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Thread: gm bankruptcy

  1. #1
    Romeo Delight
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    Default gm bankruptcy

    i figured i would throw away $100 and bought some gm stock at $1-ish per share.

    any insiders in the industry know anything? i could short sell it and make a little but i'd love to see them pull through and watch it get back to $20/share.

    doubtful, i suppose but it's worth a shot.

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    Baluchitherium loveevhsince79's Avatar
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    Default

    It's looking more and more like it will be a Chapter 11, a managed bankruptcy according to all the experts. They are hemorrhaging money at about $5 mil a day. There's no way to stop it.
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    Future's in the past....
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    If the gov't messes with GM in Chapter 11 like it has with Chrysler (a privately held company), I don't know if you'll ever see that money again.
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    Forum Frontman It's Mike's Avatar
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    Default

    what do u mean you could "short sell it". are u intending on selling the shares you have? if you are then you're selling it. If you think it's gotten drop further then you'd short sell it. But if that's your thinking i don't understand why u bought it.

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    Atomic Punk
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    Default

    i may lose a bundle by NOT investing in anything right now, but I don't care. I'm not investing in shit right now. I think the odds are about even as to whether or not we plummet into a horrible depression that bankrupts our society completely OR we get past this and just sort of keep teetering along for another generation or so. Either way, I'll keep my cash and spend it while I have it. If anyone is going to waste my money, it's going to be ME.
    Stay out of it, dude.


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    Romeo Delight
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    Default

    Quote Originally Posted by it's me View Post
    what do u mean you could "short sell it". are u intending on selling the shares you have? if you are then you're selling it. If you think it's gotten drop further then you'd short sell it. But if that's your thinking i don't understand why u bought it.
    i mean sell before they file bankruptcy and hopefully make few bucks as opposed to going the long haul and seeing if they file and lose it all or make it through and get back to a respectable price.

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    Baluchitherium
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    Default

    Quote Originally Posted by the insider View Post
    i mean sell before they file bankruptcy and hopefully make few bucks as opposed to going the long haul and seeing if they file and lose it all or make it through and get back to a respectable price.
    It's only a hundred bucks, bro... Keep rollin' the dice.
    Posted from yo' mama's house.


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    Atomic Punk edwardv's Avatar
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    Default

    Quote Originally Posted by VegasVic View Post
    It's only a hundred bucks, bro... Keep rollin' the dice.
    You would be better to take the loss off your federal taxes.
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    Gird your loins Daisy Hill's Avatar
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    12.14.17 @ 05:44 PM
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    Default

    as I recall, some folks made a tiddy sum by gambling on Kmart stock this same way.

  10. #10
    Forum Frontman It's Mike's Avatar
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    Default

    Quote Originally Posted by the insider View Post
    i mean sell before they file bankruptcy and hopefully make few bucks as opposed to going the long haul and seeing if they file and lose it all or make it through and get back to a respectable price.
    ok, that's not short selling. That's just selling. Up to you dude, if you need the money sell the shares. If you want a lottery ticket, hold on to them.

  11. #11
    Damage your reputation seenbad's Avatar
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    12.15.17 @ 10:48 AM
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    Default

    I'd sell it (for a short term gain, not short sell) and pop it in to a less risky but equally potentially lucrative stock like citibank (C) or USG Corp (USG). Financials and Construction/textile industries took the biggest lumps over the last year. Figures if there is a strong comeback they'll also have the biggest gains. If you had plopped down that much in either of those a few weeks ago you'd be pretty happy even with just a hundred bucks. Looking at their 52 week range, they have a pretty high ceiling to catch back up to if faith is restored in the market. P&L's might not be the same as two years ago, but for a hundred dollar crap shoot, they could be fun.
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  12. #12
    Forum Frontman It's Mike's Avatar
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    Default

    I'm not a big believer in trying to hand pick stocks anyways. You'd usually be better off just buying an index fund or i-unit and leaving it alone until you need the money. I actually have some level of expertise in the field and still that's what I do with most of my investments. The odds of you outperforming the market over the long term isn't particuarly strong.

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    Atomic Punk
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    Default

    $100 in some pot would have returned better resale numbers...
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

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    Hot sauce on everything Red's Avatar
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    If they would simply start building the early 80s Cutlass Supreme/Monte Carlo/Regal/Grand Prix with t-tops again, and offer a choice between Keystone Classics or deep-dish Cragars, and some of those Pioneer speakers in the back window, GM would be swimming in cash. Stupid bastards.

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    Default The U.S. Treasury Department is preparing to...

    Oops there goes another $8 billion....

    First buy the car company. Then buy the bank that finances it. Yay Obama!

    Report: U.S. to Inject Another $7.5B Into GMAC
    DETROIT--The U.S. Treasury Department is preparing to announce as early as Wednesday that it will invest an additional $7.5 billion in lender GMAC LLC in a deal that could allow the U.S. government to hold a majority stake in the Detroit-based auto finance company, the Detroit News reported.

    GMAC, which also provides loans for consumers to buy General Motors Corp (GM: 1.6, 0.17, 11.89%) and Chrysler LLC vehicles, has been in talks for several weeks to secure additional capital, the newspaper said.

    The U.S. Treasury declined to comment. A GMAC spokesman could not be immediately reached for comment. (This administration doesn't even need to do so much as comment anymore when buying out american companies? We've officially driven off a cliff.)

    U.S. Treasury Secretary Timothy Geithner told Reuters Television recently that the administration will provide substantial support to GMAC, a vital provider of financing for buyers of U.S.-made cars.

    Treasury and U.S. banking regulators have said GMAC needs to raise $11.5 billion to fill a capital hole it could face if the economy were to deteriorate further.

    GMAC, the former financing arm of General Motors Corp, has taken $5 billion from the government already. In addition, the Treasury has lent GM $884 million to support GMAC's lending activities.

    The additional $7.5 billion could allow the Treasury Department to claim a majority stake in GMAC, if it chose to do so, a person familiar with the matter told the newspaper. (Reporting by Poornima Gupta, editing by Maureen Bavdek)
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