Leaner GM will Emerge from Bankruptcy

U.S. Government Expected to Hold Majority Share for Years

Like a LaSalle, any stock certificates you have in General Motors have become collectors' items. Like the Pontiac Aztek, they're not worth anything. And like Citigroup, GM stock is no longer part of the Dow Jones Industrial Averages. The new owners of the company are the American taxpayers, at 60 percent, the Canadian and Ontario governments, at 12 percent, the United Auto Workers' Voluntary Employee Benefit Association at 17.5 percent and unsecured bondholders who agree not to challenge the bankruptcy owning most of the rest, about 10 percent. They hold warrants to buy another 15 percent later on.