Ask Experts Questions for FREE Help !
Ask
    tabanmaah's Avatar
    tabanmaah Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Oct 1, 2010, 07:21 AM
    The question is about city group/commercial real estate and gm
    I have some shares in citi group or city group. They have filed for bankruptcy, they are coming back to market again for $ 30.00 /share. Do the old shares worth anything?

    I also have some GM shares should I sell or keep it. Would they honor the old shares when they come back in Nov.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Oct 1, 2010, 08:21 AM

    After a company emerges from a bankprupcy new stock is issued, and the old stock becomes worthless and can't be sold or traded. And they aren't honored. You have to dump them before they emerge from the bankruptcy, for pennies on the dollar IF you are lucky.

    I got hit BOTH by GM's bankruptcy... (forgot I held stock in it) and I got hit bad by Worldcom... lost 100% of my holdings as a result. Lost tens of thousands of dollars between them.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Commercial Real Estate Purchase Agreement [ 1 Answers ]

If a buyer enters into a seller using a standard AIR agreement to purchase a commercial building in California, I was wondering the following: If all the contingencies of the contract are fine (meaning the buyer has no objections with them in particular), but the escrow period has not yet...

Non Residential Real Estate Taxes in New York City [ 1 Answers ]

I am currently a resident of New York City. I am thinking of moving outside of New York and renting my apartment. What are the tax implications of owning a property in NYC, but living outside the state. My understanding is that the laws changed in recent years and there is an extra tax for...

Real Estate law in regard to Tenant issues in New York City(Bronx) [ 1 Answers ]

I live with the mother of my 4 children, The oldest is 18 yrs.then 17 and 13 and 14. The 2 youngest are on Social Security (SSI).The mother's name has never been on the lease or any utilites .the 4 children have the mother's last name , Because my last name was never on the birth certificets. I...

Commercial real estate q [ 15 Answers ]

We (my partners and I) are trying to buy a comercial building. We had a signed lease with an option to buy. When we were trying to purchase it the lease expired. We had a signed purchase agreement so we weren't too worried because we thought we would own it. We paid a whole lot of $ out of our...

View more questions Search