You've Been Warned: No Value in Old GM

In most bankruptcies, the company's plan of reorganization cancels the existing equity, enabling a bankruptcy company to issue new shares in order to pay existing debt to creditors. In general, by the time these creditors are paid a fraction of what they are owned, nothing is left for holders of common equity.

Ford(F Quote) is the only U.S. automaker that is publicly traded. Shares of New GM are expected to become available to the public in 2010.