Paging Captain Obvious: Liquidation Motors reportedly tanks in trading
The newly created "good" GM emerged from bankruptcy less than a week ago, and what's left at Motors Liquidation, still publicly traded, is highly unlikely to return any value, as Motors Liquidation will still be underwater after Chapter 11 fire sales are over. Bloomberg reports that this shell of the former company has 16 shuttered plants to sell off, as well as a nine hole golf course in New Jersey (we're as confused as you are), and of course, it is still beholden to unsecured creditors and also still holds the bag for lawsuit liabilities, too. Warnings are being clearly stated and more and more investors appear to be cottoning on to the reality that MLC stock doesn't hold much water, which explains the stock's precipitous decline.
[Source: Bloomberg via STLtoday]
- Most and least efficient car companies
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models