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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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