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Normally companies are required to file a form 8-K with the SEC to disclose material developments -- major acquisitions, earnings releases, board resignations, etc. In the realm of materiality, bankruptcy would seem to be right up there.That's why I was shocked to discover that General Motors (NYSE: GM) opted not to a) issue a press release announcing its bankruptcy filing, and b) disclose the filing and what it means for shareholders in an SEC filing. But here's GM's most recent SEC filings and you can see for yourself: no mention of that little bankruptcy contretemps.
In a way it doesn't really matter: All you have to do is flip on a television, open a newspaper, or log online to find out about GM's bankruptcy -- but it's still pretty ambitious of the company not to let shareholders know in any formal way.
It's just a nice indicator of where the interests of shareholders have fallen in the eyes of GM's management and board of directors.
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Reader Comments (Page 1 of 1)
6-01-2009 @ 3:46PM
sonnype said...
The Board of Directors are a bunch of incompetent fools who like Nero fiddled or rather collected their pay while Gm burned.
6-01-2009 @ 4:15PM
bp421graham said...
And this is why I will never purchase a GM product in the future.
6-01-2009 @ 7:52PM
babyraymond8 said...
And this is why I will only buy American made vehicles with over 70% domestic parts Foreign interests are stealing our jobs!!!Be American!! Buy American!!
6-01-2009 @ 8:21PM
carol said...
I guess it happened, GM filed for Bankruptcy, We new it was coming, We know Obama, Our Government is covering the warranties for any General Motors new vehicle after March 30Th 2009, I am still wondering about my new vehicle, I purchased in late August 08 A 2008 Aveo for $12,650, And I am sure many millions of people paid more. And bought more expensive cars, We need to know if our warranties will be covered, GM has not issued a statement about this important issue, There are about 12 companies on the brink of Bankruptcy, Including Sears, New York Times, Which I have shares in and Citibank, My favorite Bank, They are wonderful to deal with, I hope they stay afloat,
6-02-2009 @ 3:46PM
Dave said...
Does the government really just have the right to throw around everyone's money, especially when so large a majority has such strong feelings against it?
http://www.newsy.com/videos/gm_refuels_with_bankruptcy