Bloomberg reports, "General Motors Corp. reported that six executives sold shares in the company" earlier this week, "As the largest U.S. automaker said it's more probable than previously thought that it will need to file for bankruptcy." Recently retired Vice-Chairman and product development czar Bob Lutz and GM North America President Troy Clarke were among a group of six top executives who "sold all their holdings in the Detroit-based company, according to regulatory filings."

They didn't get much for their shares. The AP reports, "Shares of General Motors Corp. tumbled to their lowest level since 1933 Tuesday... In early trading, GM shares dropped to $1.09, the lowest level since April 28, 1933, according to the Center for Research in Security Prices at the University of Chicago."

As of this writing, the price of a share of GM stock had hit a daily low of $1.00.

Mirko Mikelic, a fund manager with Fifth Third Asset Management, told Bloomberg, "It should be clear now where they're headed...Everyone is positioning for bankruptcy now."

Motor Trend reports that GM CEO Fritz Henderson told reporters in a Monday morning press briefing, "It's now more probable that we would need to accomplish our goals under bankruptcy...but there's still an opportunity and a chance for it to be done outside a court process."

Shareholders lose a great deal whether the company declares bankruptcy or succeeds in fighting it off. Under the terms of a plan submitted to current GM debt holders, Bloomberg notes, "the U.S. would control at least 50 percent of 60 billion shares in a restructured company, and a union-run health-care fund would get as much as 39 percent. Unsecured bondholders would get 10 percent and existing shareholders would keep 1 percent."

If the debt holders do not accept the plan by May 31, the AP reports, "GM will file for bankruptcy protection, making existing shares almost worthless."

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