The old General Motors died in a US bankruptcy court last summer. But its shares remain very much alive.
So alive that as the rest of Wall Street took its biggest tumble of the year on Friday, shares of the old GM, now known as Motors Liquidation Company, gained another 3 per cent, giving the legacy company a market value of close to $500m.
In spite of repeated warnings from the restructured GM, the Securities and Exchange Commission and others that the shares are worthless, Motors Liquidation has surged from 47 cents at the start of the year to 77 cents on Friday. Someone has made a tidy killing.
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