For the many individual General Motors Corp. shareholders wondering what their stock is still worth, the answer looks pretty bleak.

　　In a bankruptcy distribution, common shareholders are typically wiped out, says Donald Workman, a partner and the head of the restructuring practice at Baker Hostetler LLP in Washington. They are the lowest priority, behind holders of debt and preferred stock.

　　′In most cases, shareholders get nothing,' Mr. Workman says. GM's filing said it has $172 billion in debt and $82 billion in assets. 'There's no value there for equity holders.'

　　GM's historic bankruptcy filing on Monday made it the second-largest industrial bankruptcy by asset size, behind WorldCom in 2002, and closed a lengthy chapter for the iconic U.S. auto maker.

　　The government's plan calls for 10% of the new GM to be owned by existing bondholders, 17.5% to be owned by a United Auto Workers union health-care fund, 12.5% to be owned by the Canadian government, and 60% to be owned by the U.S. President Barack Obama has called the U.S. a 'reluctant' shareholder in GM.

　　The U.S. Treasury is also offering bondholders warrants that would allow them to buy up to 15% of the new GM's equity, on top of the 10% they would get for exchanging their bonds for stock.

　　Under that distribution, shareholders in the old GM wouldn't receive shares of the new GM, a Treasury spokeswoman confirmed.

　　In an email, a GM spokeswoman declined to comment, other than to say that common equity generally loses its remaining value in corporate bankruptcy proceedings.

　　Existing GM shares are 'unlikely to retain any value during this bankruptcy,' says Lawrence Glazer, managing partner at Mayflower Advisors in Boston. 'For many investors, they will have more value as a tax loss than as an equity investment. To the extent that we have some gains in the market going forward, investors could use their GM investment against their future gains.'

　　Before Tuesday's open, the New York Stock Exchange suspended trading in existing GM shares and 10 related securities. GM shares began trading on the pink sheets as of the market open, under a new ticker symbol, GMGMQ. The Q indicates that the company is involved in bankruptcy proceedings.

　　Shares will continue to trade on the pink sheets until the bankruptcy plan is confirmed by a judge, says Cromwell Coulson, chief executive of Pink OTC Markets Inc. GMGMQ traded at about 61 cents a share as of 4 p.m. Tuesday.

　　After a bankruptcy judge confirms the plan, 'the shares will be canceled, and the symbol revoked,' he says. Until that point, share prices for bankrupt companies typically fluctuate, he says. Tuesday, sellers of General Motors unloaded their shares, while buyers likely included speculators, who anticipate rising prices before the confirmation, or short sellers covering positions, Mr. Coulson says.

　　As of June 8, GM will be removed from the Dow Jones Industrial Average, after more than 80 years as an index component. Technology firm Cisco Systems Inc. will replace GM.

　　對于很多想知道自己的股票還值多少錢的通用汽車（General Motors Corp.）個人股東來說，答案看起來非常凄慘。

　　華盛頓Baker Hostetler LLP合伙人、重組業(yè)務負責人沃克曼（Donald Workman）說，在破產(chǎn)分配中，普通股股東通常會被排除在外。他們是優(yōu)先級最低的，排在債券持有者和優(yōu)先股股東之后。

　　沃克曼說，大部分情況下，股東們什么也拿不到。通用汽車的破產(chǎn)申請中說，公司有1,720億美元的負債和820億美元的資產(chǎn)。他說，對股東來說沒什么價值。

　　通用汽車周一歷史性的破產(chǎn)申請使之成為涉及資產(chǎn)規(guī)模第二大的工業(yè)破產(chǎn)案，僅次于2002年WorldCom的破產(chǎn)，為這家具有象征意義的美國汽車生產(chǎn)商的鴻篇巨制劃上了句號。

　　根據(jù)政府的計劃，新通用10%的股權(quán)將由現(xiàn)有債券持有者所有，17.5% 由全美汽車工人聯(lián)合會（UAW）的一只醫(yī)療基金所有，12.5%由加拿大政府所有，60%由美國政府所有。奧巴馬總統(tǒng)稱美國政府是通用汽車一個"不情愿的"股東。

　　美國財政部也在向債券所有者提供擔保，允許他們在債券換股票得到10%的股權(quán)的基礎上，再買進至多15%的新通用股權(quán)。

　　財政部發(fā)言人證實說，根據(jù)這樣的分配，舊通用的股東不會獲得新通用的股份。

　　通用汽車發(fā)言人在電子郵件中拒絕置評，只是說普通股通常會在公司破產(chǎn)程序中損失剩余的價值。

　　波士頓金融咨詢公司Mayflower Advisors執(zhí)行合伙人格萊澤（Lawrence Glazer）說，通用汽車現(xiàn)有股票不太可能在破產(chǎn)期間保留任何價值。他說，對很多投資者來說，這些股票作為稅損的價值將高于作為股票投資的價值。以致于如果以后股市上漲，投資者可以用在通用汽車的投資"對沖"未來的上漲。

　　在周二開盤前，紐約證券交易所暫停通用汽車現(xiàn)有股票和其他10只相關(guān)股票的交易。從市場開盤時起，通用汽車股票以新的股票代碼GMGMQ開始在場外交易。代碼中的"Q"表示公司牽涉進破產(chǎn)程序。

　　場外交易粉單市場（Pink OTC Markets Inc.）首席執(zhí)行長庫爾森（Cromwell Coulson）說，在破產(chǎn)計劃被法官確認之前，該股將繼續(xù)在場外交易。該股于周二下午4點報于每股0.61美元。

　　他說，在破產(chǎn)法官確認計劃之后，該股將被取消，股票代碼將作廢。他說，在計劃確認之前，破產(chǎn)公司的股價通常會波動。庫爾森說，通用汽車股東周二拋售股票，而買家可能包括預測計劃確認前股價會上升的投機者，或補空倉的賣空者。

　　從6月8日起，通用汽車將被從道瓊斯工業(yè)股票平均價格指數(shù)成份股中剔除，此前該公司作為成份股已有80多年的歷史。技術(shù)公司思科系統(tǒng)（Cisco Systems Inc.）將取代通用汽車成為新的成份股。