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Here's something you don't see very often: A company files for bankruptcy protection and its stock price soars.

Shares of General Motors (NYSE: GM) are currently trading up about 6% to just under 80 cents per share -- but moved as high as $1 in earlier trading.

But why? There had been reports that GM stockholders would get a 1% stake in the restructured company, but now it's expected that they'll get a well-deserved zero. In response to a Washington Post reader's question about what happened to shareholders a result of the bankruptcy, auto industry consultant William Holstein writes that "GM stockholders are expected to be wiped out. You get nothing for your shares. They become collector's items. "

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Why are shares of General Motors trading up? originally appeared on BloggingStocks on Mon, 01 Jun 2009 14:25:00 EST. Please see our terms for use of feeds.

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