General Motors = Motors Liquidation Company

Tom · #1 10-23-2009, 01:26 PM

I was looking up GM and apparently sometime in June/July due to their filing for bankruptcy they've changed their name to Motors Liquidation Company. Anyone else already know this or know more about it?

http://finance.yahoo.com/q?s=gm

STL · #2 10-23-2009, 01:29 PM

That is the first I have heard about it. We deal with GM at work and there hasn't been any news of it.

Jay FX4 · #3 10-23-2009, 01:58 PM

They're based here and I've never heard that either...

Jay FX4 · #4 10-23-2009, 02:04 PM

I did a Google search that turned up a bunch of stuff. Here's an excerpt from an article I found that explains things....

"Motors Liquidation, representing an ownership interest in the "old" shell of GM, remains in bankruptcy and will liquidate GM assets such as shuttered plants while also assuming liability claims.

The new GM - renamed General Motors Co - emerged from bankruptcy protection by completing a sale of its best assets such as Chevrolet and Cadillac to a company funded by the U.S. Treasury.

The new GM, which has no publicly traded securities, has said that none of the publicly owned stocks and bonds issued by the former company will become securities for the new company.

It is highly unlikely Motors Liquidation shareholders will receive anything because for them to be paid, all of the other unsecured creditors would have to be paid first, including bondholders who had held $27 billion in GM debt.

On July 10, U.S. securities regulators halted trading in the shares of old GM, which had been using the GMGMQ trading symbol on pink sheets.

The fifth letter, "Q," denotes the company's bankrupt status.

The new ticker symbol -- MTLQQ -- is meant to avoid confusing the "old" GM with the "new" General Motors."

Tom · #5 10-23-2009, 02:07 PM

Quote:

On July 10, 2009, General Motors Corporation under its new name, "Motors Liquidation Company", sold substantially all of its assets to General Motors Company, a separate independent company, pursuant to the provisions of section 363 of the Bankruptcy Code. The information provided on this web site does not refer to the new General Motors Company.

So sounds like they changed their name, to Motors Liquidation Company then sold all their assets to a "new" company called General Motors Company and now Motors Liquidation Company is in bankruptcy. So in essence it sounds like, Motors Liquidation Company owns all the liabilities of General Motors Corporation while General Motors Company owns all their assets.

https://www.motorsliquidation.com/St...formation.aspx

DisturbedESV · #6 10-23-2009, 05:35 PM

That's tricky... bastards

blueovelboy · #7 10-23-2009, 05:42 PM

thats big business in a dog eat dog world
did not olds try some thing like that in the early 90's?
look at them now