see only the negitive, . . . we're never going to see the positive even if it's sitting right in front of us. And yes, I was in the Navy and that story is as true and anyone can relate to it if you think about it.
Last edited by killain; Feb 21, 2009 at 03:31 PM.
Safety Car
Joined: Sep 2003
Posts: 4,206
Likes: 8
From: Belmar NJ
IF GM survives this mess, they will have to file bankrupcy and completely restructure (whats left of) the company. That will mean NEW stock issues and the current stock will be worth nothing (but still may be cheaper than wallpaper). The only way it makes sense to buy now (or in the near future) is if you have hundreds of billions saved, buy 51% and turn it around yourself. Any takers?.....{crickets}....I didn't think so.
Senior Member
Joined: Jan 2008
Posts: 12,146
Likes: 2,038
From: Easton, PA
St. Jude Donor '10
Update yesterday said that GM is now market cap below 1 billion dollars. Just to put that in perspective, in 1930 GM was a 4 billion dollar cap. It is not possible, IMHO, for GM to receive another 16 billion in loans, liquidating their equity to near nothing, and have the stock recover. My fellow Chevrolet Corvette owners please, I beg of you, if you want to have a buck tomorrow do not spend a buck today on GM. Let it shake out and see where it goes. Just think, the government might just give you an incentive to buy a new Corvette to spark the economy...you just never know...stranger things have (and are) happening. 
Now having said that I would also suggest that if you EVER intend to update, upgrade, or inprove your C-3 Corvette then there is no better time to buy the parts for that future project than right now. It is highly unlikely that the prices will go down and as this economy tightens we may see some of our esteemed suppliers go down with it, so I am in the buy mode for parts now and holding them for future use. Just my $.02 worth.
BUY, BUY, BUY GM parts, not GM stock.
David
77Sleeper
Now having said that I would also suggest that if you EVER intend to update, upgrade, or inprove your C-3 Corvette then there is no better time to buy the parts for that future project than right now. It is highly unlikely that the prices will go down and as this economy tightens we may see some of our esteemed suppliers go down with it, so I am in the buy mode for parts now and holding them for future use. Just my $.02 worth.
BUY, BUY, BUY GM parts, not GM stock.
David
77Sleeper
Racer
Joined: Feb 2007
Posts: 337
Likes: 1
From: Clyde Ohio
GM is going down and has been for some time, Our country is trying to do the morally right thing and give them money to keep Americans working, unfortunately, not the right thing. I'm still working and work is almost as strong as ever for us, my wife is in collection at a bank and there defaults are lower than normal, so I'm putting every last penny allowed by law in my 401k, it's went down sure, but I'm buying shares at an alarming rate and when (and it will) the market recovers I'll make out great where most non believers only wished they would have. Stocks are cheap, but GM is a bad choice IMO, I'ld buy Ford first.
