Richard Warner Online

So, General Motors’ accounting firm has issued a “letter of going concern,” basically covering their backside in the event GM files for Chapter 11 bankruptcy. Such a move, which is needed, would allow a judge to toss out expensive agreements with workers and dealers, force a change in management and generally be the only way for GM to survive.

A “letter of going concern” is not new to me. In 2000, we sold our interactive company to a public firm. Over the next 18 months, the internet bubble burst and the value of the stock went from $28.00 to less than a dollar. On the morning our accounting firm came out with a letter of going concern, the stock hit .07. Bankruptcy followed quickly.

That was the day I learned that CNBC was the only live stock ticker, and that you could only refresh it 75 times in one day.