Antwort auf Beitrag Nr.:
37.652.762 von Carlitoni am 27.07.09
15:35:36Old GM Trading Catches SEC's Eye
07/24/09 - 02:42 PM EDT
MTLQQ Ted Reed
The Securities and Exchange Commission is looking into the trading
of worthless shares of Motors Liquidation(MTLQQ Quote), sources
say.
No Value in Old GM
Motors Liquidation is the new name for the former General Motors,
the one that became a repository for the assets and liabilities
that remain to be liquidated in bankruptcy court. It has no
relationship with new GM, which emerged from bankruptcy on July
10.
The Financial Industry Regulatory Authority, the SEC and GM have
issued warnings about the worthless shares, but some traders
continue to buy and sell them.
Now "Finra and the SEC are trying to hunt down the people who are
fluffing the company," said a source, involved in penny stock
trading, who asked that his name not be used.
An SEC spokesman declined to comment. Finra has said it is
reviewing the trades.
"Bearing in mind that we only have regulatory jurisdiction over
securities firms and the individuals associated with them, we would
definitely look at the trading associated with these shares, as
with any instance where there is unusually high volume or unusual
activity in a stock, and especially one with circumstances like
these," said spokeswoman Nancy Condon. "We'll be looking at who was
buying, who was selling and what the rationale was."
The SEC enforces securities laws including those that apply to
providing false information.
Shares in Motos Liquidation have had an off week, losing about 10%
of their value. Trading under the Motors Liquidation name and
symbol began on July 13 at $1.15 a share. The shares have since
fallen about 60%. On Friday afternoon, shares were trading down 5%
at 44 cents.