GMGMQ Halted, Finally

I very rarely blog about one particular stock, however with this instance I am making an exception. Earlier today the the self regulatory body of the brokerage industry, FINRA stepped in and halted trading on the Bankrupt General Motors company, now known as "Motors Liquidators," with ticker symbol GMGMQ.

Why did it Take so Long to Halt GMGMQ?
This is a question many people are asking. Why didn't this stock get halted weeks ago? General motors stated repeatedly that the shares of GMGMQ would be worthless once the US government, the United Auto Workers, and the company’s bondholders take their pieces of the restructured company. By allowing it to continue to trade it allowed for manipulation to occur, and traders to make quick money off of the uninformed.

What Sparked the Halt?
Earlier today the stock surged, up 38% for really no other reason then stock newsletters pumping it up. The initial jump in price caught the attention of investors who thought that maybe the GMGMQ symbol represented the new General Motors which emerged from bankruptcy just last Friday. This was not the case, thus the halt to stop the confusion.

It's pretty crazy when a company that claims their stock is worthless trades at a market cap of over $600 million, like it was at at the time of the halt earlier today. I just wonder how many investors lost big money thinking they were buying into the new General motors that is now no longer bankrupt.