Is my GMGMQ OTC Stock going to become worthless? If yes, will a stock market order help?

Sigh... I can spend hours researching and still not be sure about what to do here... I held 100 shares of GM stock which lost most of its value when they declared BK. I then purchased 5000 shares of GMGMQ at .56 cents each. The stock closed at $1.21 today. This is the first I've heard here in yahoo the OTC Stock will become worthless. Does anyone know for sure?Is my GMGMQ OTC Stock going to become worthless? If yes, will a stock market order help?
No one knows yet if the GMGMQ stock will be worthless or not...that will be decided during the bankruptcy proceedings...however, the odds are that it will be cancelled and a new stock will be issued.



That said, until the judges gavel hits, the stock is as worth as much as you can sell it.



On a side note...the recent increase in GMGMQ stock price is probably due to investors having to payback their "shorts" as well as day-traders and investors playing market momentum. Theres also quite a few people out there that are buying not knowing that the stock will most likely be cancelled.
Since they own around $172 billion, and their assets only cover less than 1/2 of that, and stockholders are last in line to get a piece of the action, it has been announced that the current stock will be cancelled as worthless. Unless of course a Miracle happens like every car owner in the world gets rid of his car and buys a high margin Cadillac. As the saying goes "Don't hold your breath" or in this case, "your stock."Is my GMGMQ OTC Stock going to become worthless? If yes, will a stock market order help?
Why would you buy 5000 shares of any company that has filed BK? Why is this the first time you've heard that a BK stock will become worthless?

In virtually all cases, stock winds up worthless.

If you can sell the stock. do it now before the BK proceedings confirm $0 value for stock.
GM stock will be worthless, if you can find someone to buy it, sell it. Go to GM.com, read the facts for yourself - look under investor information. SorryIs my GMGMQ OTC Stock going to become worthless? If yes, will a stock market order help?
Nobody knows for sure.
I dont think anyone knows for sure - i too bought some GMGMQ and i think ill dump it tomorrow.