Old GM Reports $100M In Losses Since July

TOM KRISHER

DETROIT (AP) — Would you buy stock in a company that has assets of $1.5 billion, liabilities of $35 billion and only $60,000 in revenue in 2 1/2 months?

Those were figures reported Thursday by Motors Liquidation Co., the company formed from the unwanted factories and massive debt left behind by General Motors Co. when it emerged from bankruptcy protection in July.

Yet stock in Motors Liquidation continued trading Thursday, closing at 58 cents with 2.4 million shares changing hands.

In a Thursday filing with the U.S. Securities and Exchange Commission, Motors Liquidation also reported that it lost $100 million from July 10, the day GM left bankruptcy protection, through Sept. 30.

It had more than $48 million in accrued payroll and employee benefits during the period, according to the filing, which duplicated a monthly operating report filed in a New York bankruptcy court.

The Detroit-based Motors Liquidation also reported more than $45 million in accrued professional fees.