Washington, D.C., partner Donald Workman was quoted in a June 4, 2009, Wall Street Journal article, "GM Shareholders Likely End Up Empty Handed."
According to the article, for the many individual General Motors Corp. shareholders wondering what their stock is still worth, in light of the company's looming bankruptcy, the answer looks bleak.
In a bankruptcy distribution, common shareholders are typically wiped out, said Workman. They are the lowest priority, behind holders of debt and preferred stock. "In most cases, shareholders get nothing," Workman said. GM's filing said it has $172 billion in debt and $82 billion in assets. "There's no value there for equity holders," said Workman.