My friend here is about to lose stock that was worth $40,000 on paper.
When GM declares bankruptcy, his stock will be worthless is my understanding.
I also received an email about a Chrysler dealer in Florida. He is being removed as a dealer. A franchise that he paid for, will be given to another dealer free of charge. He will have 50 employees out of work. His stock of vehicles will have no warranty, and he will be stuck with a bunch of parts. He thinks he will have to declare bankruptcy.