General Motors Co.'s website, as of Jan. 21, gives the impression it is still a publicly traded company. Under the company profile section, next to the photo of Edward E. Whitacre Jr., chairman and CEO, a statement begins, “General Motors Corp. (NYSE: GM) ...”
But that was the old GM, which traded under the GM ticker symbol on the New York Stock Exchange. The NYSE stopped trading GM stock and other GM securities at the close of trading June 1, because of the company's bankruptcy-protection filing that same day.
In fact, on June 10 GM — in response to continued interest in its stock — issued a statement warning, “GM management strongly believes that any recovery for the common stockholders in the Chapter 11 bankruptcy process is highly unlikely, even under the most optimistic of scenarios.”
Julie Gibson, GM spokeswoman, acknowledged last week that the appearance of GM as a NYSE tradable stock and the use of the old GM name is an oversight. When it emerged from bankruptcy protection, GM changed its name to General Motors Co.
“It sounds as if someone copied it over from the old website,” Ms. Gibson said. “We don't have any publicly traded securities,” stocks or bonds. She said she would request the website description be corrected.
GM plans to take its stock public by the end of the year, although it has not released any details, she added. As part of its financing agreement with the Department of the Treasury, the new GM files some financial disclosure with the Securities and Exchange Commission, which makes them publicly available on the SEC website.
“We were a large company that was publicly traded and will be publicly traded,” Ms. Gibson said. — Barry B. Burr