Don't Buy This General Motors Stock
The leftover bankruptcy assets are trading but this is not the new car company.
Aug 18, 2009 — -- I normally don't use this column to dispense stock tips.
But today I make an exception because I have some can't-miss advice. Trust me; you won't be sorry on this one. Are you ready?
Here it is: Stay away from MTLQQ.
MTLQQ is the new trading symbol for shares of the old General Motors Corp. that now languishes in bankruptcy. The old General Motors now goes by the name of Motors Liquidation Co. and contains the unwanted assets and unsecured claims of the old GM spun off as part of the bankruptcy process.
The Q at the end of the company's ticker symbol signifies the company is in bankruptcy. And as a general rule of investing, a Q should be avoided.
After the old General Motors filed for bankruptcy in June, the company's shares -- which had traded under the symbol GM -- stopped trading on the New York Stock Exchange and switched to the Over-the-Counter Bulletin Board.
The old GM as represented by Motors Liquidation is entirely separate from the new General Motors Company, a privately held company at this point owned mainly by the U.S. government. It has no shares yet available for public purchase.
