"Old" GM Stock Continues Fall

By: Associated Press
By: Associated Press

Shares in the old General Motors Corp. dropped more than 50 percent Wednesday after the stock symbol was changed to reflect the company's new name, Motors Liquidation Co.

Trading was suspended on Friday after the shares rose 37 percent when the new General Motors Co. emerged from Chapter 11 bankruptcy protection as a private company that's majority owned by the U.S. government.

Motors Liquidation owns the unwanted assets and the liabilities of the old GM. Its purpose is to sell off the assets to pay creditors as much as possible.

GM had issued several warnings that stock in the old company would soon have no value, but trading continued.

Shares in Motors Liquidation fell 59.2 cents, or 51 percent, to 55.8 cents in morning trading Wednesday.

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