A Consensus Forming That Existing General Motors (GM) Common Shares Are Worthless
On Friday, it become very apparent to us that the common equity in General Motors (NYSE: GM) will become worthless. We advised shareholders of GM that they have 60 days to sell at whatever price they can. Despite this warning…
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On Friday, it become very apparent to us that the common equity in General Motors (NYSE: GM) will become worthless. We advised shareholders of GM that they have 60 days to sell at whatever price they can. Despite this warning and details from the Treasury’s term-sheet for GM, shares of GM closed up nearly 23%. Absolutely incredible!
Today, Credit Suisse is making a similar case. The firm downgraded GM from Neutral to Underperform and cut the price target to $1, saying the U.S. bailout will mean the complete or near-complete elimination of the existing GM equity. The firm cut their price target from $2 to $1.
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
