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Case by case, Jimellow. Totally dependent on what the it will take to get the company functioning outside bankruptcy. In most cases the existing stock gets wiped out. Heck, in most cases the reorg doesn't work and the company gets broken up through the chapter 11 process instaed of in chapter 7.
GM in bankruptcy has the potential to be a massive clusterfuck. With the dealers (and their sycophants in the various state govts), the bondholders and the unions, there's lots of opportunities for pyrotechnics. Unfortunately I don't see any way to fix GM's ailments without a chapter 11.
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