GM employee stock-purchase plan goes under

The latest announcement to come from General Motors in a rapidly deteriorating state of affairs is that the employee stock-purchase plan has completely sold off any and all shares in the company itself, according to the manager of the employee fund.

State Street Bank and Trust Company began the sell-off of company shares in late March, when it became clear that stock investment in GM was not an economically reasonable position. State Street finished the sell-off on Friday and filed a regulatory SEC statement regarding the exchange. The GM Common Stock Fund will halt permanently on May 29. The employee fund now consists wholly of cash and cash equivalents, according to the Boston-based bank. The SEC regulatory filing can be found here.

In March, GM auditors, DeLoitte & Touche, issued the company a “going concern” letter, questioning its ability to continue outside bankruptcy protection. The decision by State Street to essentially eliminate the employee stock-purchase plan is yet another indicator from the financial community that GM’s unhappy future seems cast in stone.
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