The former GM stock symbol became GMGMQ and was moved to the ‘pink sheets’ upon their bankruptcy filing. It amazes me that there are still people buying this shell of a stock thinking they are going to ‘make a killing’. It is a shame that there are many people out there in the world who are being misled by ’stock pumpers’ that appear all over the Internet.

Some people even think the Government will rescue the common shareholders and give them something.

Folks, this is all nonsense, if you are currently holding ‘long’ positions in the bankrupt stock symbol GMGMQ.PK then you are at risk of losing every dollar without any advance notice. General Motors themselves have issued statements to people buying shares of the bankrupt stock, trying to warn them that their money is in danger:

GM management has noticed the continuing high trading volume in GM’s common stock at prices in excess of $1. GM management continues to remind investors of its strong belief that there will be no value for the common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenarios.

This is the second time that GM management has alerted the investor community that the common stock will have no value when the judge puts the gavel down and declares the process completed. Yet people continue to buy up shares thinking they will still make a fortune. And the advice they are getting from stock trading message boards is utterly ridiculous and sad.

This afternoon when GM announced its second warning to common share holders the stock dropped very quickly, but only moments later the fools were back in there buying it right back up.

One only has to look at the type of crap that is on the Internet to see why so many people lose so much of their money. How sad and pathetic that some people actually ‘beleive’ this stuff:

(disclosure: NO position whatsoever in GMGMQ, bonds, or other GM related holdings)

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