Mark - The shares are NOT 'wiped out" yet (GMGMQ are the same shares) because the company still exists and has assets. Once GM sells Hummer and Saturn, pays off the governments, union and bondholders their share of what ever cash is made, then the current company and shares will be cancelled and the New GM will emerge from bankruptcy.
Perhaps you forgot to look? They were completely "wiped out".
"GM" does not exist any more. Shares of the company under bankruptcy reorganization are currently trading on the "Pink sheets" as GMGMQ.PK for about a dollar each...
legally the shares are not worthless until cancelled.
trading in gmgmq is, i think, just specualtion based on the possibility that current shareholders will get a piece of the re-organized company. not bloody likely.
